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May 25, 2020

New quick access loans to drive business growth for agents, merchants: KBZPay

KBZPay has launched Quick Access Loan, a new short-term financing product, to help its agents and merchants improve their cash flow so they can better serve customers and grow their businesses.
With the aim of driving financial inclusion, Quick Access Loans have been made available to all KBZPay Partners, who can access instant credit of K300,000 without collateral, guarantors, or application fees. There is further potential for KBZPay Partners to increase their credit limit up to K2,500,000, according to KBZPay.
The loan applications would be processed at KBZ Bank branches and would take a few minutes, according to KBZPay. Using the Quick Access Loan function in the KBZPay Partner App, successful applicants will be able to drawdown funds from the line of credit according to their requirements.
Since the pilot launch of the Quick Access Loan feature in May, 2019, close to 2,917 KBZPay agents and merchants have received loans totaling K1.66 billion, according to KBZPay. As a result, they have seen their revenues grow due to the increase in KBZPay transactions they were able to facilitate for customers. KBZPay agents and merchants are increasing their revenues as they earn a fee for facilitating phone top-ups, domestic remittances, along with cash in and cash out transactions.
“Many of our 270,000 KBZPay agents and merchants across Myanmar run businesses which need short-term financing that is quickly available. With our Quick Access Loan function, we offer our partners a ‘financial cushion’ for growth and working capital management. We are seeing an increase in KBZPay agents and merchants applying for Quick Access Loans, and we hope to help thousands of our partners to run their businesses smoothly and to serve their customers in the best possible way. As they increase their KBZPay transaction volumes, our partners not only earn more transaction fees, but they also become eligible to borrow larger amounts so they can scale their growth. After all, the success of our partners’ businesses is also our success,” said U Soe Ko Ko, head of agent banking, KBZPay.—GNLM (Translated by Hay Mar)

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