By providing access to financial services and encouraging its use is one of the important means to promote economic development in a country. There is still a large number of people across the globe who are without a bank account or do not have access to financial services.
In a place like Cambodia where people have low incomes and savings, people often end up borrowing small sums on higher interest rates not to mention the hassle of running around for official documents and providing collaterals. Keeping this in mind a Cambodia based smartphone-enabled microfinance company; DIGICRO is offering micro loans to the unbanked people of Cambodia.
Microfinance at just a click
DIGICRO founded by Yuta Nagano in 2018 aims to provide micro loans services to the unbanked population. The loans are offered from $50 to $1000 which can be availed through the company’s app called “Spean Loan”. The mobile app was developed by Spean Luy Co. Ltd., which is a subsidiary of DIGICRO. The company applies machine learning to leverage the big data gained from customer’s smartphones that enable the users to borrow money anytime, anywhere.
How do DIGICRO’s micro loan service works?
People have to just download the app and enter their basic information. The application is then reviewed and the company then informs the users about their eligibility. Once the loan has been approved the user can get the amount through their bank account if any or from the nearest mobile money agent.
DIGICRO’s micro loans are convenient and safe
The company aims to offer a quick and convenient microfinance service. The whole process from providing data to applying and granting of loan can be completed in just 10 minutes. The clients are given credit scores based on the alternative data gained from their smartphones. As a result, people can get an instant loan within a day and that too without paperwork, collateral, or office visits. The technology used by the company assures that the client data is protected.
DIGICRO’s way forward
The company has recently raised seed capital of $300,000 from Showcase Capital which is a Tokyo based firm. DIGICRO aims to use it for boosting their microloans service. In fact, the company has managed to get this funding at the time when microfinance firms are finding repayment a challenge.
To conclude, DIGICRO’s hassle-free microfinance service to provide funds in the emergency or as a daily working capital looks like a boon to the unbanked population of Cambodia. To learn more get in touch with the team today.