MICROCAPITAL BRIEF: LendmeMula, eTranzact, ZimSwitch to Offer Access to Credit via MulaConnect Card

British payday lender Lendme Limited reportedly has partnered with eTranzact, a Nigeria-based mobile money service provider, to offer clients in Zimbabwe immediate access to funds that they borrow from the LendmeMula service. LendmeMula provides loans of between USD 50 and USD 250 with an interest rate of 20 percent per month and a maximum repayment period of one month. As part of the new partnership, LendmeMula will release a “MulaConnect” card that can be used with any ZimSwitch enabled point-of-sale (POS) device or automated teller machine (ATM) in Zimbabwe. ZimSwitch, a partnership of six financial institutions, is described as the only electronic funds service provider in Zimbabwe. LendmeMula clients will be able to withdraw money immediately using the MulaConnect card whereas previously, borrowers had to wait up to 24 hours for the money to appear in their bank accounts.

LendmeMula only provides credit to formally employed applicants. Financial information on and the number of users of Lendme and LendmeMula are unavailable. Lendme also offers LendmeAirtime, which provides mobile airtime loans between USD 1 and USD 20 interest free if repaid in seven days.

By Charlotte Newman, Research Associate

About Lendme Limited
Lendme is a privately owned British company that was founded in 2012 and provides services in Zimbabwe. It focuses on the delivery of consumer credit services through mobile and web platforms in developing countries, specifically in Africa. Lendme offers LendmeAirtime, which provides mobile airtime loans of USD 1 to USD 20 interest-free for seven days, and LendmeMula, which provides loans of USD 50 to USD 250 with a 20 monthly percent interest rate and a maximum repayment time of one month. Financial information is not available for Lendme Limited.

Sources and Additional Resources:

TechZim: “LendmeMula Introduces ZimSwitch Enabled MulaConnect Card,” http://www.techzim.co.zw/2012/09/lendmemula-introduces-zimswitch-enabled-mulaconnect-card/

MicroCapital.org story, June 27, 2012, “MICROCAPITAL BRIEF: Safaricom’s M-Pesa Mobile Money Partners with PesaPoint to Increase Financial Access in Kenya,” https://www.microcapital.org/microcapital-brief-safaricoms-m-pesa-mobile-money-partners-with-pesapoint-to-increase-financial-access-in-kenya/

MicroCapital.org story, October 24, 2011, “MICROCAPITAL BRIEF: Econet Wireless Zimbabwe, Telecel Zimbabwe Each Launch Mobile Banking Services,” https://www.microcapital.org/microcapital-brief-econet-wireless-zimbabwe-telecel-zimbabwe-each-launch-mobile-banking-services/

MicroCapital Universe: Lendme Limited
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Lendme

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