Airtel launches Kutchova Loan with FDH Bank

Airtel Malawi and FDH Bank have launched an innovative loan product called Kutchova Loan.

Airtel Money Country Director Francis Matseketsa and FDH Acting Managing Director briefing journalists

Airtel Money Country Director Francis Matseketsa and FDH Acting Managing Director briefing journalists

FDH Bank Acting Managing Director, Laston Chilando: Kutchova loan

FDH Bank Acting Managing Director, Laston Chilando: Kutchova loan

Announcing the product, Airtel Money Country Director, Francis Matseketsa said the loan product will help FDH and Airtel Money customers access loans in time of need.

Matseketsa said “Airtel Money has been offering access to financial solutions to masses in Malawi by allowing them to make payments for their groceries, pay their bills, and send money across borders, among others services.”

He said the service will help to drive financial inclusion for the unbanked masses for convenience sake.

Speaking during the launch FDH Acting Managing Director, Laston Chilando said the partnership of FDH and Airtel is very crucial in as far access to soft loans is concern.

“The technology that Airtel Money has brought into this partnership brings convenient Access  for small loans by individuals no matter where they are in Malawi. This breaks the access barrier to financial services that are associated with a particular place or town,” said Chilando.

Kutchova loan product will allow Airtel Money customers to get up to K50,000 through Airtel Money and will be payable within 15 days at the interest of 10 %.

FDH Bank started its operations in Malawi in 2009. The Banks has over 90,000 registered customers in Malawi. According to the Reserve Bank Records, the bank is the fifth largest bank by deposits in Malawi, out of 12 banks.

The Bank is in the process of integrating with Malawi savings Banks following the acquisition of majority stake from Malawi Government in 2015.

Currently, FDH has 14 Branches and while MSB has 47 branches and agencies.

 

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7 thoughts on “Airtel launches Kutchova Loan with FDH Bank”

  1. Ivan Mark Radhakrishnan says:

    Pardon Me! When do we get TAUGHT TO LIVE IN A DEBT-FREE WORLD?

    This Airtel / FDH – Fools Die Hard! – ‘idea’ ranks amongst THE MOST STUPID ‘BUSINESS’ ‘IDEAS’ I have seen this year.

    When do we UNDERSTAND DEBT IS DANGEROUS? Have we learnt nothing from the 24 / 7 / 365 DEBT-STATUS politicians carry countries into – because they don’t have a Smart Way to operate our lives?

    Airtel and FDH ‘think’ they have a money-making business. I hope they re-examine the positions of the fools who engineered this stupidity

  2. mbiri says:

    15 days is not enough for an ordinary person to pay back the loan would u please adjust if you really want to help malawians in this economic crisis period.

  3. Joe says:

    Fantastic innovative idea . But please consider the period of repayment of the loan. 15 days not conducive to an ordinary person. Good idea but consider it.

  4. CHRIS says:

    Can you shed more light on this program and terms and condition should clearly stated. Otherwise the idea is good to reduce the gap between the rich and the poor by giving business opportunities to the youth. TIYENDE PAMODZI NDI MTIMA UMODZI. MALAWI TIYE.

  5. Tikondane says:

    15 days, what can a villager to repay the loan without defaulting? Mukuwayesa amalawi cholinga mudzidzawamanga, eti? Komanso 10% yakulitsa pa 15 days. Bola 5%; ngatidi mwayima pothandiza amalawi

  6. mugasa chairman says:

    with the current economic climate as it is, be prepared to be flooded with loan applicants that will default.

    now totally off topic, am i the only one that thinks it’s a very, very stupid idea to have let the flames go to ebola infested countries? if our health service can only dispense panadol for every ailment under the sun, how many of us will die if those boys come back with something? let’s not forget that players love to go whoring and clubbing after a match. i hope MoH will quarantine them when they get back. this is important and subject to discussion guys….

  7. Dziwapo says:

    This idea is very good but did you consult people i think the period of 15 days is just too short.

Comments are closed.