Airtel launches Kutchova Loan with FDH Bank

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