Virtual Lending allows financial institutions to easily access Credit Scoring System to avail instant mobile loans. Banks and SACCOs see this as an opportunity to move away from their “middle class” customer base to a wider market customer base in a cost effective way.
Credit Scoring System supports two products:
- Individual Mobile Loans
- Group Mobile Loans
Virtual Lending provides access to financial products & services to customers through remote means, removing barriers of visiting a branch or an office, while ensuring a bank’s full portfolio is accessible to a customer through digital means. This breaks down restrictions to cost, accessibility and flexibility by bringing services to the customer, instead of vice versa.
In line with this modern strategy, Craft Silicon has developed a full Virtual bank that offers the services of a bank through a virtual account, which can be accessed using a range of smart devices such as mobile phones, tablets, laptops, PCs, smart watches and even smart TVs.
Through this platform, a customer is able to deposit or withdraw funds linked to their mobile money wallets, apply for a pre–qualified micro loan, push funds to their target savings accounts, purchase micro-insurance and many more products & services.