CUSTOMERS of a credit institution can now make loan repayments more easily through a mobile payment platform.
Merchant Finance Ltd (MFL), a subsidiary of Fijian Holdings Ltd, has partnered with Vodafone Fiji to allow its customers to make loan repayments through the M-PAiSA money transfer app.
“We are helping our customers to pay their loan on time without any inconvenience of visiting a bank or branch or post office,” said Nouzab Fareed, MFL deputy chairman and Fijian Holdings Ltd CEO, during the signing of the partnership agreement in Suva on Friday.
He said the service would be offered free-of-charge to customers, as the company had decided to absorb the small charge from Vodafone for using the app.
Shailendra Prasad, Vodafone Fiji’s head of e-commerce and corporate affairs, said mobile payments was now the “in thing”, adding that when the company had launched the M-PAiSA service in 2010, they had known this was where the financial payments ecosystem or technology was headed towards.
“With the access through M-PAiSA, the customers will have the convenience to pay straightaway and, therefore, they know that they are done and dusted with the payment commitment for the week or for the month,” Mr Prasad said.
“That makes it quite easy and they are able to sustain the loan and pay on a timely basis and retain their credit rating with the lending institution so that the next time when they borrow, they’re able to get a fresh loan without any problem.”
Mr Fareed shared that MFL had plans to launch its own app in the near future which would allow its customers to take and increase loans, as well as make loan repayments more easily.
He said this could be integrated with Vodafone’s M-PAiSA app to make the process easier for customers.
