Letshego Uganda, a subsidiary of Letshego Holdings Limited has launched a new product called Flash Cash, a small self-service loan of up to shs180,000 over 30 days.
According to the company, Flash Cash is geared towards consumers who need quick and easy access to funds for emergency purposes, including family emergencies, sudden medical needs, home repairs, car breakdowns or funds to support entrepreneurs and small business operations.
“Flash Cash serves as a superb vehicle to accelerate financial inclusion for Ugandans. It is designed to benefit people from all walks of life, as a convenient and hassle-free financial lifeline offered at a competitive market price and paperless secure service. The first qualifier to accessing Flash Cash is that you should register on Letshego’s LetsGo Digital Mall,” said Letshego Uganda Chief Executive Officer Giles Aijukwe .
According to the company, Flash Cash aligns well with Letshego Uganda’s sustainable lending model and financial inclusion as the product caters for formal and informally employed members of our communities, including Micro and Small Entrepreneurs (MSEs) who do not typically earn their salaries through the banks.
When processing Flash Cash loan applications, Letshego conducts a quick digitised credit check to assess the customer’s eligibility for the required loan amount.
Customers who repeatedly repay their Flash Cash loans on time are able to qualify for a larger loan amount at their next application.
“This ensures that more people can access the service, including first-time borrowers who can now enjoy the benefits of a secure, regulated lending solution. Once approved, the money is disbursed directly into the customer’s Mobile Money account. It can then be used as the customer desires, including for emergencies, such as purchasing prepaid electricity and water, paying bills, or sending money to friends and family,” Letshego officials said.
The Flash Cash loan is offered in collaboration with local mobile network operators MTN Uganda and Airtel Uganda.
“The innovative Flash Cash is a potential game-changer, as it is accessible anytime, anywhere and is more competitive than traditional short-term cash advance providers, providing customers with immediate financial relief and the opportunity to participate in the digital economy in a sustainable and responsible manner,” Giles Aijukwe said.
