In a significant stride towards enhancing financial support for Quickteller agents, Asante Financial Services Limited and Interswitch have forged a strategic partnership to unveil a pioneering credit service named Agent Float Financing.
This novel service, tailored to meet the unique credit requirements of Quickteller agents, aims to offer accessible loans to active agents who have been on the platform for over six months and maintain a commendable credit score. Through Agent Float Financing, agents can access up to 7 million Uganda Shillings at favorable interest rates, empowering them to ensure business continuity and elevate service delivery to their expanding customer base.
Micro and small businesses often encounter hurdles accessing credit due to the arduous traditional processes and collateral requirements. However, Agent Float Financing streamlines the credit acquisition process, eliminating excessive paperwork and collateral demands. Credit access is based on the agent’s credit score and transaction activity, broadening the spectrum of agents eligible for credit, including those lacking collateral but boasting a solid credit score and active profitable businesses.
Maxwell Muyonjo, Country Managing Director at Asante Financial Services Group, expressed enthusiasm about the partnership, emphasizing their dedication to empowering entrepreneurs across Uganda:
“Asante Financial Services Ltd is committed to facilitating credit for micro and small businesses. The introduction of Agent Float Financing signifies a pivotal moment in our commitment to empower entrepreneurs across Uganda. This product addresses the specific needs of Quickteller agents, providing real-time credit facilitation to enhance business continuity and service delivery. We believe this product will not only transform the financial well-being of Quickteller agents but also significantly contribute to the local economy and individual livelihoods.”
The service enhancement ensures that active Quickteller agents have access to adequate capital at friendly interest rates, fostering profitability for small businesses. Additionally, both organizations anticipate that the tailored credit services will stimulate business expansion, allowing Quickteller businesses to thrive further.
Benfield Murumba, Head of Financial Inclusion at Interswitch Uganda, highlighted Agent Float Financing as a valuable addition to the array of offerings available on the Quickteller platform:
“Interswitch is dedicated to providing technology solutions that empower individuals, businesses, and communities. This partnership with Asante Financial Services to introduce the Agent Float Financing service to our Quickteller agents is another step in line with this overarching goal.”
This strategic collaboration signifies a significant stride towards empowering micro and small businesses, particularly Quickteller agents, in Uganda. It underscores a steadfast commitment to supporting agents and bolstering financial inclusion efforts across the nation.
