Countries / Tanzania
Loan management software in Tanzania
For money lenders and microfinance companies in Tanzania: borrowers checked by NIDA number, phone numbers in +255 form, money in Tanzanian Shilling (TSh) and reports you can hand to the Bank of Tanzania, on a phone or a computer.
- Money
- Tanzanian Shilling (TSh)
- Phone numbers
- +255, like 0712 345 678
- Borrower ID
- NIDA number, like 19900101-12345-00001-12
- Region
- On every borrower's address
- Plans
- From $39 a month, in US dollars
How borrowers repay
M-Pesa, Mixx by Yas (formerly Tigo Pesa), Airtel Money and HaloPesa, and bank transfer. Each payment is recorded against the right instalment, with a receipt, whichever way it came in.
Who licenses lenders
Money lenders are Tier 2 microfinance service providers licensed by the Bank of Tanzania under the Microfinance Act, 2018. Lending without a licence is an offence. Spindle Loans keeps the loan register, signed agreements, key facts and a complaints log, ready to show when you are asked.
A typical loan
Salary loan, repaid monthly: TSh500,000.00 over 3 months at 10% a month, flat, is 3 instalments of TSh216,666.66, TSh150,000.00 interest in total. This rate is only an example: you set your own rates, fees and penalties on each loan product.
Reminders and receipts can go out by text through a provider in your country, which we connect for you. You pay for Spindle Loans in US dollars by bank transfer; your system opens the day the money arrives.
Also in East Africa
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