Pesafon

Pesafon is rated 3 out of 5 in the category financial services. Read and write reviews about Pesafon. Pesafon is a mobile finance solution that lends money to Saving Groups . We ease the tradeoffs between the need to save for long term investments such as buy land and the need to cope with short term emergencies such as illnesses. We provide convenience, security and build trust among the most excluded financial groups in Africa. In East Africa there are over 37 million people in Saving groups while Nigeria has over 41 million people. While many of these people can access small amounts of loans , they face bigger challenges to get big amounts of money such as that for school fees or paying medical bills. The biggest problem is that their savings are illiquid meaning they cannot access it when emergency arises. This savings groups have limited funds so not all members can access small loans simultaneously whenever they need it. We are able to provide huge investment or emergency loans to people across East Africa.Our services can be accessed by both Smartphones and Feature phones.Members of a saving group meet and discuss the loan requests of their members. Some saving groups also provide loans to nonmembers. They set aside the money to be given out on loans by depositing it on their Pesafon mobile wallet. Their members can then access this loans anytime and anywhere when they need it. Three signatories approve disbursements of the loans from their phones. This product is called Akiba and the money used on loans is members’ savings. Members who receive loans get reminders on loan repayment schedules. Saving groups can exhaust their loans account, so Pesafon can provide them money to lend to their members. This product is called Kopesha. Both Akiba and Kopesha are loans given to individual members. Some saving groups need a lot of money to invest collectively in a project. Pesafon can provide this loan to a saving group. This product is called Zidisha. So Zidisha, unlike Akiba and Kopesha is a collective loan for specific investment made by group.