NetOne has partnered Zimbabwe Women's Bank (Private) Limited to introduce new collateral-free loans for OneMoney customers dubbed KaTsaona.
OneMoney customers qualify to access the loan service and they can register using the USSD code – *550#. The nano loans are available 24 hours a day making them convenient to customers and handy for those in need of emergency funds. No tiresome paperwork is needed to access KaTsaona loans as it takes less than 3 minutes provided that one has been using their OneMoney account for more than a month.
It is important to note that one can borrow a minimum $10 and a maximum of $50. However, OneMoney has a system that determines how much you qualify to borrow based on your ability to repay the loan.
KaTsaona loan repayments can be automatically deducted at the end of the month. Alternately, customers can self-pay at any time during the month and if you do so, you immediately qualify for another loan.
The loans have a maximum repayment period of 30 days and you are charged 10% as the interest rate. Failure to pay back the money within the agreed 30 days will result in blacklisting with the credit bureau and a 15% penalty fee on top of the interest rate.