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MODE launches a mobile-based cash lending – Nano

MODE, a leader in providing financial services to the unbanked, has recently started a mobile-based cash lending, called Nano.
Nano is a multi channel loan service that allows qualified mobile phone users to request an advance either on their salary or based on their mobile usage when a user needs a quick, convenient, and reliable access to funds on a short notice to bridge a possible gap between the regular paycheques.
Loans are provided on request via mobile phone in line with pre-determined limits and repaid automatically from the next salary or regular payment to the users’ mobile accounts.
MODE accesses data from payroll, banks, savings organisations, microfinance institutions and other data sources to make credit decisions.
This ensures lower risk and lower interest rates.
The users are also offered non-cash credit to pay for services such as utilities where wholesale discounts enable further interest reduction and make the loans very affordable for the users.
“At any time of the day, someone in the world is in desperate need of a very small amount of money. This is where we step in,” said Julian Kyula, CEO and Founder of MODE, in one of his interviews.
MODE was founded in 2010. Its foundation product is Airtime Credit Service – it provides airtime credit to prepaid mobile phone users.
MODE has operations in 31 countries with a customer base of over 250 million.