KBZPay will offer a new Quick Loan Service for Agents and Merchants

A new short-term financing product named KBZPay Quick Access Loan has been launched to help KBZPay agents and merchants improve their cash flow so they can better serve customers and grow their businesses. Access loan is available to all KBZPay Partners who can access instant credit of MMK 300,000 without the need to provide collateral, guarantors or application fees. There is further potential for KBZPay Partners to increase their credit limit up to MMK 2,500,000. The loan application takes a few minutes at any KBZ Bank branch and successful applications will be able to draw down from the line of credit according to their needs using the Quick Access Loan function in the KBZPay Partner App.

The Quick Access Loan product was developed to address a growing need to support KBZPay Partners who were facing cash-flow issues and Quick Access Loan offers flexibility to KBZPay Partners as interest is only charged daily on the amount of credit they drawdown, and repayment can be made at the convenience of the partner. The repayment can be made after one day and must be made within one month. Photo Source – https://www.facebook.com/KBZPay/

U Soe Ko Ko, Head of Agent Banking, KBZPay said “Many of our 270,000 KBZPay agents and merchants across Myanmar run businesses which need short-term financing that is quickly available. With our Quick Access Loan, we offer our partners a “financial cushion” for growth and working capital management. We are seeing an increase in KBZPay agents and merchants applying for Quick Access Loan and we hope to help thousands of our partners to run their businesses smoothly and to serve their customers in the best possible way. As they increase their KBZPay transaction volumes, our partners not only earn more transaction fees, but they will also be eligible to borrow larger amounts so they can scale their growth. After all, the success of our partners’ businesses is also our success.

Since the pilot launch of Quick Access Loan in May 2019, close to 2,917 KBZPay agents and merchants have received loans totaling MMK 1.66 billion. Photo Source – https://www.facebook.com/KBZPay/

KBZPay agents and merchants can visit any of KBZ Bank’s 500 branched to apply for Quick Access Loan free of charge. They will need to fill up an application form with the requested loan amount and provide proof of identity as a partner of KBZPay. The loan amount disbursed will be determined based on the amount and volume of KBZPay transactions facilitated by the applicant in the past.

The KBZPay team will reach out to agents and merchants across Myanmar to introduce Quick Access Loan to them. For more detail information about KBZPay Quick Access Loan service, call KBZPay Team phone no. 3212.