Mahindra Comviva announces that it has been recognized with top honors at the prestigious Telecoms.com Awards 2015 held recently in London.
Airtel Timiza, an innovative short-term micro-loan service launched by Airtel Tanzania, in partnership with consumer finance firm AFB and powered by Mahindra Comviva’s mobiquity Money was awarded in the “best mobile payment solution’ category.
The service leverages mobile phones to enable Airtel Money customers to get short-term loans faster at low interest rates from the convenience of their phones. The loan is instantly credited into customers Airtel Money account and can be repaid via the same account.
The uniqueness of this service lies in the fact that the loan amount depends on customer’s usage of Airtel line and Airtel Money and previous loan repayment behavior, rather than stringent banking criterias, like income levels, or property. Airtel Timiza micro-loans are available right now to more than 4 million Airtel Money customers in Tanzania, which is about 14% of Tanzania’s adult population.
Elated on the recognition, Srinivas Nidugondi, Senior VP and Head of Mobile Financial Solutions at Mahindra Comviva said, “We are delighted to receive this award as it is a testimony of our expertise in the mobile payment space. Our mobiquity suite of products is designed to build a vibrant and a sustainable payments ecosystem for businesses and consumers.”
Airtel Timiza formalizes and digitizes the loan transactions by extending micro-loans to financially unbanked and under-banked adults in Tanzania.
“This award demonstrates our market leadership in innovative digital payment solutions and exemplifies our endeavor to support operators in generating greater value for their businesses added Srinivas.”