Mobicred is a simple and convenient credit facility that allows you to safely shop online with participating retailers. It charges interest rates comparable to those of credit card providers and only levies monthly fees while the account is used. When a buyer – who first undergoes a simple online registration process with Mobicred – pays using the facility, the seller will immediately receive the full amount, without the risk of payment reversals.
In her pitch at the African FinTech Awards at the Finance Indaba Africa 2016 in October, Mobicred CEO Geraldine Anderson explained that Mobicred is entirely virtual credit platform that is unique in the South African space. It offers credit of R2 500 to R20 000 that can be used at over 300 participating online retailers and decisions are made instantly.
"There are two areas that we focused on in terms of innovation. The first one is in the application process. We have a two-page online application form that captures and collect a whole range of pieces of information and the innovation there's that we've taken that information and we ping numerous different data sources to be able to make a creative decision on that person and all online and as quickly as possible because the whole idea with e-commerce is that you need to make a decision really quickly so the
customer can buy. We are also focused on the integration between how we run our accounts, how we meet the customer - whether or not they get the account - and the actual merchant."
The African FinTech Awards celebrate innovators that shape the future of finance, and acknowledges the work these companies are doing to have a positive impact on their target markets. The nominees were chosen by a panel of industry experts, stakeholders and investors from all over the world, who selected the three finalists in six categories to deliver their pitch at the Indaba.
The Finance Indaba is the biggest annual event on the continent for financial managers and specialists who are seeking partnerships to drive progress. Thousands of delegates will gain valuable insights into realising financial performance and growth, becoming more efficient and accessing funding, among a host of other opportunities from leading players in financial services.
