Wegagen Bank has partnered with Kifiya, to launch digital loan service, ‘Efoyta,’ to alleviate cash shortage challenges and especially meet the working capital needs of MSMEs as well as enable salaried employees to access emergency loan facility.
Efoyta digital lending app will empower individuals and avail financing to the previously underserved community and enhance the lives of citizens and empower youth to pursue their entrepreneurial aspirations.
According to Hayat Abdulmalik, Chief of Impact at Kifiya Financial Technology, “the launch of “Efoyta” represents a paradigm shift in how we serve communities that have been previously overlooked. About 3.2 million formal and 7.8 million informal MSMEs in Ethiopia lack access to working capital. By leveraging artificial intelligence and alternative data, we can empower these communities, promote inclusive growth, and reshape Ethiopia’s financial landscape.”
The “Efoyta” digital loan service will begin with offering loans ranging from 5,000 to 50,000 birr. Customers can apply by providing identification information and opening an account with the bank or by using the Efoyta mobile application. One of the key differentiators for this loan service is that applications are reviewed in real-time, and customers who have been approved for a loan can access the capital instantly.
To obtain financing with Efoyta digital lending product, loan applicants must first open an account with Wegagen Bank and then proceed to download the Efoyta application from the Play Store. After downloading the app, prospective loan applicants should complete the required information and submit their loan requests for subsequent approval.
The Bank’s Board Chairperson, Ato. Abdishu Hussien officially unveiled the Efoyta digital lending product alongside Alganesh Tesema (PhD), Cabinet Secretariat of Science, Technology, Innovation, Research, and Training under the Tigray Interim government.
The “Efoyta” digital loan app will create significant opportunities, especially for micro, small, and medium businesses to help them grow their business.