Launch of an income-generating loan product in Rwanda

This announcement includes inside information about a new loan product offered through the SPENN app which was published in Rwanda today.

Company announcement n ° 74

SPENN Technology expects the loan product to be a driver for onboarding new users and a massive generator of free float, which is at the heart of SPENN’s revenue generation model.

“We are delighted to launch a product that is much more complete than we expected. The product is fully supported by I&M Bank, which makes it highly scalable. We are entering a market with extreme growth potential, ”says Jens Glaso, CEO of SPENN Technology.

The official approval of The National Bank of Rwanda is given to I&M Bank, which is the partner bank of SPENN Technology in Rwanda and Tanzania. The approval gives SPENN users the option to apply for a 90-day instant loan, with an initial interest-free period of 14 days. The risk of default is entirely on the banking partner.

“The loan product allows more people to access financing. Already on the SPENN platform there are thousands of people with savings accounts that qualify them for instant loans. Given the recent success of other credit providers, we expect this product to be well received in the market, ”says Robin bairstow, CEO of I&M Bank Rwanda.

Every second in 2021, the telecom operator Safaricom in Kenya processed 300 short-term loans when clients had insufficient funds. Despite a doubling of the number of loans, the repayment rate remained high at 98.4%, which means that users rarely default on their loans.

“We like the simplicity of this product. It’s instantaneous, it’s free for the initial period, and it was born in the digital space that we continue to use to disrupt the established banking industry, ”says Glaso.

SPENN is now able to offer more comprehensive financial products and services to SPENN users in Rwanda. They can open a deposit account, a savings account, take out a loan, and transfer money for free, all through the SPENN app on their phone. For SPENN users, the bank is now in their pockets.

Small, short-term loans are especially important in a population with limited cash flow.

“For many people, a SPENN loan will be the first loan they have ever received. If they are trustworthy and motivated, this will give them greater opportunities later, for example a chance to take out a larger loan to buy farm equipment or help their children go to school. It’s a step-by-step process to which SPENN provides the first steps, ”explains Glaso.

For more information, please contact:
Jens B. Glaso, CEO of SPENN Technology A / S. Telephone +47 40 40 47 50, e-mail: [email protected]
Certified advisor: Baker Tilly Corporate Finance P / S, Att. : Gert Mortensen, Partner. Telephone: +45 33 45 10 00, www.bakertilly.dk

SPENN A / S technology
CVR number: 26518199
Njalsgade 76, 4.
2300 Copenhagen S
Phone: +45 8830 0000
www.spenn.com

About SPENN Technology A / S

In a world where 1.7 billion people are still unbanked, SPENN Technology has democratized access to financial markets by linking the crypto sphere to traditional finance. Using blockchain technology, Blockbonds has created a robust real-time payment system in which anyone can manage their savings, payments, investments and loans honestly, transparently and securely through the SPENN App platform. Although SPENN Technology A / S is a goal-driven company with our vision to empower people, we are also a business player always striving to develop new services for our customers.

The SPENN app is an innovative and unique digital banking platform for the unbanked as well as the banked to be able to send and receive money completely free, in markets where the cost of financial services is the highest in the world. SPENN disrupts existing mobile payment distribution channels. SPENN recently launched new services integrated into the platform and plans to launch more crypto services in the future.

SPENN is a technology provider for banks and governments based on a Software as a Service (SaaS) solution and has become a key partner for their banking partners to generate deposits and stay at the forefront of innovation. . SPENN helps governments regulate the unregulated using new technologies and visionary ideas that ultimately solved financial inclusion’s biggest problem.

SPENN Technology A / S is listed on the Nasdaq First North Growth Market Denmark. Ticker code: SPENN

© Ritzau Denmark, source Ritzau Français Regulatory Releases


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