Kazakh fintech company Kredit24 and Beeline Kazakhstan introduced online loans to the local market specially designed for subscribers of the mobile operator.
"The landscape of financial and mobile telecom services has been rapidly changing thanks to advance of technologies. First time ever in Kazakhstan the subscribers of mobile network operator are offered such service. We are glad to be the pioneers of the global trend in financial technologies in Central Asia’s largest economy and partner with the major international mobile operator. We look forward to creating value for the end users with our technologies and innovation and Beeline’s capabilities" — commented Alexey Sidorov, CEO and founder of Kredit24.
The new product available for Beeline’s users provides customers with the mobility and convenience on unprecedented level — no paperwork and no need to attend office. Customers can apply for $30-250 loan on the specially designed landing page (loan.beeline.kz) and get money instantly to their bank card. Worthy to note, that Beeline’s users have special terms for the loans from Kredit24 like 0% interest on first loan and 70% discount on interest for the following loans.
Kazakh mobile operators have been exploring new opportunities to generate additional revenue streams. Fintech has big prospects for future convergence between mobile and financial services to meet growing demand from the new tech-savvy generation. The growth of online microloan market in Kazakhstan was over 200% in the first half of the year.
At the initial stage Kredit24 will only offer microloans, but in the future cooperation between Kredit24 and mobile operators is likely to change the way the company is managing its credit scoring with application of big data about mobile subscribers. Kazakh market is very similar to many emerging markets where lenders find new ways to untapped customers. Data about phone usage patterns and payment history can be used to tap those customers and calculate their creditworthiness.