Financial research and statistic around the world show that approximately 2.5 billion people do not have a formal account at a financial institution. These include 59% of adults in developing economies, 77% of adults earning less than $2 a day and 11% of adults in high income economies.This limited access to financial institutions implies limited access to credit. One financial entity trying to change this picture in South Africa is Mzansi micro finance.
Mzansi is a zulu word which means South. It is an expression that points to the fact that this micro lender is indigenous and was established with a mission of providing easy effortless personal loans and micro finance. Located in the commercial hub of Johannesburg with trained and highly skilled staff, Mzansi believes every person has the right and should have access to a personal loan, instant cash as well as the right to quality financial solutions.
These personal loans fall under the small credit transaction with loan amounts ranging between R1,000 to R10,000.This credit facility which is tailored to fit the financial profile of each potential unsecured loan applicant has repayment periods of 1, 3, 6 or 12 months.
To qualify for Mzansi loan, a customer needs to be 18 years and above, be in possession of a South African ID, present 2 months bank statements for basic salary and 3 months bank statement for commission earners. A customer should also show proof of 1 month payslip for basic salary and 3 months payslip for commission earners.
Mzansi micro finance can be contacted through the website.