Upcoming changes for CapitalMe in 2023

  • Starting 2023, CedisPay using an automated system will perform income verification of all CedisPay customers using the customer’s most recent 3 months mobile money statements. Activities that are of business activities nature will be used as the basis of the customer’s income. Business activities on the mobile money statements are those transactions where there is clear reference description of the activity as a business transaction or the payee’s name provides adequate clarity that the payment or activity is a business activity. In absence of clarity of transaction on the mobile money statement as a business transaction, an activity on the mobile money statements can be accepted as a business activity provided such transaction can supported by either a purchase invoice or traced to a business record
  • Starting Jan 2023, a savings or pension or investment balance of at least GHS 2K balance will be one of the mandatory requirements of a loan application
  • Starting May 2023, customers will be given a choice to either a) consent for auto mobile money deduction of their regular loan repayment or b) provide an agreement with their pension company or bank to use their savings account or investment as collateral for a CedisPay loan
  • Starting June 2023, customer interest rates will be based risk based using CedisPay’s Credit Score

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