CedisPay has two main products, which are Loan Me (salary/personal loan) and Capital Me (business loan). Each product has different options to appeal to different needs and demographics.

• Loan Me has the following products: a. Regular Loan Me b. Loan Me Plus (line of credit) c. Pension Asset Loan d. Insurance Policy Loan e. National Service Loan
• Capital Me has the following products: a. Regular Capital Me b. Cash Me c. Cash Me Plus d. Capital Me Plus e. Capital Me Top-Up f. Capital Me Credit Builder

Becoming a CedisPay client is easy! You can become a client by meeting any of the following criteria:

1. If you are an existing CedisPay client with no missed payments
2. If you are a new client, you can become one by:
   • Having a consistent payment history on your bills and loans, which we verify by looking at your credit bureau payment data for the past 3 months. If your credit bureau data is not recent, we will also consider other factors such as your payment history from alternative sources like utilities or rent, your transaction history from mobile money statements, and your lifestyle and other relevant information from social media.
   • Having stable employment or business, meaning you have been employed with your current employer for at least three months, or your business has been operating in the current location for at least three months. You also need to have held a mobile account for at least three months with at least five transactions in a month.
   • Having a consistent saving habit, which means saving in the short-term savings account for at least three months.
   • Providing proof of income supported by mobile money or bank statements for the most recent three months, and proof of address.

If you meet any of the above criteria, you can become a CedisPay client and enjoy our inclusive digitized financial services.

However, if you do not meet these requirements, do not worry, we will not leave you behind. Apply for CedisPay Credit Builder

To apply for a personal loan with CedisPay, you need to:

• Give us permission to access your credit data and agree to our terms and conditions on our website.
• Have a valid Ghana Card number and be verified through biometric information or a picture.
• Be employed with your current employer for at least 3 months and provide proof of employment, such as your first payslip or an employment letter
• Use a mobile money number that's been active for at least 3 months and is in your name.
• Provide the most recent 3 months payslip or a letter from your employer that itemizes your salary payments.
• Show us a bank or mobile statement with salary payments for the most recent 3 months
• If you've taken a loan before, provide the most recent 3 months repayment record. If not, provide 3 months of payment history for loans, rent, utilities, or other goods and services paid on installment
• If your credit score is below 80, provide a guarantor with a good credit history
• Prove your residence, such as with proof of ownership or tenancy. We may need to visit your residence to complete the loan application if proof isn't provided.
• Make sure your social media accounts accurately reflect your education level, occupation, and nature of employment.
• Submit a scanned standing order form from an active bank account with the following details:
  Account name - CEDISPAY MICRO-CREDIT ENTERPRISE
  Bank - Guaranty Trust Bank (Ghana) Limited
  Branch - ONE AIRPORT SQUARE BRANCH
  BUSINESS BANKING EASY SAVERS ACCOUNT Number - 2231077320140

To qualify for a business loan from CedisPay, you will need to meet the following requirements:

• Consent to obtain credit bureau data and agree to CedisPay's legal terms and conditions on our website.
• Provide a valid Ghanaian national ID (Ghana Card).
• Show proof of your current address, such as a utility bill
• Provide evidence of income by submitting your most recent 3 months mobile money statement that shows steady activities for 3 months, including bills, business inventory, business expenses, loan repayment, business income, and other regular income
• Have a valid mobile money number that has been in operation for at least 3 months and bears your name.
• Submit a document that shows you have existed in your current business location for at least 3 months. This could be a recent business permit license, utility bills, rent receipts, or municipal taxes.
• how proof of payment for recent bills, loans, or rent by submitting either a bank statement or mobile money statement that shows you pay for after consumption. This could include loans from other financial institutions, utilities, rent, association dues, postpaid services like TV, internet, and mobile phone, retail or wholesale installment, and tax payment.
• If your credit score from the CedisPay pre-approval calculator is below 80, provide a guarantor with a good credit history.

Generally, approved loan amounts are determined based on the customer's income and expenses using an internally developed eligible loan model. However, the maximum loan amount you can qualify for is determined by the type of loan and your status as a customer. The following limits apply:

• Business Loan: Max GHS 20,000
• Personal Loan - Pension loan – Max -GHS 20, 000
• Regular Personal Loan: Max GHS 20,000

• What is CedisPay's lending philosophy and model?.
  CedisPay's lending philosophy is based on responsible lending practices that require proof of residence, proof of income, and proof of credit habits to ensure that loans are suitable for each customer's unique situation. The lending model is called the CedisPay eligible amount model, which calculates the loan amount a customer is approved for.
• How does the CedisPay eligible amount model calculate the loan amount?
  The CedisPay eligible amount model is based on the customer's income less CedisPay's assumed expense ratio, which includes essential living expenses, debt expenses, monthly savings, and other one-off monthly expenses. The customer's available income is then multiplied by the future period of the loan to derive the expected future residual income that is available to pay the loan.
• Are there any further adjustments made to the loan amount calculation?
  Yes, a further "haircut" is applied to the income if the customer does not have certain habits such as savings, insurance, consistent use of bank or mobile money for transactions, and a credit score adjustment for credit scores less than 80. This is to account for future emergencies that are not considered in the assumed expense ratio.
• What is CedisPay's commitment to responsible lending?
  CedisPay is committed to doing all things "the right way," from lending to hiring and beyond. The company believes that responsible lending is acting in a customer's best interests, ensuring affordability, transparency of terms and conditions, and supporting a borrower if they experience repayment difficulties.
• How does CedisPay ensure that borrowers understand the details of a loan and that they receive loans suitable for their circumstances?
  As a lender, CedisPay takes its responsibility seriously to make sure that borrowers understand the details of a loan and carry out thorough checks on any borrowers to ensure that what they receive is suitable for their circumstances. By following their unique lending model and responsible lending practices, CedisPay believes that they can help their customers achieve their financial goals while maintaining their financial health.
• Can customers and staff get more information about CedisPay's lending model?
  Yes, customers and staff can get more information about CedisPay's lending model by contacting the company's customer service department or visiting their website for more details.

Once your loan is approved, you will receive your money via mobile money

The loan duration varies depending on the type of loan and your status as a customer. The following limits apply:

• Business loan: new customer – limited to frequency of replenish of inventory but if it is for capital investment it is 6 months, 1st Repeat customer and subsequent repeat customer – 6 months
• Personal Loan- Pension loan – 1 year
• Regular Personal Loan: New customer – 6 months, and subsequent repeat customer is 1 year

To repay your loan to CedisPay, you can use one of the following methods:

• Business loan: Through mobile money account number # 0549060777 or auto deduction agreement to deduct loan repayment from a mobile money account
• Personal Loan: Through mobile money account number # 0549060777 or bank account. Account name: CEDISPAY MICRO-CREDIT ENTERPRISE. Bank account details: BANK: Guaranty Trust Bank (Ghana) Limited, Branch: ONE AIRPORT SQUARE BRANCH, and BUSINESS BANKING EASY SAVERS ACCOUNT number: 2231077320140.
• Coming soon: CedisPay USSD Code 257.

No, unfortunately. To be eligible for a loan, you need to have been in your current job or business location for at least 3 months. However, you can apply for CedisPay’s Credit Builder Loan, which is a loan designed to help you meet the CedisPay requirement within a certain period . Use the link on our website to apply for the credit builder loan

No, unfortunately. To be eligible for a loan, you need to have been using your mobile money account for at least 3 months. However, you can apply for CedisPay’s Credit Builder Loan, which is a loan designed to help you meet the CedisPay requirement within a certain period . Use the link on our website to apply for the credit builder loan

No, unfortunately. To be eligible for a loan, you need to have at least 5 business transactions in your current mobile money account. However, you can apply for CedisPay’s Credit Builder Loan, which is a loan designed to help you meet the CedisPay requirement within a certain period . Use the link on our website to apply for the credit builder loan

We aim to get the money in your mobile money account within 48 hours of receiving your application, as long as we receive all necessary documents within 24 hours

• What is CedisPay Credit check criteria? CedisPay verifies a loan applicant's credit habits, which include the most recent three months' consistency of payment of credit or bills of everyday life activities, such as loan from other financial institutions, utilities, rent, association due, postpaid services, retail or wholesale installment, tax payment.
• How does CedisPay verify a loan applicant's credit habits? CedisPay verifies a loan applicant's credit habits by obtaining the customer's credit bureau data, looking for any unpaid loan or other balances on the credit bureau report, and checking the consistency of payment of bills/loan using any of the following documentary evidence: mobile money statements, credit bureau information, SMS text message, emails or receipts, or bank statements.
• What if a loan applicant does not have a financial identity with any financial institution? In absence of a financial identity with any financial institution, CedisPay will use the customer's everyday and digital footprint, including their payment history from either one of these: customers utilities, rent, tax payment, postpaid tv, mobile phones services, due paying association, installment payment, to provide them with a financial identity called CedisPay Credit score.
• What if a loan applicant has evidence of payment of a loan from another financial institution six months ago? CedisPay requires evidence of payment of a loan from a financial institution for the most recent three months. Therefore, evidence of payment of a loan from another financial institution six months ago will not be sufficient for a loan from CedisPay. However, if the customer is unable to provide sufficient evidence of consistent payment behavior, they can provide Cedispay with other alternative means to verify their credit behavior. These may include references from landlords, utility providers, or other financial institutions with whom the customer has done business in the past. With the customer's consent, Cedispay can use social media activity, online transactions, and other forms of digital footprints to obtain insights into a customer's financial behavior and payment patterns. Cedispay can leverage these sources of information.
• What if a loan applicant has evidence of payment for only the most recent two months' electricity bills? Cedispay requires evidence of payment for the most recent three months' electricity bills to qualify for a loan. If the customer can only provide evidence of payment for the most recent two months' electricity bills, it will not be sufficient for a loan from Cedispay. However, if the customer is unable to provide sufficient evidence of consistent payment behavior, they can provide Cedispay with other alternative means to verify their credit behavior. These may include references from landlords, utility providers, or other financial institutions with whom the customer has done business in the past. With the customer's consent, Cedispay can use social media activity, online transactions, and other forms of digital footprints to obtain insights into a customer's financial behavior and payment patterns. Cedispay can leverage these sources of information in the following ways:
  1. Social media activity: Cedispay can analyze a customer's social media activity to gather information about their spending habits, lifestyle, and financial situation.
  2. Online transactions: Cedispay can examine a customer's online transactions, including bank transfers, online purchases, and e-wallet payments, to gain insights into their financial behavior.
  3. Digital footprints: Cedispay can also analyze a customer's digital footprints, including their search history, online profiles, and other digital activity, to gather information about their financial behavior.
• What if a loan applicant has evidence of payment for the most recent three months' electricity bills, but it was six months ago? Cedispay requires evidence of payment for the most recent three months' electricity bills to qualify for a loan. If the customer can only provide evidence of payment for the most recent three months' electricity bills, but it was six months ago, it will not be sufficient for a loan from Cedispay. However, if the customer is unable to provide sufficient evidence of consistent payment behavior, they can provide Cedispay with other alternative means to verify their credit behavior. These may include references from landlords, utility providers, or other financial institutions with whom the customer has done business in the past. With the customer's consent, Cedispay can use social media activity, online transactions, and other forms of digital footprints to obtain insights into a customer's financial behavior and payment patterns. Cedispay can leverage these sources of information in the same ways as mentioned above.
• What if the payment of the most recent three months' electricity bills is not in the loan applicant's name? Cedispay may not accept the payment of the most recent three months' electricity bills if it is not in the loan applicant's name. However, if the customer is unable to provide sufficient evidence of consistent payment behavior, they can provide Cedispay with other alternative means to verify their credit behavior. These may include references from landlords, utility providers, or other financial institutions with whom the customer has done business in the past. With the customer's consent, Cedispay can use social media activity, online transactions, and other forms of digital footprints to obtain insights into a customer's financial behavior and payment patterns. Cedispay can leverage these sources of information in the same ways as mentioned above.

• What documents should I send for a salaried loan application?
  • Most recent 3 months payslip or recent filed tax return showing your income
  • Most recent 3 months bank statements
• Will my 3 months bank statement be sufficient for income verification? No, your 3 months bank statement will not be sufficient for income verification. You need to submit your most recent 3 months payslip or recent filed tax return showing your income, along with your most recent 3 months bank statements. However, you can apply for CedisPay’s Credit Builder Loan, which is a loan designed to help you meet the CedisPay requirement within a certain period . Use the link on our website to apply for the credit builder loan
• What documents should I send for a business loan application? CedisPay’s primary document for income verification for a business loan is your business records and your most recent 3 months bank statement or mobile money statements. If you do not use bank statement or mobile money statements for your business transactions, you can submit any of the following alternative sources to proxy a business income:
  • 3 most recent months receipt/documentary evidence for purchase invoices of inventory
  • 3 most recent months receipt/documentary evidence for purchase of prepaid mobile phone units
  • 3 most recent months loan repayment schedule from a financial institution including CedisPay for your payment of loans
  • 3 most recent months receipt/documentary evidence for payment of rent
  • 3 most recent months receipt/documentary evidence for payment of utilities
• Will a 2 months mobile money statement be sufficient for income verification for a business loan? No, you need to provide your most recent 3 months mobile money statement for income verification. However, you can apply for CedisPay’s Credit Builder Loan, which is a loan designed to help you meet the CedisPay requirement within a certain period . Use the link on our website to apply for the credit builder loan
• If I cannot provide 3 months mobile money statement or any of the alternative sources for business income verification, can I still get a business loan? No, in absence of 3 months mobile money statement or any of the alternative sources for business income verification, CedisPay cannot approve your loan application. However, you can apply for CedisPay’s Credit Builder Loan, which is a loan designed to help build your credit history. Use the link on our website to apply for the credit builder loan

• What kind of savings habits does CedisPay value?
  CedisPay values customers who consistently save in short-term savings accounts, such as traditional savings accounts, money market accounts, and certificates of deposit, for at least three months.
• Does CedisPay consider pension savings as part of its eligible model?
  No, CedisPay does not consider pension savings as part of its eligible model, as our loans have a maximum term of one year, and we primarily consider current or short-term savings when assessing loan eligibility.
• What types of long-term savings does CedisPay not consider in its eligible model?
  CedisPay does not consider illiquid savings, retirement accounts with penalties for early withdrawal, and non-retirement investment accounts with high-risk investments in its eligible model, as they do not provide immediate or short-term liquidity, can reduce available funds for loan repayment, and can lead to significant losses.
• How does CedisPay calculate loan eligibility?
  CedisPay calculates loan eligibility based on the CedisPay eligible amount model, which is based on a borrower's income less assumed expenses, including essential living expenses, debt expenses, monthly savings, and other one-off monthly expenses. We also consider a borrower's expected future residual income that is available to pay the loan.
• What happens if a borrower does not have certain habits, such as savings or insurance?
  If a borrower does not have certain habits, such as savings, insurance, consistent use of bank or mobile money for transactions, and a credit score adjustment for credit scores less than 80, CedisPay applies a further haircut to the borrower's income to account for unforeseen circumstances, such as loss of job, sickness, or funeral expenses.
• How can having good savings habits benefit a borrower?
  Having good savings habits can help a borrower manage unexpected costs and emergencies, as well as reach short, medium, and long-term financial goals, such as saving for a car, a down payment for a house, or retirement. Additionally, borrowers with good savings habits may be eligible for higher loan amounts from CedisPay.

• How do I check my eligibility for a CedisPay location?
  Go to our landing page and click on the "Check your eligibility for a CedisPay Loan" section. You will be asked to provide some basic information to determine your eligibility.
• How do I know how much loan amount I'm eligible for?
  We have a Loan amount eligibility feature that helps determine the loan amount you are eligible for. You can access this feature on our website.
• How do I apply for a CedisPay loan?
  Go to our website and click on the "Choose what's right for you" section. Choose the appropriate loan application option (Salaried/Personal Loan Application, Business Loan Application, Free Credit Score, or Schedule a Meeting) and complete the form. Once you have completed the loan application, submit the required documents on our website.
• What documents do I need to provide for a personal loan?
  You need to provide your Ghana Card, most recent three months payslip, most recent three months bank statements, standing order from your active bank account, evidence for consistent payment of bills or loans, and a guarantor if your credit score was below 80.
• What documents do I need to provide for a business loan?
  You need to provide your Ghana Card, most recent three months mobile money statements, standing order from your active bank account, evidence for consistent payment of bills or loans, and a guarantor if your credit score was below 80.
• What documents do I need to provide for a personal loan backed by pension assets?
  You need to provide your Ghana Card, standing order from your active bank account, evidence for consistent payment of bills or loans, and a signed agreement with a pension trustee to use your pension asset as collateral.
• How do I provide the required documents?
  You can upload the documents on our website or use the Standing Order Request Form to authorize your bank to share your bank statements with us. You can also find a list of banks in Ghana that you can access standing order online or through their mobile app on our website.
• What if I don't have traditional documents like bank statements or payslips?
  You can provide evidence of a consistent habit of paying for goods or services after consumption as part of your loan application.
• How is CedisPay simplifying the loan application process?
  We are exploring the use of alternative data sources to help verify your financial information without the need for traditional documents. We also provide support to customers who need assistance accessing bank statements or payslips.
• How long does it take to complete the loan application?
  It takes only 5 minutes to complete the loan application.

For personal loans, CedisPay requires applicants to be between 18-60 years old, employed full-time or self-employed, earning at least GHS 1,000 per month, and have a basic education requirement. CedisPay's personal loan target audience values financial stability, independence, and growth. They have a positive attitude towards technology and online services and are professionals in business, finance, technology, and healthcare, as well as self-employed entrepreneurs and small business owners. CedisPay's personal loan target audience has a history of paying bills on time, using mobile banking or online banking services, and regularly saving money. They also have a savings account and have a history of taking out loans and consistently paying bills. CedisPay's target audience is active on social media and financial websites, follows financial and business news, and regularly searches for financial products and services online.

CedisPay's personal loan target audience values financial stability, independence, and growth. They have a positive attitude towards technology and online services, and lead a busy, ambitious, and tech-savvy lifestyle

CedisPay's personal loan target audience has a history of paying bills on time, uses mobile banking or online banking services, uses a mobile money account for personal transactions, has a savings account, and regularly saves money. They also have a history of taking out loans and consistently paying bills. Additionally, they have been employed with their current employer for at least 3 months.

CedisPay's personal loan target audience is interested in financial products and services, active on social media and online platforms, and follows financial and business news. They are professionals in business, finance, technology, and healthcare, as well as self-employed entrepreneurs and small business owners.

CedisPay's personal loan target audience is active on social media and financial websites, uses mobile banking or online banking services, and regularly searches for financial products and services online.

To be eligible for a business loan, applicants must be at least 18 years old, self-employed or a small business owner earning at least GHS 1,000 per month, and have been in business for at least 1 year. Additionally, they must have been operating in their current location for at least 3 months, have a mobile money account for at least 3 months, and have at least 5 business transactions on their mobile money account in a month. CedisPay's business loan target audience values entrepreneurship, self-reliance, and growth. They are small business owners and entrepreneurs in various industries such as retail, services, construction, and manufacturing. CedisPay's business loan target audience has a history of paying bills on time, using mobile banking or online banking services, and regularly saving money. They also have a savings account and have a history of taking out loans and consistently paying bills. CedisPay's target audience is active on social media and financial websites, follows financial and business news, and regularly searches for financial products and services online.

CedisPay's business loan target audience values entrepreneurship, self-reliance, and growth. They have a positive attitude towards technology and online services, and lead an ambitious, hardworking, and tech-savvy lifestyle.

CedisPay's business loan target audience has a history of paying bills on time, uses a mobile money account for business transactions, and may use mobile banking or online banking services. They also have a savings account and regularly save money. They have a history of taking out loans and consistently paying bills. Additionally, they have been in business for at least 1 year, have been operating in the current location for at least 3 months, have a mobile money account for at least 3 months, and have at least 5 business transactions on their mobile money account in a month. They also have good cash flow.

CedisPay's business loan target audience is interested in financial products and services for small businesses, active on social media and online platforms, and follows financial and business news. They also follow news and trends related to their industry, and are small business owners and entrepreneurs in various industries such as retail, services, construction, and manufacturing.

CedisPay's business loan target audience is active on social media and financial websites, uses mobile banking or online banking services, and regularly searches for financial products and services online.

CedisPay Capital TopUp is a revolving credit facility that offers small business owners a convenient and affordable way to secure loans. It is designed to be functional and less onerous than conventional loans, as it can be used multiple times and is priced once.

To be eligible for the CapitalMe-Topup credit line, a customer must have never missed payments, repeated patronage of services (at least three loans from CedisPay), have at least a year relationship with CedisPay, refer other customers, use digital channels and methods 100% of the time, and use a mobile money account for business activities, with mobile money statements supporting income on loan applications.

Small business owners who meet the eligibility criteria will enjoy benefits such as CedisPay souvenir on their 4th loan application and subsequent applications, loans approved and disbursed within 24 hours, convenience and time-saving, reliable funds when needed, recurrent processing fees from multiple loan applications are eliminated, better rates (depending on other risk factors), and the establishment of a long-term relationship with CedisPay.

The maximum line of credit is determined in two ways: the initial maximum amount is based on 6 months income trends supported by the most recent 6 months mobile statements with business activities references on the 4th loan application, and subsequent maximum amounts are reviewed every 6 months, with the client submitting their recent business income activities, and a new maximum amount is reset.

CapitalMe-Topup works by approving a maximum loan amount based on the most recent 6 months mobile money activities for a qualified customer. The initial approved loan is available for 6 months, and the customer can withdraw the entire approved loan amount or part of the amount. Interest is calculated on the maximum approved amount for a six-month period, and the customer can withdraw from the approved amount during the 6-month period and is "topped up" to the maximum loan amount. The entire loan amount plus 6 months' interest should be paid at the end of the 6th month, and the customer can only access the top-up after 6 months only if the customer has fully paid off the amount of the loan amount and interest. The process repeats again and again.

Loans are approved and disbursed within 24 hours of application.

No payment schedule is required, but at the end of the 6th month, the entire loan amount plus 6 months interest should be paid.

The customer can access the top-up again after 6 months only if they have fully paid off the loan amount and interest and have submitted the most recent 6 months mobile money statements to reset the maximum loan approved.

CedisPay's Credit Builder Loan is a financial product launched by CedisPay to help individuals with no credit history establish a good credit history. This loan is designed to help people access credit and build a good credit history in the right way.

CedisPay's Credit Builder Loan works differently from traditional loans. Instead of receiving the loan amount upfront and paying it back in installments, borrowers build their credit habits for three months by demonstrating specific conditions, such as using their mobile money account to pay for business and personal expenses, loan repayments, bills, and savings. After three months of consistent habits, CedisPay will use the borrower's recent three months mobile money statements and approve them for a maximum of GHS 5K for six months.

The CedisPay loan amount is valid three months from the date of the customer application, and the following requirements must still be met:

• Use your mobile money account to pay for your business expenses such as inventory, utilities, rent
• Deposit your business income on a daily basis or if not possible on a weekly basis on your mobile money account
• Use your mobile money account to pay for loan repayments
• Use your mobile money account to pay for your family commitments such as school fees, rent, utilities
• Use your mobile money account to pay for goods or services used on a credit basis such as Postpaid mobile phone bills, Postpaid TV subscription bills, Postpaid internet subscription, retail or wholesale goods and services paid on an installment basis, tax installments
• Use your mobile money account for savings and insurance habits

By submitting your mobile money account, you will enjoy the following benefits:

• Guaranteed instant approval from CedisPay
• Monthly updates on your CedisPay credit score
• Timely reporting to credit bureaus
• Lowest interest rate in the market
• Flexible payment terms
• Second chance to establish or repair your credit history
• No collateral
• No money down needed

After three months, borrowers need to submit their mobile money account for evaluation, and their loan amount will be determined using the CedisPay eligible loan model. Borrowers can withdraw the amount immediately.

The objective of CedisPay's Credit Builder Loan is to help the unbanked to establish good credit history in the right way. It aims to help individuals with no credit history get access to credit, which will enable them to build a good credit history.

CedisPay requires borrowers to demonstrate consistent credit habits for three months because research has shown that it takes at least 90 days of consistent behavior to form a habit that becomes automatic. By consistently using their mobile money account to pay for their business and personal expenses, loan repayments, bills, and savings for three months, borrowers will be forming a positive credit behavior that will help them build a good credit history.

• Proof of your location/address: You will need to provide a utility bill or bank statement that shows your name and current address
• Evidence of your bills or loan payment: You will need to provide a bank statement, mobile money statement, receipts, or invoices
• Employment evidence: You must have been employed with your current employer for at least three months, and you will need to provide a current payslip or employer letter
• Proof of income: You must provide a bank statement or mobile money statement that shows your income.

• Proof of your location/address: You will need to provide a utility bill or bank statement that shows your name and current address
• Evidence of your bills or loan payment: You will need to provide a bank statement, mobile money statement, receipts, or invoices
• Proof of income: You must provide a bank statement or mobile money statement that shows your income
• Business location evidence: You must have been operating your business in the current location for at least three months, and you will need to provide a recent business permit license, utility bills, rent receipts, or municipal taxes.
• Mobile money account evidence: You must have held your mobile money account number for at least three months, and you will need to provide a mobile money statement.
• Business transactions evidence: You must have at least five business transactions on your current mobile money account, and you will need to provide a mobile money statement.

These screening questions and requiring evidence from customers will help ensure that all loan applications are thoroughly screened and reviewed before proceeding. This will lead to a better experience for both the customer and CedisPay

We understand that the application process can sometimes be confusing. If you need any assistance, please do not hesitate to contact us. You can reach us by email or phone, and our customer support team will be happy to assist you.

We believe that the loan application process should be a collaborative effort between us and our customers. We are committed to providing you with the best loan experience possible and look forward to partnering with you

A standing order is a convenient way for you to make regular loan payments automatically from your bank account, mobile money account or directly from your employers. This means you don't have to worry about remembering to make manual payments each month and can be sure that your payments are made on time and in full. Note that in CedisPay standing order means a) standing order with a Bank b) employer direct deduction c) mobile money scheduled payment or auto deductions.

Yes, a standing order is required for all loans, regardless of the loan amount. For personal loans, it is called standing order or employer deduction and for business loans it is called mobile money scheduled payment or auto deductions and that is effective March 15, 2023.

A post-dated cheque is a cheque written with a future date, which means it can't be cashed until that date arrives.

We require a post-dated cheque as security for loans over GHS 10K.

If you fail to make your loan payments, we can cash the post-dated cheque to recover some or all of the outstanding amount.

Yes, for loans over GHS 10K, we require both a standing order and a post-dated cheque. In CedisPay, post-dated is acceptable only from a repeat gold customer.

According to Bank of Ghana (BoG)NOTICE NO.BG/GOV/SEC/2021/03 (https://www.bog.gov.gh/wp-content/uploads/2021/03/BG-GOV-SEC-2021-03-Dud-Cheque-Notice-FINAL-FOR-PUBLICATION.pdf), a dud cheque is a cheque drawn on a bank or SDI by a customer for which there are inadequate or insufficient funds in the account of the customer to pay the amount specified on the cheque within the normal course of banking business.

Per Criminal Offences Act, 1960 (Act 29) as amended, it is an offence punishable by a fine and/or imprisonment of up to five (5) years for any person to issue a dud cheque

According to Bank of Ghana NOTICE NO.BG/GOV/SEC/2021/03, the consequences (sanctions) are as follows:

1. A bank or SDI shall issue a Warning Notification to a customer who issues a dud cheque for the first time and report the offence to the credit reference bureau. The bank shall place the customer under surveillance for a minimum period of three (3) years. The warning should be documented and may be in the form of a Short Message Service (SMS), an email or any other established means of communication between the bank or SDI and that customer. The notification shall also indicate further sanctions that will be applied in the event of subsequent breaches.
2. Where a customer issues a dud cheque for the second time within three (3) years of the first offence, the drawee bank or SDI concerned, in addition to the above sanctions under paragraph 1, shall report the conduct of the customer to the BoG and the customer’s details and breach shall be recorded in a dud cheque register maintained at the BoG.
3. Where a customer issues a dud cheque on a third occasion within three (3) years of the first offence, the drawee bank or SDI concerned, in addition to the above sanctions under paragraph 1 and 2, shall again inform the BoG. The BoG shall ban such a customer from issuing cheques within the country for a minimum period of three (3) years. The BoG shall notify all banks and SDIs of the ban and publish a list of all third offenders in two daily newspapers of national circulation. The customer may, however, be permitted to receive cheques and funds into the affected account and perform other electronic transactions on the account. Additionally, BoG, shall ban such a customer from accessing new credit facilities from the banking system for a period of three (3) years.
4. Upon receipt of the notification of the ban by BoG, the drawee bank or SDI shall notify the customer within five (5) working days of the ban, recall all unused cheque books and shall not issue new cheque books to the affected customer until the sanctions are lifted. Where a customer fails to return the unused cheque books within a period of ten (10) days from the notification date, the customer shall be reported to the law enforcement agencies for further action
5. General Requirements for Banks and SDIs: Banks and SDIs shall continue to submit data on issuers of dud cheques to the credit reference bureau in accordance with Section 25 (c) of the Credit Reporting Act, 2007 (Act 726).
6. Banks and SDIs shall continue to submit returns on dud cheques to the BoG on ‘’as and when’’ basis in the BoG prescribed format. Failure by a bank or SDI to submit returns shall attract sanctions in accordance with Section 93 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
7. Banks and SDIs shall conspicuously display copies of this Notice: BG/GOV/SEC/2021/03 in all banking halls and on official websites. 8. A bank or SDI which fails to comply with these directives shall be sanctioned in accordance with section 92(8) of the Banks and Specialised Deposit-Taking Institutions Act 2016, (Act 930).

Please don't hesitate to contact us for further clarification. We are here to help you manage your loan repayments and ensure that you have a clear understanding of our requirements.

If you miss a loan payment, you may be charged a late fee and it may negatively impact your credit history and your CedisPay credit score. It is important to make your loan payments on time.

You can set up a standing order or direct debit, which will automatically deduct your loan payments from your bank account on the due date. This will provide assurance of continuous payment of your loan. Contact our customer service team for assistance in setting up automatic payments.

For loans approved over GHS 10K, we also accept post-dated cheques and pension assets as security. Contact us if you have any questions about these options.

If you are experiencing difficulty making your loan payments, please contact us as soon as possible to discuss possible solutions. We believe in responsible lending and want to ensure that our customers are able to meet their financial obligations without undue stress.

Making loan payments on time is important to avoid late fees and negative impacts on your credit score. It also helps to ensure that you stay on top of your financial obligations and avoid falling behind on your loan payments

A post-dated cheque is a form of security for loans approved over GHS 10K. If you fail to make your loan payments, we can cash the post-dated cheque to recover some or all of the outstanding amount owed.

CedisPay's Loyalty Rewards Program is a program that recognizes and rewards our customers for their continued patronage. The program has two categories: Regular customers and Gold members.

To become a CedisPay Gold member, you need to exhibit certain behaviors that demonstrate your loyalty to our services. These include never missing payments, repeated patronage of services, paying back loans promptly without reminders, referring other customers, using only digital channels and methods to interact with CedisPay, having evidence to support your income, and having digital evidence to support your proof of residence.

As a CedisPay Gold member, you will receive exclusive benefits and rewards, including a CedisPay souvenir on your third loan application and subsequent applications, fast loan approval and disbursement within 24 hours, and eligibility for the Capital Top-Up product, which allows you to increase your loan amount.

To apply for a loan with CedisPay, you can visit our website. You will need to fill out the loan application form, provide the necessary documentation, and wait for our loan team to review and approve your application.

To apply for a loan with CedisPay, you need to be a Ghanaian resident between the ages of 18 and 60, have a valid national ID card, and provide proof of income, credit and residence.

The interest rate on CedisPay loans varies depending on the loan amount, loan term, and the customer's creditworthiness.

Yes, you can participate in the Loyalty Rewards Program as a regular customer. However, you will not be eligible for the exclusive benefits and rewards that come with being a CedisPay Gold member.

To refer other customers to CedisPay, you can share your referral link or code with them. When they use your link or code to apply for a loan with CedisPay, you will receive a reward.

CedisPay Credit Score is a tool that helps customers unlock larger loan amounts and improved loan terms from CedisPay. It uses the digital footprint and data of customers to determine their creditworthiness.

A CedisPay Credit Score is important because it helps customers access financial services and unlock larger loan amounts and improved loan terms. It also helps those without financial identity to establish a credit history

CedisPay primarily uses financial transaction data from mobile money and bank statements, utilities company data, telecom data, smartphone data, psychometric data, and social media data to underwrite a loan.

An initial CedisPay credit Score is assigned after a customer applies for their first loan. CedisPay asks questions about the customer's income, payment history, and financial habits.

The CedisPay credit Score rewards good credit habits, savings habits, insurance habits, use of mobile money account for business activities habits, and recording-keeping or referencing business activities on mobile money/bank account habits.

CedisPay credit score range is between 0 and 100, split into four brackets: Excellent (81-100), Good (71-80), Fair (61-70), and Bad (0-60).

You can increase your CedisPay credit Score by spending less than you earn, paying bills on time, saving for emergencies and investments, and having appropriate insurance. Developing good financial habits and maintaining them over time can help improve your CedisPay credit Score.

To get your CedisPay credit Score, you can visit the CedisPay website landing page and use the pre-approval calculator

Cedispay uses a pricing model that is calculated separately for personal and business loans based on the inherent risk in each product and the specific customer's risk. The pricing model consists of five elements that determine the interest rate charged to customers: cost of funds, cost of operation or cost-to-asset ratio, cost of credit risk or expected credit risk ratio, customer-specific risk premium, and desired profit margin

The cost of funds is the interest rate that CedisPay pays to borrow money from other sources. It includes the cost of deposits, wholesale funding, and any other sources of funding. Cedispay determines its cost of funds based on the Ghana reference rate or (interbank) swap rate plus markups for liquidity risk and optionality risk.

The Ghana Reference Rate (GRR) is a benchmark interest rate used in Ghana's banking industry. It is a weighted average of the interest rates of the 91-day, 182-day, and 1-year government of Ghana treasury bills, which are considered risk-free investments. The GRR serves as a benchmark for determining interest rates on loans and other financial products in Ghana, as well as for measuring the performance of financial institutions in the country. The Ghana Bankers Association and Bank of Ghana calculates and publishes the GRR on a regular basis.

The specific markups for liquidity risk and optionality risk are calculated by Cedispay using the following methods:

1. Liquidity Risk Markup: This markup compensates for the risk that an asset may not be easily sold in the market, leading to increased costs for Cedispay to manage its liquidity position. To calculate the liquidity risk markup, Cedispay estimates the cost of holding the asset for a given period, based on factors such as market volatility, trading volumes, and bid-ask spreads. Cedispay then adds a markup to this cost to compensate for the liquidity risk
2. Optionality Risk Markup: This markup compensates for the risk that an asset may have uncertain cash flows or may be subject to unexpected events that affect its value. To calculate the optionality risk markup, Cedispay uses option pricing models to estimate the probability of certain events occurring and the impact of these events on the asset's value. Cedispay then adds a markup to the asset's expected return to compensate for the optionality risk

The cost of operations includes all the expenses incurred in running CedisPay such as salaries, rent, utilities, and marketing expenses. This cost is usually expressed as a percentage of the loan amount. Operating costs are calculated by dividing the previous year's costs by the loan amount.

The expected default rate is the percentage of loans that are expected to default based on historical data or other relevant factors. This rate is usually expressed as a percentage.

Cedispay's desired profit is based on the average return on capital (ROE) of the banking industry in Ghana for the most recent five years. This is calculated as the ROA (return on assets), which represents the desired profit margin

Cash Me is a short-term loan product offered by CedisPay, designed to cater to the immediate financial needs of individuals who require urgent cash to address unexpected financial issues.

Cash Me loan is applicable to two types of customers: new CedisPay customers who have not borrowed from other financial institutions before but have been paying their bills on time, and existing CedisPay customers who require urgent cash.

To be eligible for Cash Me loan, you must meet the following minimum requirements:

• Consent to obtain credit bureau data and agree to CedisPay's legal terms and conditions on our website.
• Provide a valid Ghanaian national ID (Ghana Card).
• Show proof of your current address, such as a utility bill
• Provide evidence of income by submitting your most recent three months' mobile money statement that shows steady activities or show evidence of employment by providing your first payslip or an employment letter or provide a bank or mobile statement with salary payments for the most recent three months
• For new customers with limited credit or payment history, evidence of consistent savings or unexpired insurance habits can be used as an alternative
• If the customer has a credit score below 80, an unrelated person must act as a guarantor for the loan.

The maximum loan amount for Cash Me loan is GHS 1,000.

The maximum loan term for Cash Me loan is one month.

The loan offers flexible payment terms, and there are no prepayment penalties.

The interest rate for the loan is based on five components, including the cost of funds, cost of operation, cost of credit risk, customer-specific risk premium, and desired profit margin.

No, there is no processing fee for Cash Me loan.

The funds can be disbursed within 24 hours of loan approval.

You can visit the CedisPay website or contact their customer support team for more information or help regarding Cash Me loan.

Credit Mitigation/Guarantees refer to the measures taken by CedisPay to reduce the risk of loan default by its customers. It involves either having a creditworthy person or collateral to secure the loan. In the case of CedisPay, there are three types of credit mitigation processes in place.

The first credit mitigation is mandatory and is designed to ensure that customers pay their loans on time and consistently. This requirement can be met through a standing order from a bank, mobile account operator and or employer.

The second credit mitigation is only required if the client's credit score is below 70. In other words, if a credit score is good, no guarantor is required. The third mitigation is required if the loan is above GHS10,000, in that case collateral in the form of a post-dated cheque, pension asset or insurance. These measures are put in place to ensure that the loan will be paid back in the event of a default.

For Salary workers, the options for loan repayment include setting up a standing order with the bank to have CedisPay account credited and client account debited on an agreed schedule, an agreement with the client employer to deduct at source, an auto-deduction agreement to deduct loan repayment from mobile money account, or an agreement with the accountant general office to deduct at source.

For Business loans and Business line of credit, the options for loan repayment include setting up a standing order with the bank to have CedisPay account credited and client account debited on an agreed schedule, an agreement with the client employer to deduct at source, an auto-deduction agreement or evidence to deduct loan repayment from mobile money account, or a joint agreement to get proceeds from contracts paid directly to CedisPay.

If a customer has a credit score below 70 and cannot provide a guarantor, CedisPay has alternative options such as Post-dated cheque, Pension asset, Insurance policy, Accounts Receivable, Intellectual Property, Future Sales, or Stocks and Bonds as collateral.

To use Accounts Receivable as collateral, the borrower must provide documentation of the outstanding invoices and proof of their customers' creditworthiness.

To use Intellectual Property as collateral, the borrower must provide proof of ownership and documentation of the intellectual property, such as registration certificates or legal filings.

Yes, future sales can be used as collateral, and the borrower must provide documentation of the sales amount, the specific customer who has committed to buying their product or service, and a pledge by the customer to send the payment directly to CedisPay.

To use Stocks and Bonds as collateral, the borrower must provide documentation of ownership and proof of the value of the securities, such as stock certificates or brokerage statements.

For loans above GHS 10,000, collateral is required, and CedisPay accepts various forms of collateral such as post-dated cheque, pension asset, insurance policy, accounts receivable, intellectual property, future sales, or stocks and bonds.