Product overview

• Target Audience: This product caters to customers with a robust history of mobile money transactions, particularly those of a business nature.
• Eligibility: Individuals with an extensive track record of mobile money transactions, particularly related to business, qualify.
• Purpose: It ideally suits customers who actively use mobile money for business operations, working capital, or equipment purchases.

CapitalMe loan is designed for customers with a well-established mobile money transaction history, encompassing substantial business-related activities. Here's when CedisPay recommends this loan:
• Possess a well-established mobile money transaction history, including substantial business-related activities
• Demonstrate a consistent and stable income derived from their business transactions
• Exhibit a reliable repayment history, both for loans and bills

Eligibility Requirements for Capital Me

To qualify for a Capital Me loan, a customer must meet all the following eligibility criteria:
• Loan Purpose: The loan purpose should be strictly for business use, either for working capital or capital investment
• Permanent Location Verification: Applicants must provide substantial evidence of their business's permanent location. This evidence should cover at least a year, indicating stability. The key documents required include:
  • Utility bills (electricity or water) with a minimum of 12 months' usage history at the business location
  • A valid and up-to-date business permit clearly authorizing business operations at the specific location
  • Proof of consistent tax payments related to the business location over the course of a year or a local authority permit authorization
• Mobile Money Usage: Active and consistent mobile money usage for business transactions is crucial. We've outlined specific thresholds for eligibility:
  • Customers must show a minimum of 20 mobile money transactions per month for the last 12 months
  • The total net transaction volume for mobile money usage should exceed GHS 2,000 monthly on average
• Mobile Money Consistency: Mobile money transaction volatility should not exceed 40% (subject to change based on CedisPay risk appetite and data analysis of business activities). Income Volatility Threshold: To be eligible for the Capital Me business loan using mobile money statements, a customer's income volatility should be less than 40 percent (subject to change based on CedisPay risk appetite and data analysis of business activities).

There is an exception to rule 3 & 4. A Capital Me customer can still use mobile money for their loan application if they have a stable personal job reflected in their bank statement. In such cases, we will consider the customer's income in the bank statement as the primary income determination, allowing for greater flexibility in eligibility.

Loan Details

• Eligibility:
  • Credit Score: Applicants must have a minimum credit score of 60.
  • DTI: Applicants must have a DTI not exceeding 80 percent
• Loan Amount:
  • Maximum loan amount is GHS 20,000
  • Eligibility for loan amount is calculated using CedisPay's eligible loan model which considers available income (income - assumed expenses - debt expenses - monthly savings), loan period and pension/investment/savings assets (not exceeding 80% of pension/investment/savings assets). Customers without certain habits (savings or insurance) may receive a reduced loan amount. For more information, visit Our Lending Model
• Collateral Requirement:
  Loans above GHS 10,000 require collateral. We accept various forms of collateral, such as pension assets, investment or insurance policies. Other forms of collateral we accept include:
  • Accounts Receivable: This refers to the money that your business is owed by its customers. You can use accounts receivable as collateral by pledging them to CedisPay. The borrower must provide documentation of the outstanding invoices and proof of their customers' creditworthiness
  • Intellectual Property: If your business owns patents, trademarks, or copyrights, you can use them as collateral for a loan. The borrower must provide proof of ownership and documentation of the intellectual property, such as registration certificates or legal filings
  • Future Sales: A consistent flow of future sales can be used as collateral for a loan. To use future sales as collateral, 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
  • Stocks and Bonds: Cedispay can also accept 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
• Payment Terms: CedisPay l offers flexible payment terms, allowing business owners to choose a repayment plan that suits their financial situation. The loan has no prepayment penalties, which means borrowers can pay off their loan earlier than scheduled without incurring additional fees.
• Disbursement Time: The funds can be disbursed within 24 hours after loan approval, providing quick access to the necessary capital
• Interest Rate: The interest rate for CedisPay is based on five components: the cost of funds, cost of operation, cost of credit risk, customer-specific risk premium, and desired profit margin. This approach ensures that the interest rate charged is fair and reflects the borrower's risk profile
• Processing Fee: In addition to the interest rate charged, CedisPay charges a separate processing fee of 3% for new customers. This fee covers the cost of operations and is not included in the interest rate

Business loan requirements

If you are seeking a capital me, please ensure that you meet the following requirements
• Valid Identification: Provide a valid identification document, such as your Ghana Card.
• Submit 3 months of bank statements and mobile money statements to help us evaluate your financial stability and living expenses
• Proof of Address: Document verifying your address, such as the Ghana Postal GPS
• Operating a business at a permanent location for a minimum of three months, evidenced by a business operating permit, utilities, or tax installment payments.
• Achieve a minimum credit score of 60, with scores above 70 eliminating the need for a guarantor
• Guarantor Requirements: If your credit score from CedisPay is below 70, provide a guarantor with a good credit history, post-dated cheques, and either three-month bank statements or savings/pension statements to cover the approved loan

Loan Amount Calculation: The loan amount is determined by your available income, the loan period, and your pension, investment, or savings assets, utilizing our eligible loan model. For more details on our lending model, please visit our website: CedisPay Lending Model.

Collateral Requirements for Loans Exceeding GHS 10,000: Any loan exceeding GHS 10,000 must be accompanied by collateral in the form of pension, investment, or savings assets held with a custodian on behalf of CedisPay. We offer several options for fulfilling the collateral requirements:

• Partnership with Petra or Achieve: If your pension or investment collateral is held with Petra or Achieve, simply inform them of your intent to obtain a CedisPay loan, and they will provide you with a collateral charge form to complete
• Alternative Pension or Investment Collateral: For those with pension or investment collateral held with entities other than Petra or Achieve, such as susu or pension tier 3, provide them with the CedisPay collateral agreement and customer consent documents to facilitate the process
• Exploring New Horizons: If you don't currently have savings or investments, consider signing up with Petra or Achieve, as they offer opportunities for securing loans and building a foundation for your financial growth

Progressive Loan Limits:
• Initial Phase: Begin with a maximum loan limit of GHS 5,000 to meet immediate needs.
• 3-Month Milestone: After consistently engaging with Petra and Achieve for three months, your loan limit automatically rises to GHS 10,000.
• 6-Month Achievement: After six months of partnership, your loan limit further elevates to GHS 20,000, reflecting your commitment to financial empowerment

We believe that this multifaceted approach to collateral options and progressive loan limits reflects our commitment to supporting your financial growth. As you choose the path that aligns with your aspirations, know that CedisPay is your dedicated partner on your journey to success

Loan Repayment Options: Once approved for a loan, you will be required to set up a standing order or mobile money auto-payment for loan repayment. If applicable, a pension/savings asset collateral charge document must be signed with the endorsement of the pension trustee and employer

For convenient loan repayments, CedisPay offers two options: standing orders and mobile money auto deductions. To set up a standing order, please provide a scanned copy of the standing order form from your active bank account, including the required details. Alternatively, set up a mobile money auto deduction by dialing *170# on your mobile phone, paying to 0549 060 777, entering the loan repayment amount, choosing the frequency of payment (daily, weekly, or monthly), and confirming payment to CEDISPAY MICRO-CREDIT ENTERPRISE.

Please note that additional evidence may be requested based on the information found in your bank or mobile money statements. By meeting these loan requirements, you actively contribute to your own financial well-being while enabling us to fulfill our purpose. At CedisPay, we are committed to responsible lending, flexible payment options, and customized financial education to support you on your journey to financial success.

For more information and to begin your loan application process, please visit our website at CedisPay Loans or contact us at 0595 741 614 or 0595 738 121. Our dedicated team is ready to assist you and provide any additional information you may need.