CedisPay CapitalMe TopUp: Transforming Access to Affordable Credit for Small Businesses

Introduction

CedisPay CapitalMe TopUp represents a groundbreaking revolving credit solution meticulously crafted to empower small business owners. This innovative approach provides a hassle-free and cost-effective avenue for securing loans, differentiating itself from conventional loan structures. In this extensive report, we will offer an in-depth exploration of the CapitalMe TopUp credit line, elucidating eligibility criteria, highlighting the manifold advantages it presents, and demystifying the loan application process

Eligibility Criteria

To qualify for the CedisPay CapitalMe TopUp credit line, applicants are required to fulfill seven pivotal conditions:
• Repeat Customer: Prospective borrowers must have a track record of successfully repaying at least two prior loans with CedisPay
• Relationship Duration: A minimum history of one year of active engagement with CedisPay is a prerequisite
• Consistent Repayment Record: Applicants should exhibit a consistent record of timely loan repayments, devoid of any late payments
• Automated Loan Repayment: Borrowers must demonstrate a history of automated loan repayment behavior
• Permanent Business Location: Applicants are mandated to possess a verifiable permanent business location
• Full Compliance: Prospective borrowers must have diligently adhered to all the terms and conditions of their previous loans with CedisPay
• Business-Purpose Loan: The loan's intended purpose should align with business-related activities

Advantages of CedisPay Capital TopUp

Small business owners who satisfy the eligibility criteria will gain access to a plethora of benefits through the CapitalMe TopUp program, including:
• CedisPay Souvenir: Customers are awarded a CedisPay souvenir upon their fourth loan application and for subsequent applications
• Rapid Loan Approval and Disbursement: Loans are swiftly approved and disbursed within 24 hours, ensuring that businesses can access funds promptly
• Enhanced Convenience and Time Savings: Additional loans are disbursed in as little as 5 minutes, a remarkable reduction in processing time when compared to traditional loans, which may take up to 3 days
• Reliable Fund Availability: Funds are readily accessible precisely when they are needed the most
• Reduced Recurrent Processing Fees: Multiple loan applications come with reduced recurring processing fees, making it more cost-effective for frequent borrowers
• Competitive Interest Rates: Interest rates are tailored to individual risk factors, guaranteeing borrowers favorable rates that suit their financial circumstances
• Establishing Long-Term Relationships: CapitalMe TopUp promotes the cultivation of enduring relationships between customers and CedisPay, fostering loyalty and trust

Determining the Maximum Line of Credit

The calculation of the maximum line of credit involves two key methods:
• Initial Maximum Amount: Clients are required to furnish their income trends for the previous three months, supported by the most recent three months of mobile money statements, with a specific emphasis on business-related activities. CedisPay utilizes this data to establish the initial maximum line of credit
• Subsequent Maximum Amount: Every six months, clients have the opportunity to review their maximum line of credit by submitting their recent business income activities

Loan Details

• Eligibility: Fulfillment of all seven eligibility requirements is imperative
• Loan Amount: The loan amount is determined by assessing the previous loan amount, adjusted according to various indicators. Loans up to GHS 10,000 are unsecured, while amounts exceeding GHS 10,000 require collateral in the form of pension or investments held with a custodian on behalf of CedisPay.

Positive Indicators

• Transaction Frequency
• Average Monthly Mobile Money Balance
• Average Mobile Money Transaction Amount
• Consistency in Transactions
• Savings for Emergency Purposes

Negative Indicators

• Gambling Activities
• Debt-to-Income (DTI) Ratio
• Multiple Debts in the Most Recent 3 Months
• Income Volatility

Loan Term:

Loan terms are renewed every six months
• Interest Rate: Interest rates, starting at a minimum of 6% per month for unsecured loans and 2.5% for secured loans, are meticulously calculated based on the cost of funds, operational expenses, credit risk, customer-specific risk assessment, and desired profit margin
• Processing Fee: A nominal processing fee of 1% is applied

Loan Requirements:

To access CapitalMe TopUp, applicants are obligated to provide the following documents:
• Valid Ghana Card
• Proof of Address
• Evidence of a Permanent Business Location
• Three Months of Mobile Money Statements

How CapitalMe TopUp Works:

The CapitalMe TopUp credit line operates seamlessly, offering convenience and flexibility to borrowers:
• A qualified customer is approved for a maximum loan amount based on their most recent three months of mobile money activities. For customers with existing CedisPay loans, a set-off is allowed for the remaining balance if they have consistently made payments for three months on the current CedisPay loan
• The initially approved loan is accessible for a six-month period
• Borrowers can choose to withdraw the entire approved loan amount or a portion thereof
• Interest is calculated based on the maximum approved amount for a six-month period, regardless of the withdrawal amount
• Withdrawals can be made throughout the 6-month period, allowing customers to "top-up" to the maximum loan amount
• Weekly, bi-weekly, or monthly payments are required during the 6 months
• At the end of the 6th month, borrowers must repay the entire loan amount along with six months' interest
• To remain eligible for top-up, customers must submit their most recent three months of mobile money statements, which are used to reset the maximum approved loan amount

The CapitalMe TopUp process repeats for continued convenience and accessibility. In conclusion, this comprehensive report elucidates how CedisPay CapitalMe TopUp is poised to revolutionize lending for small business owners. It offers a flexible, affordable, and convenient credit facility that promotes financial growth and stability, effectively empowering small businesses to thrive.

How to apply for CapitalMe Top-up

Personal and Business Information

GhanaCard Number

Mobile Money Number

Email Address

Digital Address

Location -- select option -- Agbogbloshie Odorna - Industrial Area - Accra Central Accra Central Madina Mallam Gbawe Odorkor Darkuman Ablekuma Omandjor Bortianor Spintex Tema Oyarifa Dome Other Accra places Kasoa Kumasi Koforidua Other parts of Ghana

Are you a full-time employee of your current employer? -- select option -- Yes No

Is your monthly income equal to or greater than GHS2,000 per month? -- select option -- Yes No

Is your business operated in current location for at least a year -- select option -- Yes No

Are you a repeat customer -- select an option -- Yes No

Income Information

Monthly Income

Monthly Savings

Cash available in savings account -- select option -- Above GHS 15,000 GHS 10,000 - 15,000 GHS 5,000 - 10,000 GHS 3,000 - 5,000 Below 3,000

Credit Behaviour Information

Do you currently have any outstanding debts or loans? -- choose an option -- Yes No

Please provide us the following:

• Maturity dates on the loan
• Outstanding loans
• Most recent three (3) monthly payments and provide us with your loan agreement

Have you ever defaulted on a loan or missed a payment? -- select option -- Yes No

How many times have you missed payment on your loan/credit in your borrowing history? -- select option -- No missed payments 1 missed payment 2 missed payments More than 2 missed payments No payment history

If you have a loan with a financial institution, what is your monthly debt expense?

Bill Payments Behaviour Information

Have you ever defaulted on a bill or missed a payment? -- select option -- Yes No

What is the length of history of your Bills payment history -- select option -- Above 4 years 2 years - 4 years 3 months - 2 years Less than 3 months No payment history

How many times have you missed payments on your bills in your payment history? -- select option -- No missed payments 1 missed payment 2 missed payments More than 2 missed payments No payment history

Do you have recent 3 months loan payment history -- select option -- Yes No

Do you have recent 3 months bills payment history -- select option -- Yes No

Savings Habit Information

Do you have a savings account held with a financial institution, pension or investment company that you can use for emergencies, such as sickness or job loss? Please note that regular savings and checking accounts may not meet this requirement Choose an option Yes No

Provide your savings balance

Do you regularly save a minimum of 5% of your monthly income for emergency purposes or future financial goals? -- choose an option -- Yes No

Scoring Information

In your 3 months mobile money statement, what is average number of transactions per month -- select option -- More than 20 transactions 15 - 20 transactions 5 - 10 transactions 1 - 5 transactions 0 transactions

Do you have least 20 mobile money transactions a month? -- choose option -- Yes No

Are your loan payments automated? -- choose option -- Yes No

If you answered "Yes," please indicate the system you currently use to automate your loan payments -- select option -- Standing order with the bank Employer direct deduction Mobile money auto deduction Direct debit None

How long have you been operating this business in this location? choose an option 3 months and above 1 month - 2 months One month or less

Do you have appropriate insurance coverage for situations not covered by national insurance, such as Job Loss Insurance or Funeral Insurance for Relatives? If you are a business owner, do you have Comprehensive Property Insurance? Choose an option Yes No

If you have appropriate insurance coverage, please indicate which of the following you have? -- choose an option -- Employer - Sponsored Insurance Funeral Insurance for Relatives Job Loss Insurance Disability Insurance Comprehensive Property Insurance for Business None

Transaction frequency in a month -- choose an option -- Frequently (26+ times) Regularly (16-25 times) Rarely (1-5 times), Occasionally

Consistency in Transactions -- choose an option -- Consistently low (0% to 40% fluctuation) Moderately fluctuating (41% to 60% variation) Somewhat volatile (61% to 80% fluctuation) Very volatile (over 80% fluctuation)

How many loans have you taken from CedisPay -- select an option -- 1 2 3 4 6 More than 5

Have you been charged a penal rate by CedisPay before -- select an option -- Yes No

How long is your relationship with CedisPay -- select an option -- Less than 1 year 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years More than 5

Since your last CedisPay loan, has your transactions increased by at least 10% positively? -- select an option -- Yes No

Are you in compliance with all your previous loan terms, including loans with other financial institutions -- select an option -- Yes No

Since your last CedisPay loan, has your average mobile money balance per month increased by 10% positively? -- select an option -- Yes No

Since your last CedisPay loan, has your average mobile money transaction amount increased by at least 10% positively? -- select an option -- Yes No

Since your last CedisPay loan, have you demonstrated greater consistency in your financial transactions with a positive change of at least 10%? -- select an option -- Yes No

Have you engaged in any gambling activities in the past 3 months? -- select an option -- Yes No

In the past recent 3 months, have you taken on multiple debts? -- select an option -- Yes No

Have you started saving for emergency purposes, such as illness or loss of job? -- select an option -- Yes No

Your recent CedisPay approved loan amount?

Loan Information

Amount Requested

Purpose of the loan -- select option -- Business Expansion Home Improvement Education and Skill Development Medical Expenses Debt Consolidation Investment Opportunity Asset Acquisition Travel and Vacation Emergency Funds Other

Desired payment plan -- select option -- Weekly Every 2 weeks Monthly

Desired loan payment duration (months) -- select option -- 1 2 3 4 5 6

Source of income for repayment of loan

Frequency of Income -- select option -- Regular Irregular

Please select your preferred automatic loan repayment method for your CedisPay loan -- select option -- Standing Order from a bank Employer payroll deduction Mobile Money Auto-Deduction

Guarantorship Information

Guarantor's Name

Guarantor's Phone Number

Relationship to borrower

Date of Birth

Type of ID -- select option -- Passport Driver License Voter's ID Health Insurance Card School ID Ghana Card Other

ID Number

Guarantor's Home Address

Has the guarantor been notified to act as a guarantor?

Yes

No

Next of Kin Information

Full Name

Phone Number

Relationship to Next of Kin / Contact Person

Physical Address (GhanaPostGPS)

This information will be kept strictly confidential and will only be used for the purpose of contacting your designated person in the event of any unforeseen circumstances.

Note: The purpose of collecting this information is to ensure the well-being and financial security of our valued customers. In case of any unfortunate event, such as illness or unexpected circumstances, we want to be able to support you and your loved ones during difficult times.

Social Media Information

Please select the social media platform you frequently use -- select option -- Facebook X (formerly Twitter) Instagram LinkedIn Other

Please enter your username or profile URL for the selected social media platform

Credit Bureau Information

First Name

Last Name

Date of Birth

GhanaCard ID Number

Select the CedisPay Contact for this application -- select option -- Mark Doris Augustina

I consent for credit bureau check and understand and accept the conditions for this loan application per this link https://cedispay.com.gh/about/account

Submit

Please do have your GhanaCard and 3 months Bank or Momo statements ready to complete the process