Ithala Bank-backed FinTech startup BlackPay announced the launch of a number of loan products tailored for traditionally black festivities. From the product names – Lobola Loan, Mcimbi (traditional ceremony) Loan, etc. – BlackPay has carved out features that address the specific needs of its market, powered by its alternative credit scoring technology which is approved by its licensed banking partners.
Last year, Ithala Bank and Black Pay created a partnership aimed at financing township and rural development across the country.
The alliance, valued at $15 million or R250 million, will finance township and rural development through home loans, backyard flats, and taxi and vehicle credit while prioritising women and young people. For more click here: Ithala Bank And FinTech Startup Black Pay Creates A Partnership To Finance Township And Rural Development
The no-frills, non-banking FinTech was founded by the Black Space Group, which is led by tech and property businessman, Nkonzo Mbetha, together with musician and social entrepreneur, Zakhele Madida (popularly known as Zakes Bantwini).
At the helm of Black Pay’s lending business is CEO and partner, Thandeka Ndlovu, a chartered accountant.
The startup is committed to financial inclusion on the continent, with its business strategy directly linked to achieving the UN’s ambitious Sustainable Development Goals.
In addition to offerings like backyard finance, home loans, taxi finance solutions, etc, the latest product suite from BlackPay includes, but isn’t limited to, the following:
- Mcimbi Loans (traditional ceremonies)
- Mshado Loans (wedding finance)
- Lobola Loans (lobola finance)
- Mgidi Loans (initiation ceremonies)
“At our core, BlackPay’s mission is to enable economically marginalised consumers to participate in the digital economy by having access to financial services. And embracing diversity of representation and thought in fintech, which moves us away from homogenous financial and tech solutions, allows us to work towards exactly that,” says Nkonzo Mbetha, serial entrepreneur and BlackPay Managing Partner.
Financing for gigs and events with Monate Loans
Also launching alongside the above-mentioned products, is an offering aimed at the events industry. For those tasked with organising live gigs and events, the Monate Loan is a complete solution that enables them to manage these from the ground up, easing the financial burden that often goes hand-in-hand with pulling off a successful event.
“As a team who’s also been heavily involved in the entertainment industry, we know the scenario all too well: You have an amazing event opportunity, but between artists, décor, staffing and a host of other things, you don’t have enough capital to cover the expenses for putting on the event – plus, then having to wait for 60 days (or more) for your client to pay you back,” says BlackPay Partner, Zakhele Madida (popularly known as Zakes Bantwini).
“This solution has been designed for exactly that. So, you can focus on what you do best – pulling off an event worthy of social media shares.”