Mobile phone loans – Dinahs Doodles http://dinahsdoodles.com/ Mon, 07 Jun 2021 08:47:46 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://dinahsdoodles.com/wp-content/uploads/2021/04/cropped-icon-32x32.png Mobile phone loans – Dinahs Doodles http://dinahsdoodles.com/ 32 32 What You Do Online Can Help You Get The Loan You Need https://dinahsdoodles.com/what-you-do-online-can-help-you-get-the-loan-you-need/ Mon, 07 Jun 2021 05:21:00 +0000 https://dinahsdoodles.com/what-you-do-online-can-help-you-get-the-loan-you-need/

Need a loan but your credit history is poor or poor? Now you can leverage your online activities via desktop, tablet or mobile and possibly get a Yes for your app.

Traditional loan companies such as banks don’t just collect personal information from loan applicants to help them decide whether to approve or decline. They also have a scoring model to check if you have the ability to pay. They look at your income, the assets you own, and your current debts or loan payments that you still make. Plus, they review your credit history and check for any debts you have left unpaid or if you have any credit experience.

The irony here is that most of the people who apply for loans are those with insufficient income to meet their needs (and possibly their wants), with little or no assets, and several running liabilities. Worse yet, they may have missed paying a credit card or utility bill in the past when they’ve been through a rough patch. There are also those who have no experience with credit, including new graduates who are looking for work or have just started working.

If they cannot access credit from regulated companies like banks, they fall prey to informal lenders where interest rates are far too high and missed payments can cause debt to rise beyond the limit. debtor’s capacity to pay.

Changing our outlook on credit

Is there a happy medium between these two extremes? This is where the fintech company CredoLab Between.

Launched in 2016, the Singapore-based company, now present in 15 countries, aims to change the world’s outlook on credit.

According to Shaun Scheepers, regional sales manager for Asia, CredoLab is stepping up the game “by giving lenders access to a new approach to assessing risk – using alternative data. With our integrated scoring solution, companies can convert metadata from customers’ smartphones or behavioral data from the web into highly predictive indicators of possible requester delinquency in real time.

Before you get lost in the technical jargon, we asked Shaun to explain this in simpler terms.

Good news for concert workers and new graduates

“If you are a concert worker without a fixed monthly salary or a new graduate, you are automatically at a disadvantage in getting your credit application approved,” says Scheepers.

Let’s call our concert employee Juan. He is motivated and has the potential to start his own business. Scheepers says the traditional credit reporting system will most likely reject Juan’s loan application due to lack of information about his financial health. “CredoLab is leveling the playing field for candidates like Juan. By taking into consideration their behavioral data and willingness to repay the loan, we can provide them with a strong case, leading to a higher likelihood of their approval.

If Juan approaches a bank or lender that uses CredoLab’s built-in rating technology, he will be asked for permission to share non-personal data from his web browsing history. Once he says yes to this unique access, “within seconds his credit score is generated and sent to the lender.” If his score falls within the range that indicates he is a creditworthy customer and follows the other rules of the lender’s credit policy, he is instantly approved, ”says Scheepers. It further ensures that “CredoLab only uses data consented to by the first party, so that the end user always controls what data he accesses”.

And if you think your prepaid phone plan is putting you at a disadvantage, think again. “We are looking at the metadata of the smartphone, not the network or the subscription plan,” Scheepers says.

So what exactly is metadata? CredoLab, if it has access to your smartphone, will look at up to 50,000 data points and they can include checking your calendar (for example, how many events were scheduled on a weekday vs. end, but not what the event is or who are participating in it), storage (such as the number of media files versus documents, without looking at the contents of the files) and contacts (not the actual contact information, but if the contacts are grouped or not). All of these elements combined will give CredoLab and its lending partner behavioral information about the customer.

Post-COVID-19 credit recovery

Beyond approving loans for Juan and people like him, CredoLab boldly claims that their alternative credit score can uplift an entire population, which is quite timely as the world’s economies try to recover from the slump. financial devastation caused by COVID-19.

“When we look at traditional credit scoring in the Philippines, most financial institutions generate credit scores based on only a handful of personal attributes. At CredoLab, we open up financial opportunities to anyone who owns a smartphone, even without a credit history or credit bureau data, ”says Scheepers.

Match made in internet heaven

Considering the growing Filipino love affair with cell phones and all that is web based, this could be a perfect match in internet heaven.

Scheepers pleads his case by pointing out that “in 2019, approximately 57.6% of the Filipino population used a smartphone. By 2025, it is predicted that around 77.1% of the entire population will use smartphones. By allowing more users to access loans with confidence, more of them are able to pursue their financial aspirations without compromising their privacy. “

CredoLab is gaining support in countries like the Philippines and Indonesia with a large pool of unbanked customers.

Here at home they work with CIMB digital only bank, where CredoLab played a key role in bringing the customer journey online and simplifying the onboarding process. “In just 10 months of its launch, CIMB has gained 1 million customers, and in 3 months of launching its personal loan product, they have seen 50,000 customer requests. When the pandemic hit, CIMB saw the average balance per customer and the average inflow per customer increase by 350% and 400%. By working closely with financial partners such as CIMB, we are able to promote financial literacy and encourage greater adoption of fintech solutions, helping Filipinos have more confidence in their financial decisions.

Scheepers adds that “one of the major Indonesian banks saw an 85% rejection rate and low predictability in their existing underwriting process prior to working with us. Using our custom credit scoring algorithm, the bank was able to analyze metadata from customers’ smartphones, resulting in a 107% increase in approval rates. This means that more Indonesians have been able to access credit scores and financial solutions, while protecting their privacy. “

By giving its financial partners an extra layer of behavioral information, CredoLab is helping open more lines of credit to unbanked and underbanked people “so our clients can take a confident ‘yes’ approach more often,” concludes Scheepers.

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Warning: The opinions expressed in this blog are those of the blogger and do not necessarily reflect those of ABS-CBN Corp.

blog roll, blogroll, Aneth Ng Lim, Pay term, loans, loans, credit rating, fintech companies, fintech, CredoLab, smartphone metadata, Shaun Scheepers, digital banking, CIMB


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Metric assesses your ability to repay your personal loan; Check the steps to calculate your score here-India News, Firstpost https://dinahsdoodles.com/metric-assesses-your-ability-to-repay-your-personal-loan-check-the-steps-to-calculate-your-score-here-india-news-firstpost/ Sun, 30 May 2021 02:16:50 +0000 https://dinahsdoodles.com/metric-assesses-your-ability-to-repay-your-personal-loan-check-the-steps-to-calculate-your-score-here-india-news-firstpost/

A credit score above 750 is considered excellent and may get approval for a personal loan at lower interest rates

Representative image. Reuters

A personal loan is one of the most common borrowing options for people who are looking for funds for a variety of personal reasons. In India, some of the best personal loans help borrowers access great value sanction online and in minutes.

Among the many factors, this ease of access is totally dependent on your eligibility, one of the main factors of which is the credit score. Usually, lenders in India will require borrower to have minimum CIBIL score of 750. The higher the CIBIL score, the easier the processing time of these loans will be.

What is the CIBIL score?

This is a three-digit credit rating assigned by TransUnion CIBIL Limited. The CIBIL score or credit score is a number that is on a scale of 300 to 900 points. With these points, based on your credit history, lenders are able to decide a person’s creditworthiness or ability to repay a loan. Then they decide on the eligibility of the loan and the applicable loan terms accordingly.

A credit score above 750 is considered excellent and can get approval for a personal loan at lower interest rates. However, if your CIBIL score is below 750, an individual can still apply for a personal loan, but the interest rate odds can be high.

The CIBIL score is calculated on 4 key factors, which are:

Frequency of loan requests: People with multiple credit applications or previous loans can have a negative effect on the score, as it means that past loans may be equal to the current amount.

Payment history: If an individual has a credit history that reflects late payments or defaults, your credit score is likely to decline.

Use of credit: Borrowers who use a high percentage of their assigned credit limit indicate an increasing reliance on credit. It can also be another negative factor that can affect the credit rating.

Combination of credits: To have a positive impact on the credit score, a person must have a balance between secured and unsecured debt.

Steps to calculate the CIBIL score for free:

Step 1: Connect to the CIBIL website https://www.cibil.com/ and click on the ‘Get Your Free CIBIL Score & Report’ tab

2nd step: Create a Account by entering your personal information, such as your name, email id, proof of identity, pin code and phone number

Step 3: After creating an account, click on the “Accept and continue” tab. You will receive an OTP on the registered mobile number

Step 4: Enter the OTP and complete the verification process (before that you will be taken to a new window, where it confirms your registration)

Step 5: Finally, click on the option “Go to the dashboard” to view your credit score.


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QIIB reports net profit of QR 280.7 million for the first quarter https://dinahsdoodles.com/qiib-reports-net-profit-of-qr-280-7-million-for-the-first-quarter/ Thu, 29 Apr 2021 07:56:00 +0000 https://dinahsdoodles.com/qiib-reports-net-profit-of-qr-280-7-million-for-the-first-quarter/

QIIB Chairman and CEO Sheikh Dr Khalid bin Thani bin Abdullah Al Thani announced the results of the bank’s activities for the first quarter ending March 31, 2021, which showed positive results and remarkable progress in the various items in the Bank’s balance sheet.

The bank achieved a net profit of QR 280.7 million at the end of the first quarter (Q1) 2021, compared to QR 267 million at the end of Q1-2020, with growth of 5.1%. Following the meeting of the bank’s board of directors held to discuss the results of the first quarter of 2021, Sheikh Dr. Khalid bin Thani said: “We are satisfied with the continued performance of the bank. bank facing challenges.

It is clear that QIIB has been able to adapt its strategy to the latest market developments and benefit from the great potentials of the Qatari economy in all areas and sectors, with the support, patronage and advice of Amir HH Sheikh Tamim bin Hamad Al Thani.

He said: “The positive trends seen in the local business sector in the first quarter of 2021 have been reflected in our results. In fact, today we are reaping the rewards of the wise decisions the government has made since last year to deal with the repercussions of the coronavirus pandemic, which has had the greatest impact on many sectors.

And thank God, the Qatari economy has been able to maintain its steady growth and achievements, and maintain its leadership and prosperity, which has reflected on the banking sector and its ability to carry out its plans and strategies ”.

QIIB’s net operating income at the end of the first quarter was QR 436.5 million compared to QR 426 million at the end of the first quarter of 2020. The total assets of the Bank at the end of the first quarter increased by 3.5% to RQ 62.3 billion compared to RQ 61.3 billion in the corresponding period of 2020.

The bank’s financing assets increased to QR 42 billion at the end of Q1-2021, from QR 38.5 billion at the end of the corresponding period of 2020. The Chairman and CEO said, “QIIB has successfully faced unexpected risks and continued to achieve positive growth and results.

More importantly, he was able to turn challenges into opportunities and accelerate his digital transformation plans in a very efficient manner, which had a positive impact on his operational efficiency.

In fact, it is very encouraging because it opens new horizons for the bank, and makes us rely on the experiences that we have accumulated for the benefit of our bank, our customers and our shareholders ”. He said: “QIIB has continued to work with different sectors and participate in the financing of many projects, such as infrastructure and those related to SMEs.

The bank also actively interacts with various lines of business, reflecting the confidence of these sectors in QIIB as a major provider of banking services and the ability of the Bank to respond to market competition and bring its financing activities to a higher level. any other level, while maintaining a distinguished risk. management policy.

This is evidenced by the low level of bad or non-performing loans, which are considered among the weakest in the local banking sector ”. Sheikh Dr. Khalid bin Thani expressed satisfaction with QIIB’s continued journey towards excellence and its ability to achieve a strong financial position reflected by the bank’s credit ratings.

“Capital Intelligence confirmed QIIB’s rating at“ A ”with a stable outlook, preceded by Fitch who confirmed the bank’s already strong rating at“ A ”with a stable outlook. Likewise, Moody’s confirmed the bank’s rating at “A2” with a stable outlook “

QIIB Chairman and CEO expressed optimism for the coming period and the continued positive performance of the bank, especially with the new stimulus package approved by the government to deal with the possible repercussions that could result from the decisions. lockdown due to the spread of the coronavirus.

With regard to the banking sector, these decisions mainly provided that the Central Bank of Qatar will continue to support the liquidity of local banks, if necessary, which would strengthen the positions of Qatari banks and provide them exceptional support to deal with ” less market developments ”.

Sheikh Dr. Khalid underlined: “The bank will continue to focus its strategy in the coming period on the local market, while cooperating with different economic sectors, financing multiple projects and paying special attention to small and medium-sized enterprises, as they are key contributors. serving the Qatari community, in accordance with the principles of Qatar National Vision 2030. ”

He praised the sincere efforts of QIIB senior management and staff to achieve positive results, improve performance and respond to competition, as well as the challenges of unforeseen circumstances, while seeing trends positive in various performance indicators.

He urged all QIIB employees to continue their efforts to strengthen the position of the Bank and achieve the best results for the benefit of all ”. For his part, QIIB, CEO Dr Abdulbasit Ahmed Al Shaibei detailed the bank’s results for Q1-2021, and said: “QIIB’s net operating income at the end of the first quarter was 436.5 million. of QR versus 426 million QR at the end of the first quarter. In the first quarter of 2020, with a growth rate of 2.5%, the bank also continued to improve its operational efficiency, which contributed to a further decline in the cost-income ratio to 18.9%, considered the one of the best ratios in the Qatari banking sector.

The bank maintained a low ratio of non-performing loans at the level of 1.57%, which confirms the quality of the bank’s financing portfolio ”“ QIIB’s total assets at the end of the first quarter increased by 3, 5% to QR 62.3 billion compared to QR 61.3 billion in the corresponding period of 2020 ”.

Dr Al Shaibei said: “The bank’s financing assets increased to QR 42 billion at the end of the first quarter of 2021, compared to QR 38.5 billion at the end of the corresponding period of 2020, which represents a growth rate of 9.2%. “

The CEO underlined: “The volume of deposits rose to QR 38.2 billion at the end of the first quarter of 2021, while the capital adequacy ratio (under Basel III) reached 17.38%, higher than to the ratio required by the Central Bank of Qatar, which is 12.5 percent ”.

He asserted: “The results of QIIB during the first quarter reflect the harmony with the indicators of the Qatari economy, which has been able to overcome the various emerging circumstances, in particular those related to the coronavirus pandemic and the turmoil of the global market resulting from the persistence of the pandemic in various countries around the world ”.

Dr. Al Shaibei said: “We are monitoring the implementation of our strategic and intermediate plans defined by the board of directors of the bank, which focus on the local market and the financing of various large infrastructure projects.

We also pay special attention to SME enterprises, due to their huge impact on development, as QIIB continues to collaborate with Qatar Development Bank in this regard. “In addition, we believe that the government’s decision to extend the national guarantee program to support these projects will have a positive impact on their continuity at a good pace.”

The CEO noted, “During the first quarter of 2021, QIIB continued to drive innovation to deliver technology and financing solutions that meet the needs and aspirations of our customers.

We were able to provide a qualitative complement to our bouquet of digital services by offering financing to customers via digital channels (mobile banking and internet banking).

“Customers can now obtain personal financing without having to visit the bank’s branches, which is one of the solutions provided by the bank as part of its digital transformation process. Many similar measures have already been taken by the bank in response to emerging circumstances and challenges ”.

In terms of digital transformation, Dr Al Shaibei said: “QIIB was the first bank in Qatar to announce the launch of the visual banking phone service, which is an important channel, which customers can use through their mobile phone to acquire many banking services. without the need to visit bank branches.

The bank recently launched the QIIB-Pay platform for contactless payment services. And we are currently focused on developing our digital channels, with most of the bank’s services now available through these channels.

We hope that all services will be delivered through the digital platforms in order to easily meet the banking needs of customers and increase the operational efficiency of QIIB. Dr Al Shaibei expressed his optimism about the coming period and QIIB’s ability to achieve the target growth figures and gradually implement the established plans, while relying on its great financial value and ability to take advantage of the opportunities available in the local market, responding to market challenges and competition and choosing appropriate low-risk external opportunities ”.

In the area of ​​human resources, affirmed the CEO of QIIB, “QIIB continues to implement its Qatari policy and to attract Qataris to join the different departments of the bank, while offering them career development opportunities. career through qualification and training, and by appointing them to specialist and managerial positions. with the aim of strengthening the presence of Qataris in all the Bank’s executives ”.

Regarding corporate social responsibility, Dr Al Shaibei underlined: “QIIB places its role in the service of the community at the top of its priorities, thus seeking to offer banking products and services that bring added value to society. and meet the needs of society in an efficient and appropriate manner.

The Bank also continues to forge partnerships and to support and sponsor numerous community initiatives in various fields, with an emphasis on education, obviously due to its role in the advancement and development of society ”.

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Abbes wins the Prix Dormane de la PA Gr3

29 Apr 2021 – 10:03 AM

It was a special day for the French coach registering a 1-2-3 in this competition as the finalist and the third are also coached by him.




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How to use digital credit cards? https://dinahsdoodles.com/how-to-use-digital-credit-cards/ Mon, 26 Apr 2021 03:16:06 +0000 https://dinahsdoodles.com/how-to-use-digital-credit-cards/

Over the past 70 years, the 3 “X 2” plastic credit card has remained largely unchanged in his wallet. Recently, the ecosystem of RBI, Banks, NBFC, NPCI and Fintech innovators came together to create the Goldilocks conditions to reinvent the plastic credit card in its digital form.

The mobile phone is replacing plastic, while tokenization, UPI and wallet transactions enable the transfer of funds through the merchant ecosystem via an online acceptance network / NFC / QR / Mobile Number. Even more, with the widest possible UPI network, digital credit cards – like vCard ™ – have enabled payments to merchants as well as personal transactions; from the corner grocery store / plumber / friends and family.

A digital credit card with UPI payment works just like a Google Pay / PhonePe app – except that the latter works like a “debit card” where money is deducted from users’ bank accounts; while the former offers up to 30 days money back.

With such an open payment network, digital credit cards can serve as a true instrument of personal finance – functioning as a 30-day line of credit for the entire monthly budget, reducing reliance on emergency personal loans, by cases of late pay / financial emergencies.

Keeping a financial lifeline for all types of monthly expenses – thus getting a 30-day “ refund window ” – is the most important benefit of a digital credit card with UPI. Plus, a digital credit card comes with a wealth of continuous innovation, which can’t be matched by plastic credit cards.

Ease of installation

Traditional credit card applications that were only a few pages long have been replaced with a 30-second application and approval. Digital KYC via Aadhaar avoids the need for complex address proofs, salary proofs, phone and physical verification. When the plastic credit card application takes 15-30 days for the card to be approved, a digital credit card can be set up in one sitting

Ease of use of the card

While plastic cards can be used at around 15 lakh outlets, digital credit cards with UPI Payments can be used for payment to over 15 individual and commercial bank accounts. A UPI-based digital credit card can be used for shopping Rs 20 in the morning, Rs 200 fuel in the afternoon, Rs 2000 online shopping in the evening and Rs 20,000 rent payment for the house – all with over 30 days refund.

Unlike a regular plastic credit card, which is only used for certain merchant transactions, a UPI digital credit card can be used for the entire monthly budget; and thus obtain a single invoice at the end of the month. Since the UPI-based digital credit card has no connection with the savings account, there is no need to manage the funds for large or small payments.

Significant rewards

All over the world, plastic credit cards have aligned themselves with the esoteric construction of reward points to satisfy customers – often requiring an expenditure of Rs 1 Lakh to get 1000 reward points which in turn would convert into Rs benefits. 200 under complex conditions. Such rewards are an anachronism in today’s environment of instant gratification. Often the offers shown on plastic cards are bundles with multiple limitations and terms of actual use.

Digital credit cards can offer vouchers, cash backs, and spending waivers instantly rather than accumulating reward points. Additionally, digital credit cards can tailor rewards and benefits based on customer spending behavior and preferences.

Contextual customer support / reminders

Traditional credit cards have familiarized customers with painful customer support with 30-minute jingles and a complex IVR-based menu. Often times, the urgent support needed for a declined transaction or delayed payment can lead to frustrating wait times.

A digital credit card can be obtained through instant pop-up chat support which can be used to resolve 90% of support requests. Additionally, a digital credit card can be set up for relevant reminders for refunds to minimize delays. In addition, it can set reminders for utility bills, quarterly / annual payments like insurance premiums; or one-time payment reminder to a friend

Higher security

While digital credit cards dramatically improve the customer experience, its backend provides better security with every transaction. Specifically, plastic cards are known to be phished / cloned / misplaced – a digital credit card resides in the mobile phone and is never given to the merchant. The card implements multi-factor authentication on the mobile – where even if the mobile phone is lost, an MPIN prevents the card application from being accessed by unauthorized users.

Likewise, high value transactions can be authenticated instantly via a secret question or video verification.

Digital credit cards – especially with UPI payments – are set to significantly change the customer experience with continuous innovations over the next few years. With broader payment options, better rewards, and increased security, it’s just a matter of when and not if customers will primarily switch to digital credit cards.

The writer, Vishal Ranjan, is founder and CEO of vCard. Opinions expressed are personal


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Egypt publishes digital payments, lending and savings rules for mobile wallets https://dinahsdoodles.com/egypt-publishes-digital-payments-lending-and-savings-rules-for-mobile-wallets/ Sat, 24 Apr 2021 12:20:00 +0000 https://dinahsdoodles.com/egypt-publishes-digital-payments-lending-and-savings-rules-for-mobile-wallets/

Last week, the Central Bank of Egypt (CBE) approved the third edition of the rules for payment services using mobile wallets.

This included its approval of the rules for lending and providing digital savings services through the mobile wallet.

The EPC has clarified the procedures for obtaining a license to provide a payment service via mobile phones.

He explained that banks wishing to provide payment services using mobile phones to their customers must submit an application to obtain the approval of the CBE. This includes banks that got a license after the rules were published and want to add new services. The approval would guarantee the completion of several documents in order to be authorized to provide these services.

These documents include a list of the services that the bank wishes to provide or add, and a statement indicating any case of partial or total non-compliance with the rules laid down by the EPC.

In addition, banks should provide a penetration test report on the actual operating environment prior to the launch of the service, provided it was performed within three months of the date the request was sent.

The presentation of this report may be postponed until the initial approval of the EPC is obtained. In this case, the bank should not start the service before sending the report to the CBE and obtaining the permit.

The CBE stressed that banks which had previously obtained a license to provide payment services using mobile phones before the publication of the rules must reconcile their situation with the rules. This should take place within a grace period not exceeding six months from the date of their issuance.

The bank’s inability to reconcile its situation for the specified period may result in the termination of the previously granted license.

These banks must also inform the CBE and the users of the system, in a publicized manner, of any modification of the tariffs of this service.

Banks must also submit monthly reports to the CBE indicating: the number of electronic money units issued; the number of system users who have balances; the number of users of the system who have no balance; the number of service providers; and the volume of daily transactions of various types; and any other data requested by the EPC.

The CBE also revealed the detailed controls and terms of the digital lending and savings service through mobile phone accounts. These will be introduced by banks active in the Egyptian market in the coming period, in cooperation with I-Score and mobile payment service providers.

The CBE explained that mobile loans are a short-term credit facility, up to one year, in the form of electronic money that customers submit.

They are granted by banks in instant electronic form via the mobile payment service, without the need to visit the bank’s branches or one of its service providers.

The EPC rules set a maximum limit for mobile loans of around EGP 5,000 for individuals, EGP 15,000 for category (A) businesses and EGP 10,000 for category (B) businesses. They also grant the Governor of the EPC the right to modify these limits.

Category (A) includes companies and micro-establishments which have documents or a registered office, or whose activities are verified by any other means. They should have a mobile phone account with the bank or one of its service providers, according to procedures issued by the Egyptian Anti-Money Laundering and Financing of Terrorism Unit in March 2020 and its amendments.

Category (B) includes enterprises and micro-establishments or individuals exercising a profession without any of the aforementioned points. These are listed under the name “economic activity” according to the explanatory memorandum which will be published subsequently by the EPC.

These are entities that have opened a mobile phone account with the bank or one of its service providers in accordance with the procedures for the mobile phone payment service issued by the Egyptian Anti-Money Laundering Unit. money and terrorist financing.

The CBE stressed that the rules on maximum loan brackets, relative to total income, will not apply to digital lending products through mobile phone wallets.

The CBE enables banks to use alternative credit scoring data through digital scoring models. This is particularly the case with customers who do not have a credit history, that is, they have not obtained a loan or a credit card.

Customers will be able to benefit from this provided a strategy is developed to deal with the expected risks and losses, as well as the expected rate of the loan. In addition, procedures and standards should be developed to test and evaluate the model and modify it periodically.

The CBE also stressed the importance of providing mobile loans in fixed installments with fixed dates, with the amount and yield being specified in advance. The authorized limit must be equal to the amount used, and they could be reduced for the value of the paid installments.

The bank should also inquire about customers of approved credit classification societies, in particular the total amount of existing digital facilities for that customer that have been granted through the payment service using a mobile phone.

In accordance with the regulations and instructions issued by the CBE, the maximum daily limit for withdrawals, transfers and possible deductions from the mobile phone account has been increased to EGP 30,000 for individuals and category (B) businesses and to EGP 40,000 for category (A)) companies.

The instructions also include the maximum monthly limit for withdrawals, transfers and deductions from the private mobile phone account. These should not exceed 100,000 EGP for individuals and category (B) companies and 200,000 EGP for category (A) companies.

The bank should also set appropriate maximum limits for customer mobile phone account balances in light of its assessment of money laundering and terrorist financing risks. This also includes all other risks related to the service and users of the system. The Governor of the EPC has the right to modify these maximum limits.

In the meantime, the EPC has exempted users of the system who had undergone identity verification procedures from the aforementioned limitations. These fall under the rules for identifying customers in banks issued by the Egyptian Anti-Money Laundering and Terrorist Financing Unit in March 2020 and their modifications.

The bank must assess the risks associated with the service and the users’ system, and set a maximum limit for the balance, value and number of daily and monthly transactions made on the mobile phone account.

The CBE has indicated that the bank must apply intensive measures towards the users of the system and ensure that electronic money is not concentrated in the accounts of a limited number of customers.

This is accompanied by a particular emphasis on suspicious cases of money laundering or terrorist financing.

The EPC also requires banks to obtain a written declaration from parties authorized to sign on behalf of businesses that transfers to these accounts involve commercial or contractual relationships. The statements should also be accompanied by an indication of the nature of this relationship.

Banks must inform their customers of any high-risk financial transactions on their accounts, unless requested otherwise. This can be done by automated means, such as texting or emails.

The EPC allows users of the system to receive transfers from abroad in foreign currency and add them to the Egyptian pound mobile phone account.

This service is reserved for individuals, with particular attention being paid to the regular monitoring of incoming transfers to ensure that there is no suspicion related to money laundering or the financing of terrorism.

The CBE also stressed that the bank should take the appropriate steps to ensure that the transfer belongs to the same user of the system and that the value has been added in Egyptian pounds to their mobile phone account.

Values ​​of incoming transfers from abroad should not be added to the phone account before these transfers are reviewed if insufficient information provided regarding the transfer is provided.

The bank should also ensure that none of the parties to the transfer, whether sender or receiver, are on local or international blacklists.

Banking expert Mohamed Abdel-Aal said Egypt was taking swift action to implement the National Payments Council’s strategy aimed at financial inclusion, digital transformation and creating a society less dependent on money. cash.

Banking expert Mohamed Abdel-Aal

He said the availability of mobile banking services can help achieve this, as they provide a simple “e-wallet” or “smart wallet” application, which provides wallet owners with separate banking services.

They include withdrawals, deposits, payments and transfers. He also said that the importance of this service is increasing as there are over 100 million mobile users in Egypt while the number of internet users exceeds 43 million.

He added that the CBE’s announcement of the third edition of the rules for mobile wallet payment services is a bold move that supports the spread of this service and increases demand for it.

The latest version provided two new banking services. The first is the digital lending and savings service where customers receive on-the-spot financing without going back to traditional methods. The second is to allow full transfers between client accounts and electronic wallets over the phone.

He stressed that this separate step will have multiple positive effects, as it is expected to bring about a cultural shift in the arts of credit analysis in financing small and micro enterprises.

Client behavioral assessment methods are used to determine their financial solvency. They understand tracking their electricity consumption rate and how often they pay their bills.

He added that this step would also result in the payment of transactions in wallets over the phone, in terms of number, value and quality.

Abdel-Aal noted that the figures available indicate that mobile wallet accounts exceeded 20 million in Egypt in 2020, while the total annual transactions made through phone wallets were worth 100 billion EGP.

“On the other hand, this paradigm shift will help attract an increasing number of young people and low-income citizens to the banking system,” he said.

This enables them to benefit from various banking services and gives them more means to earn a living, as well as reducing the unemployment rate, increasing incomes and reducing poverty rates, he added.




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How technology can help lift small farmers out of poverty https://dinahsdoodles.com/how-technology-can-help-lift-small-farmers-out-of-poverty/ Thu, 22 Apr 2021 07:16:55 +0000 https://dinahsdoodles.com/how-technology-can-help-lift-small-farmers-out-of-poverty/

The world produces enough food to feed every individual, but nearly 690 million people continue to be hungry. The irony is that many of those who are undernourished spend their days growing food for others. Small farmers, who cultivate less than 5 acres of land, constitute a large part of the world’s poor living on less than $ 2 a day, according to World Bank estimates. This despite the fact that they creating livelihoods for over 2 billion people worldwide and produce about 80 percent of the food consumed in Asia and sub-Saharan Africa.

United Nations reports that supporting these farmers is one of the fastest ways to lift over a billion people out of poverty. The task, however, is not easy. “Two decades of underinvestment in agriculture, growing competition for land and water, rising fuel and fertilizer prices, and climate change have left smallholders less able to escape the poverty ”, Achim Steiner, Administrator of the United Nations Development Program, said in a press release on the subject. the United Nations World Food Program Limited access to finance and inputs such as seeds and fertilizers are also among the biggest challenges facing smallholders.

Technological innovations can help close the inequality gap for smallholder farmers

An innovative solution that has reached 90,000 farmers in Mali, Senegal and Tanzania is called myAgro. Founded ten years ago, myAgro provides a host of services to smallholder farmers, including a mobile layaway program that allows farmers to pay for seeds, fertilizers and other inputs step by step throughout the year.

MyAgro’s simple solution addresses a major obstacle that keeps small farmers in poverty: lack of access to financial services. The main expenses of farmers – seeds and fertilizers – must be bought in bulk at prices over $ 100. Since their income varies seasonally, they often cannot afford to invest in seeds and fertilizers at planting time. Many live far from banks, which makes saving even more difficult. The result is poor productivity and low yields, which keep small farmers in a cycle of poverty.

Thanks to the myAgro platform, farmers can buy scratch cards for as little as $ 1 at local convenience stores when they have some cash on hand. The trader enters a code into his cell phone to record the investments in the farmer’s account, which is used to pay for seeds and fertilizers when the planting season arrives.

The model is familiar to farmers and works much like prepaid phone scratch cards, which are already sold in convenience stores in rural villages around the world. There are no loans, no interest rates, and no need to repay anything.

“We use farmers’ money when it’s available to them during the season,” explained Sid Wiesner, chief technology officer at myAgro. “They’re basically using their own money to fund something that happens later at a tough time of the year.”

For farmers like Awa Camara from Bancoumana, Mali, that makes all the difference. “Agriculture is our main activity, so it is important for us – especially women – to have good harvests so that we can meet the needs of our families,” she said. “I really appreciate the incremental payments, because we, the women in particular, have a lot of expenses, like buying food to feed our families… Now we always have quality inputs in time for the seedlings and larger harvests.

myAgro also offers training to all farmers who use its mobile investment platform to share crop-enhancing farming techniques tailored to specific regions and crops. Report from farmers including Mareme Sakho from Senegal more than quadruple their yields since they started using myAgro.

Reinforce a proven system with technological partnerships

The key to an organization that continues to thrive and evolve is understanding that it can’t do it all on its own, Wiesner said. myAgro works with governments, NGOs like Catholic Relief Services, and tech companies like Cisco to fuel its work.

With Cisco, myAgro was able to move certain technological projects from the background to the field. During their three-year relationship, Cisco offered myAgro expertise in various technologies, in addition to a grant that helped myAgro improve the functionality and flexibility of its layaway platform and create new new digital tools for farmers.

Prior to the partnership, myAgro had laid the groundwork for a digital payment system, as well as a data platform and field tools that had not yet been scaled up, Wiesner said. “Cisco’s funding allowed us to hire direct developers, allowed us to develop this team, allowed us to iterate more quickly… and then also to distribute it to the whole team”, a- he added.

The data platform has proven to be particularly useful, as it allows myAgro and its partners to access real-time data on farmers, their needs and how myAgro is helping meet them. “There is a shared responsibility,” Wiesner said of the platform. “It’s not just us who are signaling something – [our team and our partners] have access to live data. As things go, they can check in and see how things are progressing against goals. It’s been really powerful – to open that up, to share that, to make it transparent on all levels. “

Investments in technology can help small farmers cope with the pandemic

As the COVID-19 pandemic disrupts lives and livelihoods around the world, threatening to push up to half a billion people into poverty, the importance of supporting smallholders is more evident than ever. “Food security is much worse for so many farmers” amid the pandemic, Wiesner said.

Like countless organizations around the world, myAgro was forced to pivot quickly as it tried to keep an eye on government regulations and what was happening on the ground. He switched the agricultural training sessions to video, radio and broadcast, took more payments over the phone, and answered frequently asked questions from farmers.

While the change was difficult, myAgro actually increased its reach by 44% and delivered seed and fertilizer as planned last season, Wiesner told us. “It was definitely a huge disruption, but still a very successful season,” he said. “[COVID-19] highlighted some of the things we’ve already invested in: There are some digital tools and data that actually helped us… make this transition easier than it would have been three or five years ago.

Technology will continue to be crucial in lifting farmers out of poverty

Overall, technology is poised to play an increasingly vital role in better serving smallholder farmers: In a 2020 report, professional services firm EY cited digital innovation as a way to lift millions of smallholder farmers out of poverty, and the World Bank predicts that digital technology will be key to improving the global food system.

For its part, myAgro aims to leverage its model to increase the incomes of one million smallholder farmers by $ 1.50 per day by 2025. “A lot of our growth now is really focused on what has already worked and finds great opportunities to develop it, ”Wiesner said.

This article series is sponsored by Cisco and produced by the TriplePundit editorial team.

Image courtesy of myAgro


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Wales Election Manifestos 2021 – what’s in it for small businesses? https://dinahsdoodles.com/wales-election-manifestos-2021-whats-in-it-for-small-businesses/ Wed, 21 Apr 2021 16:53:58 +0000 https://dinahsdoodles.com/wales-election-manifestos-2021-whats-in-it-for-small-businesses/

Most political parties in Wales plan to support small businesses

With the election coming up on May 6, we’re taking a closer look at the manifestos to help you decide who to vote for.

For those of you in Wales, here’s a roundup of each party’s campaign pledges that are aimed at small business owners.

Labor

  • Master plans will be developed for towns and main streets, including a register of empty buildings and small businesses helped to set up in empty stores.
  • Protecting over 165,000 jobs by offering the UK’s most generous business support program
  • Use the £ 500million Wales Flexible Investment Fund to support economic recovery and expand the Development Bank of Wales’ patient capital funds to provide long-term loans to small and medium-sized businesses companies, entrepreneurs and start-ups. Increase the use of equity investments in business support. Securing the establishment of a Community Bank for Wales, supporting its growth so that it has 30 branches across Wales over the next decade
  • Develop a local business support fund to support local businesses. Provide more support for employee buyouts and, with the cooperative sector, seek to double the number of companies owned by employees
  • Changing the way people work, rather than going to the office every day, will aim for a 30% target for working remotely to achieve a better work-life balance. Develop new remote work centers in communities, increase attendance and create new opportunities in city centers
  • Helping Welsh businesses find new export markets and create new jobs
  • Create 125,000 apprenticeships for all ages during the next term of Senedd. Work with unions and employers to expand the use of shared and degree learning to offer people more flexible routes to training and a career

Conservative

  • The manifesto promises a ‘Covid-bounce’ package, including a £ 2.5 billion investment fund and the maintenance of the 5% reduction in VAT for tourism businesses until April 2022.
  • Establish the business development agency “ Innovate Wales ” in North Wales
  • Abolish commercial tariffs for small businesses
  • Prioritizing Welsh businesses for public procurement
  • Urgently review and start funding businesses immediately as needed
  • Support new microenterprises with the “ Jump Start Scheme ”, by paying the employer National Insurance
    Contributions from two new employees over two years to accelerate growth
  • Create ‘Innovate Wales’, based in North Wales, a one-stop shop for businesses to support new businesses and encourage existing businesses to grow and export
  • Create free zones at the professional rate offering three years’ leave at the professional rate for SMEs as part of the Covid Community Recovery Fund
  • Helping Welsh businesses recover from the pandemic by prioritizing them for government contracts by proactively promoting opportunities, especially with micro and small businesses
  • Support rural businesses and enable more people to work from home by removing black spots from mobile phones and broadband, removing barriers to network improvement and creating a £ 50million Not-Spot fund
  • Offer 150,000 apprenticeships by 2026

Cymru throw

  • Interest-free loans to help small businesses bounce back from Covid
  • Ultra-fast broadband will be available to all establishments and businesses in Wales
  • Expand the role of the Development Bank for Wales and support the creation of a community bank to help national businesses increase their market share
  • Develop a strategy to develop existing businesses with high growth potential
  • Establish a business succession program and appropriate financial support to retain Welsh ownership of successful businesses, with particular emphasis on increasing the number of employee-owned businesses
  • Develop public distribution systems so that small and medium-sized businesses are no longer blocked from accessing the market (where this is monopolized by supermarkets, large retailers and online platforms like Amazon or Uber) and can sell directly to consumers
  • Establish a strategy for investing in small and medium-sized businesses, including zero-interest long-term loans with long paybacks, trade-in loans, payback and payback loans, and new business transactions in start-up and growing
  • Invest in a new community bank to help small businesses and restore local banking services to customers in the many communities in Wales who have lost their local banks

Liberal Democrats

  • Make funds available to invest in digital connectivity, put buildings back into service, invest in infrastructure and create accessible and welcoming places to visit that support jobs, businesses and workers
  • Create a £ 500million fund to help main streets, towns and city centers, and support small businesses in Wales to thrive and adapt
  • Work to remove the barriers Wales businesses now face when trading with European markets
  • Freeze professional tariffs for the life of the next Senedd and, in the long term, replace professional tariffs with a fairer and more favorable system
  • Investing in broadband and mobile phone connectivity to enable businesses to compete better online, including providing training and support to enable businesses to transition to a new ‘virtual mainstreet’
  • Develop a long-term plan to support businesses and enable small businesses to thrive, including the creation of an Economic Recovery Board, based on the real experience and voices of small businesses across Wales
  • Pass a law on public procurement, obliging local authorities to prioritize commissioning of local small businesses and supply chains, while making other rules more flexible giving more leeway to invest in longer-term contracts
  • Ensure that over the next five years at least 90% of homes and businesses in Wales have access to fiber-optic broadband

Propel

Propel has a contract with Wales instead of a conventional manifesto. The following promises appear:

  • Create eight cooperative community banks, with the main objective of investing in existing and new local small and medium enterprises
  • Reindustrialize Wales for the 21st Century with a Focus on Developing High Tech and Sustainable Manufacturing for Export
  • A new public procurement strategy will be adopted to ensure that 100% of public spending goes to Welsh businesses

Reform UK (formerly The Brexit Party)

Reform UK has a contract with the people of Wales:

  • The party would also abolish trade tariffs for small and medium-sized businesses, introduce an internet sales tax
  • Help local businesses to open in high street premises so that they can establish themselves
  • Free up 1.2 million small businesses and freelancers from paying corporate tax

Green

  • Facilitate the regeneration of streets and communities with a mix of rents and low rates for existing small businesses and social and environmental start-ups to fill empty stores and revive our main streets
  • Develop new innovative funds and local banks such as Banc Cambria, and social lenders to support social and environmental start-ups and the transition of existing industries
  • Support for essential hardware, software and bandwidth at an affordable cost to facilitate business and personal communications and local hubs linked to libraries and community settings

Read more

Covid-19 Roadmap – When can I reopen my small business in Wales?


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Digital money lending apps pushing young people into depression – Kenya News Agency https://dinahsdoodles.com/digital-money-lending-apps-pushing-young-people-into-depression-kenya-news-agency/ Wed, 21 Apr 2021 10:37:31 +0000 https://dinahsdoodles.com/digital-money-lending-apps-pushing-young-people-into-depression-kenya-news-agency/

Lending digital money via mobile phones is a time bomb that is plunging many young people across the country into depression.

So easily accessible and addicting, just last year, sources said Kenyans borrowed nearly 1.2 billion shillings per day in mobile loans, signaling a growing reliance on debt that increased with the impact. negative of Covid-19 on the economy.

Speaking to KNA, some young people in Murang’a revealed that they had been listed by the Credit Reference Bureau (CRB) for failing to repay loans on time.

Thanks to mobile banking, a smart phone owner can borrow between 500 shillings and 70,000 shillings without the hassle, all you need to do is be tech-savvy.

Recent studies place young people at the center of this web of borrowing because they mainly want immediate gratification.

They want it here and now, and a smartphone is convenient, but not without dire consequences.

Anastacia Njoki, 21 and a third-year university student, admits to having four mobile money lending apps on her smartphone.

“From one of them, I started with a loan limit of 500 shillings, which increased to 4,500 shillings. Cumulatively, I currently have the different Sh 7,000 mobile money apps. Sometimes I end up with a loan of over 20,000 shillings that I have no idea how to pay them off, ” Njoki said.

According to a 2018 digital credit survey, at least 50 mobile phone lending apps are currently operating in Kenya. The industry is largely unregulated but includes major financial players.

Young people consult on money lending activities through mobile applications. Photo by Bonface Malinda

The majority of young people borrow on impulse since loans are readily available.

“Once I walked past a shop and saw dresses that I liked and since I had no money I borrowed from one of the mobile apps and bought several dresses” said Njoki

She admits that the administrators of those apps kept calling her to pay off her loans, forcing her to delete the apps in order to escape incessant calls and texts.

Therefore, this saw Njoki listed in the CRB, meaning she cannot access loans now or in the future unless she exits the registration desk first.

Many young borrowers are struggling to repay their loans. According to a survey by Micro-Save, a financial services consultancy, 2.7 million borrowers have been negatively listed by CRB in the past three years, of which 15% for amounts below Sh. 200

For some young people, their pending loans extend for five years or more. At 38, Justus Mwangi took out a quick loan in 2016 while in college as he had to throw a birthday party for his then-girlfriend.

“I borrowed 1,500 shillings from one of the mobile loan apps, threw a party, but couldn’t repay. The administrators made several calls, texts and emails asking me to pay. I promised to repay once I have a stable job, ”he said.

Mwangi was listed on CRB after four years of being harassed to pay. To this day, he is still listed and cannot access any loans.

However, a few have used the proceeds of the loans to start businesses and develop their entrepreneurial skills.

Joseph Kiarie, 24, a fourth-year university student, borrowed 30,000 shillings which he used to set up a movie theater and PlayStation store in Kandara.

“I increased my loan limit by paying back on time and on time I was able to borrow more money which allowed me to open another branch in Kitui,” Kiarie said.

By paying off the loans and borrowing more, his PlayStation and cyber tech movie store has managed to open branches in Kitui, Kwa Vonza, Nairobi and Kandara under the leadership of Kiarie.

He admits, however, that he was also listed on CRB because he failed to repay an application loan in 2020 as his business was hit hard by the Covid-19 pandemic.

“When the economy stabilizes, I will repay my loan in order to continue to develop my businesses,” he added.

Being registered with CRB came as a blessing in disguise for 35-year-old journalist Johnson Kariuki.

Kariuki had six loan applications on her phone and had increased her credit with one application from 500 shillings to 15,000 shillings.

“I would borrow and repay individually. I was addicted to an endless cycle. I haven’t done anything successful with the money. In 2019, the incessant calls from lenders left me in a state of depression. I couldn’t pay and was blacklisted. I had to change lines and use a small phone. It was a relief because other lenders couldn’t lend me money, ”he adds.

Kariuki said being blacklisted helped him avoid taking out loans most of the time as he was indifferent to when to clear his loans and get a positive list.

By Florence Kinyua and Bernard Munyao

Bernard MunyaoDigital Money Loan ApplicationsFlorence KinyuaMobile Phone Smart Phone Owner


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Apple will release iOS 14.5 update starting next week, Telecom News, ET Telecom https://dinahsdoodles.com/apple-will-release-ios-14-5-update-starting-next-week-telecom-news-et-telecom/ Wed, 21 Apr 2021 10:29:21 +0000 https://dinahsdoodles.com/apple-will-release-ios-14-5-update-starting-next-week-telecom-news-et-telecom/

New Delhi: Apple has quietly revealed that iOS 14.5 will officially arrive starting next week.

While Apple announced the launch of a new Tile-like AirTag tracker, the company said on Tuesday, “AirTag requires an iPhone or iPod touch running iOS 14.5 or later, or an iPad running iPadOS 14.5 or later. later “. These software updates will be available from next week. ”

“Customers must have an Apple ID and be signed in to their iCloud account. Some features require Find My to be enabled in iCloud settings,” Apple added.

Apple first released the beta of iOS 14.5 to the public earlier this year in February alongside the beta of watchOS 7.4.

The Cupertino-based tech giant with iPadOS 14.5 beta extends support for Apple Pencil “Scribble” for German, French, Spanish, Italian and Portuguese.

The new iOS 14.5 beta update brings over 200 new emojis, including a new AirPods Max emoji.

The new update also brings new shortcuts for apps, including “ Take a screenshot ”, “ Orientation lock ” where the Shortcuts app sets the screen orientation to “ enabled ” or “ disabled ”.

Apple has also announced that it will address battery drain and other performance issues with the iPhone 11 series devices through an upcoming iOS update.

According to an Apple support document, the recalibration process will occur when you update an iPhone 11, 11 Pro, or 11 Pro Max to the next iOS 14.5 update.


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Panasonic India Launches New Unit To Develop Smart Home Business; Dinesh Aggarwal to lead, Telecom News, ET Telecom https://dinahsdoodles.com/panasonic-india-launches-new-unit-to-develop-smart-home-business-dinesh-aggarwal-to-lead-telecom-news-et-telecom/ Wed, 21 Apr 2021 09:02:20 +0000 https://dinahsdoodles.com/panasonic-india-launches-new-unit-to-develop-smart-home-business-dinesh-aggarwal-to-lead-telecom-news-et-telecom/

NEW DELHI: Panasonic India, the leading consumer electronics specialist, on Wednesday launched a new Spatial Solutions division as part of its strategic expansion plans for smart home solutions. Dinesh Aggarwal, deputy general manager of Panasonic Life Solutions, will lead the new division, the company said in a statement.

In his new role, Aggarwal will report directly to Manish Sharma, President and CEO, Panasonic India and South Asia.

The Spatial Solutions division, according to the company, will combine its expertise in consumer devices and living solutions to promote the adoption of smart home living solutions, including Miraie and Panasonic’s IoT and AI connected living platform.

Spatial Solutions will focus on residential, commercial and public infrastructure segments and offer the Panasonic solution architecture to white label manufacturers, according to an official statement.

“The formation of Spatial Solutions is a strategic effort towards this goal. We already have a strong presence in the consumer devices and home solutions market, and I am confident that under the dynamic leadership of Dinesh, the Space Solutions division will result in significant growth for us in the real estate industry as well in the years to come. to come up. I wish him the best of luck in his new role, ”commented Manish Sharma, President and CEO of Panasonic India & SA, of the development.

“I am delighted to advance the brand’s vision of taking connected living to the next level with the introduction of the Space Solutions division. These are exciting times for the smart home segment as the concept of “home as a new hub” drives demand for versatile living spaces. My vision is to create a compelling opportunity for Spatial Solutions by delivering intelligent capabilities in line with market demand, ”said Dinesh Aggarwal, Joint MD, Panasonic Life Solutions. Panasonic introduced its IoT and AI compatible connected life platform – Miraie in February 2020; with the launch of connected AC power as the first product, and gradually added new products within Miraie, including connected refrigerator, washing machine, WiFi fan, smart digital switches and smart WiFi controlled outlets


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