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Goldmine Finance, a licensed tier IV micro finance and ioTec Limited, a financial technology firm and software development company have entered into a partnership to catalyze the micro lenders next phase of growth.
To kickstart the partnership, ioTec has enabled Goldmine Finance to launch, the first of many digital products that will come under this partnership— a micro credit platform dubbed the Goldmine Mobile Loans.
The product, according to Alan Tayebwa, the Chief Executive Officer of Goldmine Finance, has been designed to “give better, faster, and efficient service to both new and existing clients.”
According to Tayebwa, for businesses – the Goldmine mobile loans product is a solution to the administrative overheads they currently incur when their employees request for salary advances in emergency situations.
“This product will allow employees to receive micro loans directly into their respective mobile money wallets,” Tayebwa said, adding: “For individual users – the Goldmine mobile loans product will enable them to self-onboard, request for a loan, make payments towards a loan and check their loan balance – all digitally via USSD *284*93# and a progressive web application https://app.goldminefinance.com/.”
Goldmine Finance is a licensed tier IV micro finance company established in 2011 as a money lending institution. Initially serving a limited clientele of specific individuals and companies, it has since expanded to serve the general public.
“Goldmine firmly believes that its value addition to economic transformation is not just in the monetary aspect of the loan but also in empowering their clients with the knowledge and tools that they need to manage their finances better and become self-reliant. Goldmine Finance has applied this combined approach for many years to help people and businesses thrive through-financing,” Tayebwa says.
He added that the partnership with ioTec, will allow Goldmine Finance inch closer to its larger ambition to “become a deposit taking institution in the near term and an investment bank in the long term.”
“Today’s customer is increasingly digital-first with a high preference for service convenience. Our partnership with ioTec Limited allows us to deliver financial services to our customers in a secure, convenient and digital fashion and therefore, catalyze our next phase of growth,” reiterated Tayebwa, adding: “The impact of innovating and adapting to technology is an important driver in remaining top of mind in the ever-maturing microfinance industry.”
ioTec Limited CEO, Kenneth Kwesiga, has hailed this partnership as a strategic opportunity to advance Goldmine financial services through “building customer-centric and interoperable platforms.”