Pngme and ReadyCash Mobile Money Agent Lending Partnership

Pngme is excited to announce our partnership with Parkway Projects mobile payment application ReadyCash. We will be working together to offer e-float loans to ReadyCash’s mobile money agents in Nigeria. The aim of this partnership is to help qualified agents expand their business.

Our pilot project will begin in February 2020, providing loans of up NGN 50,000 for a minimum period of 3 months. In December 2019, ReadyCash’s agents will begin their enrollment process by signing up via the e-float loan pilot program online form. The process will require agents to submit the following information to Pngme including, but not limited to:

1. Original mobile money statement (PDF)
2. Bank statement with residential address (PDF)
3. National ID with picture for our KYC procedures
4. Proof of income (if applicable)

Upon successful submission of the required documents, Pngme will provide the agents with an initial credit score by email within 21 business days. If the agent has been approved for an e-float loan, Pngme will notify them no later than January 31, 2020, by email and SMS details regarding terms and conditions:

1. The e-float loan amount agents have been approved for (up to NGN 50,000)
2. Interest rate (between 3% — 8% monthly interest rate)
3. E-float loan repayment terms (minimum 3 months)
4. The date agents will receive their e-float loan

Agents who wish to proceed and accept the terms and conditions outlined in the email and SMS will then sign the loan terms and conditions from their Pngme app. Once the terms and conditions have been signed, the agent will receive their e-float loan via the ReadyCash mobile money app within 5 business days. After the e-float loan has been disbursed to the agent, Pngme will send notifications beginning 7 days before the repayment due date via email, SMS, and in the agent’s ReadyCash mobile money app and the Pngme agent loan app.

Note:

• This loan can ONLY be used as e-float working capital and may not be used for personal reasons. The method in which the e-float loan is used will be monitored by Pngme and if it is determined that the e-float loan is used for reasons other than working capital, additional penalty fees may apply.
• The documents required to determine eligibility MUST be original documents in PDF format. Images or pictures will not be accepted.
• You will be required to pass know your customer verification (KYC) with our service provider SmileID.

For more information on the pilot and if you are a ReadyCash agent who wants to signup please go to our registration form here → Registration Form