OneMoney Now Offering ‘Katsaona’ Collateral Free Loans

OneMoney has followed in the footsteps of Ecocash to introduce its own nano loan, dubbed Katsaona. Katsaona enables OneMoney customers to access collateral-free loans of up to $50 in just 3 minutes (at most) straight into their OneMoney mobile wallet.

In the same way, EcoCash partnered with Steward Bank to offer their nano loans, so has OneMoney partnered the Women’s Bank to offer Katsaona loan service. Katsaona nano loans are also accessed using the USSD code – *550# a medium that doesn’t require customers to be involved in that tiresome paperwork.

Terms and Conditions

You can borrow at least $10 bucks and a maximum of $50. However, its not entirely up to you to decide how much you can borrow because OneMoney’s algorithms determine how much you qualify for based on your ability to repay the loan. The nano loans have a maximum repayment period of 30 days and you are charged 10% as the interest rate. In the case that you failed to pay back the money in 30 days, you will pay a 15% penalty fee on top of the interest rate.

Who qualifies?

Your OneMoney account should be up and running for more than a month to qualify for the Katsaona loan. Remember that having an idle account is one thing, and account that is used several times (active account) a month is another. So don’t expect to qualify for any loan if you just opened a OneMoney account and then ‘keep quite‘.