New Digital Loan Service “TILA” Launched in Ethiopia
A new digital loan service called Tila has been launched in Ethiopia. Awash Bank and Ethio Telecom have jointly launched this service.
Through Tila, users can get short-term digital loans with flexible repayment options. It offers 15-day, 40-day & 75-day loan time periods. The users can get loan between 5,000 Birr and 16,000 Birr. Employees of government and private organizations, who receive their monthly salaries through Awash bank or Telebirr, can get loans up to 1 million birr. They will have to return it within 16 month period. Through Tila, small business owners can also get loans ranging between 50,000 birr and 150,000 birr, which they will have to pay back within one, three or six months.
Tila further aims at providing 3.58 million smartphones annually with 6-12 months installment payment options. Telebirr has previously cooperated with other banks (such as Commercial Bank and Dashen Bank) and has given 31.6 billion birr in micro loans to 15 million customers and has collected 30.3 billion birr savings.
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