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ExpressCredit now offers investment opportunities in personal loans from Zambia on Mintos p2p lending marketplace

By MPI19th April 2018News, Peer-to-Peer LendingEUR, ExpressCredit, investment, Mintos, peer-to-peer lending, PERMIC code, personal loans, Short-term loans, Zambia

Following a successful launch of ExpressCredit Botswana on Mintos, ExpressCredit now offers you investment opportunities from Zambia as well, through its local company YesCash Zambia Limited. Now you can invest in its Zambia-issued personal loans and enjoy returns of up to 14%.

ExpressCredit prides itself on its customer service and endeavours to give its clients a personal approach through its seven branches and two sales offices in Zambia, with more branches to be opened in 2018. It was incorporated on May 11, 2016, and obtained a non-deposit taking microfinance institution licence on December 23, 2016, from the regulatory governing body, the Bank of Zambia. Some of the equity investors in ExpressCredit and Mintos overlap.

Currently, ExpressCredit primarily offers short-term loans to its customers and matches the repayment dates of the loan to their salaries. It also offers instalment loans to employees of institutions from the Government of Zambia. The company has received a PERMIC code from the Office of the President under the Public Service Management division which allows the company to directly debit repayments from the borrower’s salary. For borrowers who are not employed by the Government, the repayments are directly debited from their bank account. As a result, ExpressCredit loans from Zambia have one of the lowest default rates on Mintos. Initially, the loan originator will place its short-term loans for investment on Mintos, which it issues to non-Government employees.

“ExpressCredit is pleased to expand our presence on the best marketplace for loans in the world. Our mission is to deliver accessible and affordable financial solutions through superior customer service and technological innovation to become one of the top microfinance organisations in Zambia. Our partnership with Mintos and continuous investments in technology, branch network and people will ensure that we follow our mission,” says Chilufya Mutale, CEO of ExpressCredit.

The average Zambia-issued short-term loan from ExpressCredit is around EUR 137 and you can expect a net annual return of up to 14%. Borrowers repay the loan in a single instalment after 30 days.

All loans from ExpressCredit on Mintos are secured with a buyback guarantee and will be bought back by the company if it becomes delinquent for more than 60 days. In addition, the company will maintain 15% of each loan placed on the marketplace on its balance sheet as its skin in the game.

As of February 2018, ExpressCredit had a total loan book size of more than EUR 3.6 million. After its business launch in the fourth quarter of 2016, the company reached its first positive EBITDA in November 2017, while recording its first net profits after tax in February 2018. The company achieved EUR 164 thousand of total profits in its first two months of operations in 2018. The company is continually looking at opportunities for innovation and increasing its ability to cater for all of its customer’s needs.

MoneyMetro changes its name to VIZIA

By MPI10th April 2018NewsExpressCredit, Mintos, MoneyMetro, peer-to-peer lending, VIZIA

As of March 26, 2018, the brand MoneyMetro has changed its name to VIZIA. The name of the brand was changed because its consumer lending operations were moved into a fully online environment.

The company believes that brand VIZIA has a better position in the competitive online lending market in Latvia. The name change of MoneyMetro to VIZIA will have no effect on loans issued under the MoneyMetro brand.

If you currently invest on Mintos peer-to-peer lending marketplace in loans from MoneyMetro your investments will automatically update with the new name.

VIZIA (previously MoneyMetro) is fully owned by ExpressCredit Group, the leading consumer financial services chain in Latvia. ExpressCredit was founded in 2009. Operating under different brands, including Banknote and VIZIA, it has become a trusted partner for more than 300 000 borrowers across Latvia.

Source: Mintos.com

ExpressCredit from Botswana joins the Mintos p2p lending marketplace

By MPI6th March 2018News, Peer-to-Peer LendingBotswana, buyback guarantee, consumer lending, ExpressCredit, Mintos, personal loans

A new loan originator from Botswana has just joined the Mintos marketplace. Now you can invest in Botswana-issued personal loans by ExpressCredit and enjoy returns of up to 14%.

ExpressCredit is an innovative consumer lending company which endeavours to give its clients a personal approach through its four branches in Botswana, with more branches to be opened in 2018. Established in 2015, ExpressCredit (Proprietary) Ltd. was licensed in January 2017 by the local Botswana regulatory body, Non-Bank Financial Institutions Regulatory Authority.

ExpressCredit primarily distributes its loans to employees of the Botswana Primary Teachers Union. The company has a special agreement with the union, so all repayments are debited directly from the borrower’s salary. Due to this repayment set up, the expected default rate for ExpressCredit loans is less than 5%.

“ExpressCredit is pleased to join one of the best marketplaces for loans in the world. With a population of two million and a stable economy, Botswana offers a strong, low risk crediting environment. Our partnership with Mintos and continuous investments in technology, branch network and people will ensure our growth in the market achieving our strategic goal to become one of the top micro-financing companies in Botswana,” says Dineo Saleshando, CEO of ExpressCredit.

The average Botswana-issued personal loan from ExpressCredit is around EUR 2 000. The average repayment period is five years and borrowers repay the loan in monthly instalments.

Initially, ExpressCredit will offer the opportunity to invest in loans issued to salaried government employees only. In the future, ExpressCredit also plans to offer you the opportunity to invest in other types of loans from Botswana as well, such as shorter-term consumer loans, open market loans and pensioner loans already being issued by the company.

All loans from ExpressCredit on Mintos are secured with a buyback guarantee and will be bought back by the company if they become delinquent for more than 60 days. In addition, the company will maintain 15% of each loan placed on the marketplace on its balance sheet.

As of January 2018, ExpressCredit had a total loan book size of more than EUR 3.3 million. The company has more than doubled its revenue from the third quarter to the fourth quarter of 2017. The company is continually looking at opportunities for innovation and increasing its ability to cater for all of its customer’s needs.

As ExpressCredit’s target market is largely government employees who receive a regular salary, the branches are strategically located in key demographic areas to cover the majority of government employees across Botswana. The company has established a large direct sales agent network with more than 140 employees, which allows it to offer a personal approach when distributing loans. It also ensures the experience for customers is efficient and allows the company to demonstrate strong Know Your Customer (KYC) standards.

Borrowers take out a loan from ExpressCredit for a variety of reasons, including the purchase of land, cars and buildings and also for housing renovation.

ExpressCredit decreases bond nominal value for EUR 250 000

By MPI29th August 2017News, Peer-to-Peer Lendingbond, decrease, ExpressCredit, issue, prospectus

According to SIA ExpressCredit bond issue prospectus ISIN LV0000801280, as of 25/08/2017 nominal value of one security is going to be decreased by EUR 50. Total nominal value of bonds issue will be decreased for EUR 250 000. After settlement nominal value of one security (ISIN LV0000801280) will be EUR 250.

According to bond issues prospectus ISIN LV0000801280, 5 000 bonds were issued with an original nominal value of 1 000 euros. Yearly interest rate of the coupon is 14% with a 5 year term and gradual repayment of the nominal value.

MoneyMetro loans issued in Latvia now available on the Mintos marketplace

By MPI16th August 2017News, Peer-to-Peer LendingExpressCredit, Mintos, MoneyMetro, peer-to-peer lending

The Mintos marketplace now features consumer loans issued in Latvia by MoneyMetro. The company is fully owned by ExpressCredit Group, the leading consumer financial services chain in Latvia, which already places consumer loans issued under the Banknote brand on the Mintos marketplace.

MoneyMetro loans placed on the Mintos marketplace will average EUR 400 and have a repayment term of 12 months. The annual net return to investors is expected to reach 11.5%.

The loans will be supplemented with a buyback guarantee covering loans delinquent for more than 60 days. The obligations of MoneyMetro will be guaranteed by ExpressCredit Group. To retain its skin in the game, MoneyMetro will keep at least 5% of each loan on the Mintos marketplace on its balance sheet.

MoneyMetro specializes in consumer loans, focusing on medium- to higher-income customers and their financial needs in various life situations. The brand was launched in late 2016 with branches in the centers of the three largest cities in Latvia. At the end of April 2017, MoneyMetro’s loan portfolio surpassed EUR 1 million. The company’s registered share capital is EUR 569 000.

ExpressCredit was founded in 2009. Operating under different brands, including Banknote and MoneyMetro, it has become a trusted partner for more than 300 000 people across Latvia. ExpressCredit is the second largest non-bank consumer loan originator in Latvia. The company offers personal loans, international bank transfers with Western Union, and secured loans using personal property as collateral (pawnbroking loans) in 91 branches across Latvia.

Since 2015, ExpressCredit bonds have been included in the NASDAQ OMX Baltic Bond list and available for free trade. The company is also a member of the Alternative Financial Services Association of Latvia and the Pawnshop Association of Latvia.
Banknote loans worth more than EUR 37 million have already been financed through the Mintos marketplace.

To obtain exposure to MoneyMetro loans, investors invest in loans issued by Mintos Finance to MoneyMetro, where repayments depend on the borrower’s payments. Each loan issued by Mintos Finance to MoneyMetro is pegged to a respective loan issued by MoneyMetro to the final borrower.