Ecocash customers can now apply for loans from their mobile phones. This is hassle free, no collateral or cumbersome paperwork involved. This innovation has been aptly named Kashagi/Inyuku. The nano loans are available 24 hours a day giving the customer convenience and making it suitable for those needing emergency funds. The normal microfinance lenders process and pay out loans in at least three working days.

Its is important to note that the loans range from $10 to $100 and carry a 5% administration fee (aka interest rate) and a 30 day repayment period. This is a very reasonable interest rate comparing to what has been prevailing in the market (10% per month with micro-finance companies). Repayments can be auto deducted at the end of the calendar month. Alternatively, you can self pay at any time during the month and if you do so, you immediately qualify for another loan. According to Ecocash Chief Executive Officer Natalie Jabangwe, the amount that you qualify for is determined using your current Ecocash transaction behaviour.

Accessing Kashagi/Inyuku from Ecocash

  1. Dial *151#
  2. Enter your Ecocash pin
  3. Select Option 6 – Ecocash save
  4. Select Option 3 – Ecocash Kashagi
  5. Select Option 1 (Request loan) if you need a loan, Option 2 (Repay loan) or Option 3 to check your credit limit (how much loan you qualify to get).
  6. If you are requesting a loan, you then Enter Amount
  7. Select Tenure (Only one option – 1 month)
  8. Enter 1 to confirm

Approval is instant. An SMS will be sent with your repayment due date.  


Accessing Kashagi/Inyuku from Steward Bank (for those with Steward Bank Accounts)

  1. Dial *236#
  2. Select Option 3 – Nano loans
  3. Select Option 1 – Kashagi loan
  4. You will be notified of the amount that you qualify for or any outstanding balance.
  5. You either apply for the loan (Option 1) or choose to repay the loan if you have any (Option 2).
  6. Select option 1 to continue with application
  7. Enter Amount
  8. Your Steward Bank Account will then appear on Option 1. Select Option 1 to disburse the loan to your Steward Bank Account

Approval is instant. An SMS will be sent with your repayment due date.