Astrotech Africa is launching a lending platform, Astrocred, a first of its kind in Zimbabwe that seeks to offer digital lending and improve convenience for both the customer and retailer.
Munyaradzi Gwatidzo, CEO of Astrotech Africa noted that the application will allow people to borrow money and make payments to selected retailers across the country.
“The platform allows one to make payments on credit and be able to make instant payments to selected outlets throughout the country. This is a first in Zimbabwe and will go a long way in creating easy access to credit.
“What it means is that people in remote areas don’t need to wait for sales agencies or to travel long distances, they can now be able to borrow from the comfort of their homes,” Gwatidzo said.
He noted that the company envisage connecting every store if it’s a decent store and it sells an average of US$5000 per money and sells products above US$100 per month.
“We are looking at signing up 5000 stores across the country at the end of the year as merchants. This empowers SMEs as they will be able to sell more by offering products on credit.
“This is a huge shift in terms of lending in Zimbabwe. Astrotech Technologies and an opportunity for retailers who want to sign up as merchants. They will be paid cash upfront. This increases convenience for both the customer and retailers. we are ensuring that credit is available everywhere in every store in the country,” Gwatidzo added.
The facility will also allow banks to plug into the platform to take advantage of the ecosystem that the company has built.
