A payment system called Zunguz, which allows Facebook users to pay directly from within the social networking site, has partnered with an online micro-loans company GetBucks to offer Facebook users loans of up to R500.
The two companies say they have developed what they claim to be ‘the world’s first social media credit facility.’
Rob Sussman, ZunguZ co-CEO said the partnership has enabled them to gain traction in social commerce and new markets.
“With this success, we are now working jointly on the balance of Africa, after which we will introduce these services to other emerging markets,” Sussman said.
GetBucks will handle all the regulatory requirements and administration of the micro loans. It will take less than 60 minutes to approve a request. Once approved, the money would be made available immediately.
The loan term is 30 days, and the only vetting for the loans only requires a user’s ID number and banking details.
The loans are collected via debit order on the customer’s bank account or a payment can be made to Getbucks’ ZunguZ wallet.
“Every loan request that comes through goes through the required checks on the back end of the existing GetBucks system,” said GetBucks technology head Sam Brink.
Customers can withdraw the loan as cash or use it to purchase items such as cellular airtime or iTunes vouchers using the ZunguZ marketplace. They can as well transfer the money to another SA-based Facebook user.
Zunguz went live in March 2012, after a pilot phase in 2011.
Launched in June 2011, GetBucks is a registered MicroFinance SA member regulated by the national credit regulator.
