This is a proprietary Algorithm and software to rank available social profile according to several predefined parameters. The algorithm pulls information from the social media platform about the user (based on access granted by the user) to generate a Social Reputation Score. Every user is given a Social Reputation Score in percentage.
Cash Requests ranges from a minimum of 1,000 Naira to a maximum of 0Naira (maximum amount is 3,000 Naira for first time users). The maximum amount increases over time based on frequency of successful transactions.
Each cash request between 1,000 to 3,000 Naira, a transaction fee of 100 Naira is charged (per transaction). Each cash request between 3,100 to 6,900 Naira, a transaction fee of 200 Naira is charged (per transaction). Each cash request between 7,000 to 10,000 Naira, a transaction fee of 500 Naira is charged (per transaction). This is charged as part of the Repayment amount.
Cash Requests can be repaid using existing banking channels including Mobile Money, bank or online transfer, physical payment at bank, online bank transfer, online payment switch, and other payment options available in the country of operation.
In a situation where a user is not be able to repay the cash request by the end of a 30 day period, user must roll over the cash request, this will be recognized as a new cash request. However, the user must pay the service charge by the end of the 30 day period regardless of repayment of the principal.
If a cash request becomes ‘Un-serviced’, we shall commence our cash request retrieval process as indicated in the Social Lending Agreement.
Some basic information about the cash request is obtained from the User at the point of Cash Request.
Before a cash request is granted, The Social Credit Officers will carry out an extensive Social Audit on the Applicant, including reviewing the social reputation of the applicant and the applicant's Guarantor(s) (where applicable).
The Social Credit Officer makes the final lending decision on every cash request. Some users may be asked to provide additional "Social Collateral" to qualify for a cash request
If the cash request application is successful, the User is credited via existing banking channels.
No, you must have a MyBank Account to use the MyBank Social Lender Platform. You can open a MyBank Account online. Note however that your account must be older than 1 month to be able to request for cash.
This officer is responsible for making a final decision on whether a cash request is granted or not. Should the Credit Officer not be satisfied, he or she can call on the customer/user to submit additional details in form of additional social collateral.
Users will indicate the date of payback as part of the cash request process. Maximum Lending Period is one (1) month. The requester should pay back cash into the social lender bank account() on or before the due date. If cash request is still outstanding after 1 month, it will be converted to cash request for the next month.