A few weeks ago, ID Finance organised a conference in Almaty “The Economy of the Future: Digital Transformation of Kazakhstan’s Financial Market” dedicated to the development of the microfinance industry. The agenda included issues of the Microfinance industry development, in particular, its digitisation and security, as well as the introduction of modern solutions aimed at the interests of the end users of financial services.
At the same time, this conference was the introduction of ID Finance’s new product, instalment loans under its Solva.kz brand which have a maturity up to three years and an annual percentage rate (APR) starting from 19.9%. The loans issued by Solva closely resembles traditional bank loans but with a focus on transparency, ease and convenience of service. These new parameters of Solva product attract customers of better quality than it did before. An advertising campaign was launched also on television in Kazakhstan.
Higher returns to Mintos investors
Previously, the rate of ID Finance Kazakhstan’s loans offered to investors in EUR was 9% but have now increased to 10%.
ID Finance co-founder and CEO, Boris Batine, comments: “We see a dramatic increase in the popularity of the product. Therefore, we need additional funding for this region since the volumes are exceeding our expectations.”
ID Finance has been placing Kazakhstan’s MoneyMan and Solva portfolios on the Mintos marketplace since April 2018. Since its launch, the company has funded over EUR 4.3 million. Of these, 60% have been in the local currency. All ID Finance offered loans are secured with a buyback guarantee and will be repurchased if they are delinquent for more than 60 days. The company plans to fund loans worth at least EUR 6 million by the end of the year.