GSB to launch mobile microloan service
The Government Savings Bank (GSB) plans to launch a microfinance service on its mobile banking app early next year, said president Vitai Ratanakorn.
The service is designed to help individuals and small businesses gain easy access to loans and would help solve the loan-sharking problem, he added.
GSB’s mobile banking app MYMO currently has 8 million subscribers.
The new service will link up with the bank’s customer database to make lending decisions.
Offered will be micro-loans of Bt10,000 to Bt20,000 per customer per year, rising to Bt50,000 in the future. The interest rate will be lower than offered by loan sharks.
Vitai said that the micro-loan packages will be designed to fit the needs of customers, including individuals and market vendors. As well as long-term contracts, a daily interest rate will be offered to those who want to borrow today and repay tomorrow.
