Translated as ‘inform me’, the mobile facility which was initially launched in November 2017 in English version enables customers of financial institutions to efficiently monitor their credit rating on their mobile phones in real-time.
As of now, customers seeking information on the account in either Kinyarwanda or English will send a short message detailing Identity number to 2272 and receive information on all outstanding credits.
It is mainly applied to Rwandans in rural areas whose majority are not English literate yet they require similar services.
With Menyesha system, borrowers will be able to monitor and improve their credit rating and address any inaccuracies to avoid preventable loan rejections thus increasing access to finance.
The system helps to improve the quality of loan applications and enables customers to grow their loan portfolios.
The Managing Director of TransUnion mu Rwanda, Mugwaneza Jacqueline has said that the number of users increased gradually since the system was launched in Rwanda which pushed for facelifting services.
“We got positive feedback from customers over the past two years since we launched. They have a growing appetite to use credit ranking system. Our objective is to help all Rwandans access enough information on the credits to meet their needs buying homes or getting an education loan,” she said.
“We attach great importance to make information accessible influencing people in good decision making,” added Mugwaneza.
Currently, TransUnion operates in over 30 countries across the globe.
Before the coming of TransUnion to Rwanda, people were required to get loan-free certificates that would prove that they are not indebted.