How It Works

 
HomeHow It Works

HOW DOES THE SYSTEM WORK?

 

IFIN creates a direct connection between banks and retailers and grants the bank access to hundreds of retailers all over the country offering different finance products for different types of goods and services.

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STAGE 1

 

The customer identifies the desired goods and negotiates the price with the retailer

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STAGE 2

 

The retailer explains the finance options, fills in the bank’s application form on the system, verifies the customer through his fingerprint, ID card and bank’s ATM card.

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STAGE 3

 

The retailer submits the application form to the bank along with the details of the good/services to be financed using the platform and offers to sell the specified good/services to the bank.

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STAGE 4

 
Customer’s data is checked (such as name, ID number, account number, BCSB report, amount of existing loans … etc) at the platform. The decision engine decides on granting the finances as per the bank’s credit criteria and approved limits.
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STAGE 5

 
If the bank approves the customer’s application, it sends a message, through the platform, to the :

  1. Retailer: agreeing to purchase the goods/services (thus becoming their owner)
  2. Customer: informing him/her that the finance application has been approved

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STAGE 6

 
The retailer prints the bank’s finance agreement and gets it signed by the customer
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STAGE 7

 
The retailer scans and uploads the signed agreement into the system and sends the originals to the bank. Customer pays the price in instalments