How 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.
STAGE 1
The customer identifies the desired goods and negotiates the price with the retailer
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.
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.
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.
STAGE 5
If the bank approves the customer’s application, it sends a message, through the platform, to the :
- Retailer: agreeing to purchase the goods/services (thus becoming their owner)
- Customer: informing him/her that the finance application has been approved
STAGE 6
The retailer prints the bank’s finance agreement and gets it signed by the customer
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
