Digishahr’s credit volume has exceeded one thousand billion Toman

Tehran, Alborz, Mashhad, Isfahan and Shiraz have been the most applicants for receiving facilities from Digishahr, and so far more than 10 thousand loan items have been paid in Digishahr for a total of one thousand billion Toman

According to Iran digital economy annotation, Pouria Firouznejad, the chief marketing manager of Digishahr, says about the activities of Digishahr: In the last 5 years, the global trends of the financial market have moved towards the use of financial technologies, or fintech, and lendtech, as an important branch of fintech, It has found a serious meaning and application in people’s daily life. Digishahr has tried to move in line with this global trend by providing facilities to end customers online and facilitating this process.

Due to the decrease in people’s purchasing power and inflationary pressure, more businesses have been established to provide online facilities to people. A simple survey in the city of Tehran shows the change of market taste towards the purchase of goods in installments, Digishahr has started its activity by recognizing the needs of the market and with the aim of creating added value for people who want to buy goods in installments.

The amount of credit paid has exceeded the sum of one thousand billion

According to Firouznejad, Digishahr has more than one million users and more than 10,000 loans have been paid in Digishahr. Currently, the most requested cities to receive DigiShahr credit are Tehran, Alborz, Mashhad, Isfahan and Shiraz respectively.

Currently, the number of loan requests from Digishahr users has exceeded 750,000 and the volume of these requests is about 34. In addition, the amount of credit paid by DigiShahr to its users has exceeded the sum of one thousand billion.

The marketing manager of DigiShahr adds: Compared to competitors and other facilities, we have tried to create more benefits for the end user with higher facilities and a longer repayment period. Currently, people can get the facilities they need from 10 to 200 million tomans with a repayment period of 6 to 60 months from Digishahr.

In fact, the main goal of Digishahr is to facilitate the process of obtaining credit for the purchase of goods for the middle class of society. He has put it on his agenda and now the credit of DigiShahr has a lower effective profit than other financial institutions.

He continues: Users can get credit by presenting a check or adding a guarantor check (to get higher facilities). It is possible to provide a guarantee by presenting a salary deduction certificate for A and B credit ratings.

Firouznejad also adds in the field of validation in Digishahr: The validation of people in Digishahr is determined according to their credit rating. Bank validation determines a person’s records in paying previous facilities and the creditworthiness of people and their credit rating.

Legislation void

The marketing manager of DigiShahr, pointing out that the legislative gap is one of the most important challenges facing the facilities, says: the lack of clear and supportive laws from the competent authorities causes confusion for businesses active in this field. In fact, the relevant authorities and the Central Bank in any legislation should not ignore the important role of installment purchase businesses in increasing social welfare.

In the end, Firouznejad considers the validation and verification of people to repay facilities as one of the other important challenges of this industry and adds: Digishahr is currently using its technical infrastructure to use various banking, financial and identity inquiries in order to evaluate eligibility and ability. People’s finances, the validation process should also be done properly.

Currently, the credit proof we receive from users is a check or salary deduction certificate, because Digishahr’s infrastructure is not yet ready for electronic promissory notes, we are also investigating this issue with Shahr Bank.