Umsuka Wemali Finance (Pty) Ltd was established in 1995 and is a wholly owned subsidiary of the Fidelity Services Group.
Reg No: 1995/003068/07
The Umsuka business is the provision of credit-lending, risk-based financial services by assisting their Customers to meet their needs and manage unanticipated financial events. Through its fully fledged inbound and outbound call centre, which is based at head office, the Umsuka agents service their Clients via a sophisticated VOIP telephone system, which records voice calls for quality and security Purposes. The satellite branches service walk in customers.
1. The Micro Finance Unit
2. Credit Life
3. Umvikeli Gold Legal Protect
4. Bophelo Wellness Plan
Micro lending essentially consists of the disbursement of small loans to people locked out of the banking system, the idea being to help them with financial relief.
Some loans are as small as R100 but typically they range from R1000 to R15000 and are processed with conventional credit checks but without collateral requirements.
Once access to credit is established, the individual recipients of a loan have the means to make the other rights possible through their own efforts.
Micro lending has proved that a small loan can become the start of a virtuous economic cycle, the benefits of which extend beyond individual borrowers because the financial assistance can help improve living standards in their communities.
Umsuka have developed a loyal following among their customers. Not only have we become the sole source of funding for the entire Fidelity employee database, we also lend at interest rates below those charged by traditional local moneylenders and certain banks.
Because we are a part of the group and know our customers, we at Umsuka can generally make an educated estimate of the risk involved in lending and are able to contain that risk by organising customers in credit groups or by operating Debt Consolidation relief. Being profitable does not exclude risks, as micro lenders are generally perceived to be more vulnerable to certain risks than are traditional commercial banks.
Umsuka Wemali is regulated by the National Credit Act No 34 of 2005 as well the Consumer Protection Act of 2008 and the Financial Services Conduct Authority.
Umsuka Wemali is a registered Credit Provider with Licence number NCRCP986/FSP46644.
As such Umsuka Wemali is also bound by the rules and regulations of the National Credit Regulator. The NCR requires that a micro lender is affiliated to one of the associations which represent micro lenders.
The purpose of the Act is to promote and advance social and economic welfare of South Africans, promote a fair, transparent, competitive, sustainable effective and accessible credit market and industry and to protect consumers by promoting the development of a credit market that is accessible to all South Africans and in particular those who have historically been unable to access credit under sustainable market conditions.
Umsuka Wemali is affiliated to the Micro Finance South Africa, and as such will be required to conform to the code of Conduct of that Association.
Umsuka Wemali also adheres and subscribes to the following ethical codes and standards:
The purpose of the Umsuka Wemali App is to create a quick, convenient and an easy mechanism for employees of Fidelity to apply for a loan - anywhere, anytime.
Features of the App: