British short-term loans provider Wonga said it had chosen South Africa for its first step in international expansion after trials showed the country's consumers liked its online service.
Wonga provides short-term loans online to tide customers over until payday. It said it would offer loans of between 100 rand and 2,000 rand ($12-$240) for periods of up to a month to South African customers.
The company, which launched in Britain in 2007 and recently added a Wonga for Business Service, is the market leader for short-term unsecured loans that can only be obtained online.
Its automated risk assessment technology gives consumers instant decisions on loan applications, along with the total they will have to pay back displayed on screen. - Reuters