Facebook Teams Up With Indian Firm To Help Provide Small Business Loans

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NEW DELHI, August 20 (Reuters) – Facebook (FB.O) The head of state said Friday that the partnership with an Indian online lending firm is helping to provide loans to small domestic businesses in an effort to attract more businesses to advertise on its platform.

The social media giant is joining forces with Indifi to help provide loans ranging from Rs 500,000 to 5,000,000 ($ 6,719- $ 67,191) at an annual interest rate of up to 20%, Facebook India Managing Director Ajit said in a virtual press conference. Mohan.

Facebook said it would pay off if it supports the small business economy in India, as these companies will use its apps, including Instagram and WhatsApp, to accelerate their growth.

“We are not looking to make money from this program, we have no revenue share … but we hope this will create industry growth that will ultimately benefit us,” Mohan said, adding that Facebook had no cash. funds. contribution to the program.

Credits are available to small businesses that advertise on Facebook or their group apps for at least 180 days. In addition, the program can help attract more such firms to advertise on the social networking site and its applications, which are highly popular in India.

India is a key growth market for Facebook with over 410 million users, and its messenger WhatsApp regards the country in South Asia as its largest market with over 530 million users. Instagram has over 210 million users in India who also benefited from the ban on Chinese short video platform TikTok last year.

Last year, Facebook invested $ 5.7 billion in the digital arm of billionaire Mukesh Ambani’s Jio Platforms, which will enable WhatsApp to offer payment services to millions of family-owned stores.

In addition, WhatsApp plans to deepen partnerships with banks to offer financial services such as pensions and insurance.

(1 dollar = 74.4150 Indian rupees)

Reporting by Sankalpa Fartiyal; Editorial Subhranshu Sahu

Our standards: Thomson Reuters Trust Principles.

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