New Delhi: Facebook partnered with Indifi online loan companies to help provide loans to small domestic businesses, the head of his country said on Friday, as part of the urge to bring more business to advertise on the platform.
The giant social media joined his hand with indifferences to help provide loans starting from Rs 500,000 to Rs 5,000,000 ($ 6,719- $ 67,191) at an annual interest rate of up to 20%, Ajit Mohan, President Director of India, said at a virtual news conference.
Facebook said it would pay to improve the small business economy in India because these companies will use applications including Instagram and WhatsApp to increase their growth.
“We don’t want to make money from this program, we don’t have a share of income …
But we hope this creates growth in the industry that will ultimately benefit us,” said Mohan, adding that Facebook does not have a monetary contribution to the program.
Loans are available for small businesses that have advertised on Facebook or the group application for at least 180 days.
And, this program can help encourage more companies to advertise on social networks and applications that are very popular in India.
India is the main growth market for Facebook with more than 410 million users, and the WHATSAPP Messenger calculates the South Asian country as the largest market with more than 530 million users.
Instagram has more than 210 million users in India, also benefits from the ban on the China Tiktok short video platform last year.
Last year, Facebook invested $ 5.7 billion in the Digital Digital Unit Miliarde Mukesh Ambesh Ambani, which would allow whatsApp to offer payment services to millions of mothers-and-pop stores.
Separately, WhatsApp has a plan to deepen its partnership with banks to offer financial services such as retirement and insurance.