Axiata, Celcom and Boost contribute RM150 million to help micro-SMEs during this pandemic
Today, the Malaysian government has announced the movement control order will be extended until 14 April 2020. It is not surprising at all as cases in our country have been increasing these few days. Therefore, it is better to stay home for a few more weeks to halt the spread. However, this may not be good news for some of the non-essential businesses especially micro-SMEs. Luckily, Axiata is here to save the day with its subsidiaries Celcom and Boost, as they’re contributing a RM150 million cash fund to support small businesses that are facing difficulties.
With the initial contribution of RM20 million from the government of Malaysia through the Ministry of Finance, Axiata started the campaign named COVID-19 Assistance Program to give immediate financial assistance to micro-SMEs. It is expected that micro-SMEs, which make up more than 50% of SMEs in Malaysia and fall mostly within the B40 segment of society, will face difficulties as business operations have been stopped during this time.
In the range of RM1,000 to RM10,000 with favourable terms, Axiata will offer shariah-compliant micro-financing through its subsidiary Axiata Digital platform, Aspirasi. The campaign is also said to benefit an estimate of 150,000 micro-SMEs within Boost, Aspirasi, and Celcom ecosystem. Other than that, Axiata’s COVID-19 Assistance Program will also come bundled with micro-insurance coverage under Aspirasi to protect merchants with emergency income, accidental death, and COVID-19 assistance.
The process to apply for the fund is pretty simple as it only undergoes a quick 3-minute of your time. Just head to Aspirasi’s website to fill out required details and wait for the approval. If approved, the fund will be made available in 48 hours from your bank account. During times like this, it is good to see big companies like Axiata, Celcom and Boost are taking initiatives to help our other small businesses.
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