Facebook’s ZunguZ and GetBucks launch world first social media credit offering

June 11, 2012 - PRLog -- JOHANNESBURG – June 11, 2012 – GetBucks, a local virtual financial services provider (VFSP) offering online credit, has partnered with ZunguZ, the popular Facebook money transfer service, making loans accessible through the popular social networking platform and thereby launching the world’s first social media credit facility.

According to Gert Jonck, CEO at GetBucks, ZunguZ has taken the market by storm, offering a Facebook wallet whereby friends on the social networking site can transfer money to one another.

“ZunguZ has elected to expand its offerings to include online credit from GetBucks, so that a consumer can apply on Facebook for a quick and easy loan. The loan is disbursed to the consumer via the ZunguZ Wallet service,” adds Jonck.

Consumers can use the credit granted to purchase items such as airtime or iTunes vouchers within the new ZunguZ marketplace, withdraw the cash, or send the money to a relative or friend on Facebook within the borders of South Africa.

Jonck explains, "GetBucks is the first real online credit provider in South Africa using the Internet as a platform to extend credit to the consumer, without the need for brick and mortar distribution channels. Our online offering is intelligent and process driven with an integral decision making element. Most sites are lead generators and not actual fully functional processing sites. Social media is changing the way people interact and do business and we are proud to be associated with ZunguZ in taking VFSP into the social media space.”

Rob Sussman, CEO at ZunguZ, says that “Bringing Getbucks on-demand loans via the ZunguZ transparent and non-evasive delivery mechanism, has resulted in these services being introduced into new markets and a further foothold for these services in social commerce. Not only can anyone now apply for a loan and receive the funds in minutes, but they can send this money to any of their Facebook friends or purchase an array of virtual vouchers, to include that of USA iTunes.  

With this success, we are now working jointly on the balance of Africa, after which we will introduce these services to other emerging markets”.

"In a fast changing world, as a result of the digital era, ZunguZ and GetBucks are prime examples of social media innovators. The companies’ individual and combined offerings are bound to influence e-commerce in the future,” concludes Jonck.