If banks introduced a line of credit accessible by one SMS request and nothing more to existing account holders, they would probably make millions.

Telecoms giant Digicel is aiming to achieve just that with DigiLoan, a credit advance service that allows customers to top up their account by dialling a short code.

The move comes as competitor FLOW expands its own loan product across markets after starting use of its mobile Lend app for android prepaid phone users in Antigua in April. Marketing started in Jamaica on September 12.

“We have simplified the process and it is now easier for customers to access a DigiLoan right at the time they need one,” Digicel Jamaica CEO David Butler told the Jamaica Observer.

“This creates a higher level of convenience for users. Customers can simply reply ‘Yes’ to an invitation originating from the 127 short code and then proceed to borrow credit,” he added.

The previous method involved five steps, although it also offered varying amounts to be borrowed. Now, with one step, consumers can get $90 for which they pay an additional $10 with the total amount deducted from their account the next time they purchase air time.

The company declined to share revenue inflows associated with the product, which is over a year old, but was much more difficult to access.

“We generally do not disclose this figure. However, the mobile top-up credit loan service is a growing area of our business,” Butler said.

The company reported a global subscriber base of 13.9 million in the nine months ended March 31. Over two million of these are in Jamaica.

The improvement in ease of access is expected to result in a jump in revenue.

Butler said DigiLoan is available in some markets, but the features and terms of service vary by market.

Digicel’s Guyana website indicates that in Guyana, the amount offered is GY$141 and the cost is GY$9.

Butler declined to say what percentage of clients borrowed credit, but commented, “a significant number of our prepaid customers benefit from the DigiLoan service”.

FLOW Lend is a mobile application that allows the company’s prepaid customers to request a credit advance for their account. FLOW Lend loans can be used for voice calls, data/Internet and sending SMS. Subscribers who pay back within the 30-day time limit earn points.