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MTN's mobile money platform, MoMo, and JUMO have joined forces to introduce Qwikloan, an innovative short-term loan service that expands access to credit in South Africa.
With Qwikloan, MoMo users can access loans ranging from R250 to R2,000 directly from their mobile phones. The application process is seamless and available via the MTN MoMo App or USSD (*120*151#).
Say goodbye to hefty interest rates. Unlike traditional banks, Qwikloan offers rates as low as 10%, thanks to MTN MoMo's robust payment infrastructure and JUMO's cutting-edge banking technology with AI prediction capabilities.
"At MTN South Africa, we're committed to financial inclusion. Qwikloan empowers South Africans by providing a reliable, accessible and affordable option for short-term loans, with significantly lower interest rates than traditional banks.” - Bradwin Roper, Chief Financial Services Officer at MTN South Africa.
Available since December 2023 on the MTN Mobile Money app, Qwikloan now extends its reach to basic phone users via USSD. This means all South Africans, including informal traders, can access funds without needing data or smartphones.
Whether you're on the MTN network or not, prepaid or contract, MoMo registered customers can apply for a loan with just a South African ID number and a quick credit check. Funds are deposited directly into the applicants MoMo wallet, with repayments collected from the same wallet.
This post and content is sponsored, written and produced by MTN.
