MTN Mobile Money adds personal loan offering

03 February 2023

MTN’s Mobile Money financial services platform has added a personal loan offering and announced partnerships with Zapper and QuickBus.

MTN said MoMo Personal Loans, in partnership with credit provider Lndr (PTY) LTD, “offers a seamless application and loan approval process.” A portion of the funds “can then be safely, quickly and easily disbursed into the MoMo wallet so that VAS or cash-out funds can be purchased, and the balance of the loan fund can be paid into the customer’s bank account.”

Customers must log in and apply for a personal loan and check if they are eligible. If so, the qualifying applicant will be required to upload the required documents and then wait for SMS confirmation of the assessment outcome, which will be shared within 24-48 hours.

MTN said personal loans range from R2,000 to R180,000, with R1,000 of the approved funds being disbursed into the customer’s MoMo wallet.

“The MoMo Zapper feature allows customers to make instant virtual payments to Zapper-enabled merchants across SA using the QR scan feature on the MoMo app. Through the QuickBus feature, customers can compare and purchase bus tickets across 25 different operators providing inter-provincial and cross-border travel,” said MTN.

“Financial inclusion is critical in building a more equitable society and MoMo offers the very best of digital financial services to emerging markets, and it’s just set to grow,” said Felix Kamenga, MTN SA chief officer for Mobile Financial Services. “We want to unlock economic growth through financial and digital solutions for consumers and businesses of all sizes. As we grow our service offering, we aim to create a marketplace that supports cashless and digital economies through affordable, inclusive, understandable, and comprehensive financial services.”

“Our new QuickBus partnership means that customers not only have a convenient compare-book-and-pay payment option for bus ticket purchases at the click of a button, but it also opens them up to exclusive discounted rates on trips offered by operators,” said Kamenga.