- Letshego and MTN Eswatini launch Mobile Money loans (“Momo Quick Loan”)
- Emaswati can now apply for Momo Quick Loans of up to E200 over 30 days
- All active MTN Mobile Money users can now apply for a Momo Quick Loan
- MoMo Quick Loans support financial inclusion by extending the reach and ease in accessing financial loans to more members of the population
Ezulwini, Eswatini – 23 January 2020: Today MTN Eswatini and Letshego Financial Services Eswatini (“Letshego Eswatini”) launched ‘Momo Quick Loans’ (Mobile Money loans), extending ease and access to financial loans for more Emaswati. MTN Mobile Money customers can now apply for a loan of up to E200 over 30 days on their mobile phones, using their MoMo account, wherever they may be located.
MTN Eswatini and Letshego will look to increase loan limits as the demand and success of MoMo Quick Loan grows. MoMo Quick Loans are in line with Letshego and MTN’s objective of supporting inclusive finance and improving Emaswati’s access to traditional financial services, even for those members of the community who may not have a bank account.
MTN Eswatini’s Acting CEO, Mr. Sibusiso Nhleko noted, “Letshego brings financial services strengths, and MTN the mobile technology – together we have created the ideal partnership to bring loans, literally into the hands of our customers.”
The MoMo Quick loan launch follows a successful initial pilot in Eswatini. In order to apply for a loan, applicants need to meet the following minimum requirements:
• Age 18 years or above
• 6 months or more as an MTN user
• 3 months or more as an MTN mobile money user
Letshego Eswatini’s CEO, Mongi Dlamini added, “MTN is an ideal partner for Letshego to deliver on our brand promise to extend mobile loans to more of the population, wherever they may be based in Eswatini. Access to simple, accessible and appropriate financial services remains a challenge for many individuals, and we intend to help bridge this gap with the MoMo Quick Loan. Further, our customer’s wellbeing remains our priority, so the authentication and affordability checks that protect all our Letshego customers, also apply to MoMo Quick Loans.”
Digital technology and mobile phones are some of the most effective catalysts in improving access to a payment system that also extends short-term credit. This is the second time Letshego and MTN have partnered on the continent, with a similar product and partnership being forged in Ghana 3 years ago.