MTN Ghana, the leading telecommunications network in partnership with Afb Ghana, a regulated financial Institution and subsidiary of the Letshego Group, has launched an innovative mobile money loan product. The first of its kind in Ghana, QWIKLOAN is a short-term, unsecured loan underwritten by Afb Ghana and available on MTN Mobile Money.
The product is currently a 30-day loan with a 6.9% one-off fee. Loan amounts start from as low as GHS 25 and can go up to GHS 1000 with good repayment pattern. Eligibility is based on frequent use of MTN Mobile Money and Airtime. QWIKLOAN can be accessed by MTN Mobile Money subscribers by dialing the short code *170# and selecting option 6 on the menu to register and access the service. Once registered, customers can request for a loan, repay, check their balance and view additional information all from their phones.
Speaking about the new product, Mr. Eli Hini, General Manager, Mobile Financial Services at MTN Ghana said, “the product is designed to be fast, simple and convenient with customers receiving and repaying their loan in seconds, all on MTN Mobile Money”. Mr. Hini also noted that “with no need to queue and no paperwork required, Ghanaians will be empowered to take advantage of opportunities instantly through QWIKLOAN.”
Arnold Parker, Managing Director of AFB Ghana said: “we are committed to increasing financial inclusion throughout Ghana in line with the Bank of Ghana’s strategy for inclusion and development.” Parker added that “in the pilot phase of this product we saw high demand and take up among the Micro, Small and Medium Enterprises (MSMEs) that needed working capital. Over 60% of customers in the pilot indicated that they will need QWIKLOAN in running their businesses.
Afb and MTN Ghana are working with JUMO, a leading emerging markets predictive analytics and technology platform to deliver this product. Utilizing Afb Ghana’s capital expertise and MTN’s extensive Mobile Money platform this partnership will aim to financially include more Ghanaians than ever before and empower MSMEs.