MTN MoMo Expands Its Services With Personal Loans, Travel And Merchant Payments Functions
MTN MoMo Expands Its Services With Personal Loans, Travel And Merchant Payments Functions. MTN’s Mobile Money (MoMo) financial services platform has announced that it will be expanding its services and will add personal loans, travel and merchant payments function as it aims to meet the rising demand for online payment services.
MoMo Personal Loans, in partnership with Lndr (PTY) LTD which is a registered credit provider, 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.
“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. Particularly useful for those living and working outside of urban centres, we’re pleased by the innovation we’ve unlocked through MoMo since we launched in 2019”, Felix Kamenga, MTN SA Chief Officer for Mobile Financial Services told Novus Group.
MTN Mobile Money (MoMo) makes managing one’s money affordable, simple, and secure. MoMo is available for everyone, on any South African cellphone number, and using it is as easy as tapping one’s phone’s screen or keypad! With MTN MoMo South Africa, money is kept in an encrypted digital wallet associated with a user’s MTN mobile phone number. One must have an active MTN Mobile Money account before using the service.
“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. We are playing a key role in the evolution of mobile financial services (MFS) to mobile financial platforms (fintech), all in support of giving more people access to the economy,” Kamenga concluded.
