MTN MoMo Now Offers Personal Loans, Travel And Merchant Payments Functions

MTN’s Mobile Money (MoMo) financial services platform is moving fast to meet the rising demand for online payment services. With 6,2 million people already subscribed to the service, the new personal loan offering and partnerships with SA-born fintech start-up Zapper, along with services aggregator QuickBus, are set to further extend MoMo’s impact for those looking to lead increasingly digital lifestyles. 

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.

All customers need to do is log in, apply for a MoMo personal loan, and check if they are eligible. The qualifying applicant will be required to upload the required documents and then it’s just a matter of waiting for SMS confirmation of the assessment outcome, which will be shared within 24-48 hours.

Personal loans range from R2,000 to R180,000 and can be obtained through a seamless application process, 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.

“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”, says 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. 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.”

Through the Zapper feature, customers can easily pay 27,000 merchants nationwide, ranking from micro-businesses such as spaza shops and market stores to medium-sized stores and restaurants, and major retailers. The Zapper quick-pay direct payment service is completely free for MoMo customers no matter their network.

“As we move further into the connected world of the future, consumers are looking for the most efficient ways to pay for goods and services, both physically and online. Carrying cash is not always safe and it’s often inconvenient to carry bank cards – MoMo offers the solution through functionality and features that make every day digital payments quicker, easier, and safer than any other payment method,” says Kamenga. 

“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”.  

For merchants, MTN now also offers a MoMo POS (point of sale) merchant payment solution.

“When customers check out online, walk up to a checkout counter, or pick out an item from a stand or booth, they’re at the point of sale. It’s this system, including the hardware and software that enable the business to make those sales and receive their payment – so it needs to be safe, easy and convenient for customers to use while being secure and cost-effective for the merchant”, continues Kamenga.

The MoMo POS solution offers a low set-up cost and affordable transaction costs, saving SME owners on monthly fees.

“The aim of our POS solution is to help grow formal SMEs and stimulate the growth of spaza shops across SA. To this end, we offer strong customer support, product knowledge and technical support to SMEs throughout their use journey”. 

“Mobile money is undoubtedly creating opportunities for economic growth while bringing consumers closer to the modern, digital world, and we will not stop innovating in this space,” concludes Kamenga.