MFS Africa is a pan-African mobile solutions startup focused on offering financial services to its users – ranging from life insurance, international money transfers, savings, credits to payments – in a collaborative effort with local MNOs and Financial Institutions.
Today they are launching a new service for the Ghanaian market called mjara Loans, which is essentially a mass market adaptation of the startup’s existing KwikAdvance – a service that claims to give users access to up to 40% of their monthly salary in advance. With mjara Loans, users can apply for quick loans – varying from emergencies to business needs – on the fly, through their mobile phones.
By this channel, mjara Loans looks to eliminate inaccessibility and the cumbersome process of applying for loans from traditional Financial Institutions. According to Julie Neogy, General Manager Sales and Marketing at MFS Africa, that means there’s “no need for paperwork, guarantors and collateral. Mjara Loans are quick, convenient, and confidential”.
Access to mjara Loans requires that users go through an obligatory vetting period, upon which a credit limit is assigned. Loan requests falling within the user’s limit are granted instantaneously, with their mobile money wallets funded immediately. The vetting period can last anywhere from a few hours to a couple of months, depending on the amount of information available to MFS. However, all vetted clients qualify for a minimum loan of 100 GHS.
The mjara Loans service is currently available to all MTN Mobile Money users in Ghana, and will be extended to other mobile networks later in the year. Visit www.mjara.com for more details.