MTN Mobile Money Zambia & JUMO Launches Overdraft Service ‘Kwanisa Na MoMo

MTN Mobile Money Zambia and JUMO have launched a new mobile money overdraft service called Kwanisa Na MoMo, which will be available to all MTN MoMo customers. The service is meant to give quick access to extra money in one’s mobile wallet so that customers can buy important things when their cash runs out.

Kwanisa Na MoMo works by allowing users to borrow money instantly through their mobile phones. What makes this easy to use is that it requires simple feature phones and has no need for an internet or data connection. Simply dial *115#, select option 6 for Kongola & Savings, and then option 1 for Kwanisa Na MoMo. This easy process allows the client to get an overdraft immediately on their mobile money account.

It is special in the sense that this is an overdraft facility opened for clients through the bank infrastructure company, JUMO, relying on smart technology to determine someone’s eligibility to draw credit. In addition, JUMO taps on AI in studying a customer’s activities on mobile money and determines whether he or she is creditworthy. It does this without actual required documents or collateral, which is a perfect model for many Zambians who usually do not qualify for traditional borrowing from banks. This includes small business owners, informal traders, and other people ill-catered for by the formal financial system.

MTN Mobile Money Zambia & JUMO Launches Kwanisa Na MoMo

Komba Malukutila, CEO of MTN Mobile Money Zambia, said Kwanisa Na MoMo also contributes to MTN’s strategy to develop easy-to-use digital financial services that help people and businesses grow. He added that with over 1.2 million MoMo users eligible for unsecured loans, MTN has really become a significant lending marketplace. He noted that the new overdraft service was critical in addressing a common challenge where payments fail due to insufficient funds. Kwanisa Na MoMo fills this gap by letting customers complete payments when they really need to.

JUMO has built a strong reputation internationally for delivering fair and responsible digital financial services, and it was very highly rated in ethical standards and customer protection by independent bodies like Cerise and SPTF, proving its commitment to transparency and fairness. JUMO has, since 2015, disbursed over $8 billion in loans to millions of customers across Africa, including Zambia. Its AI system enables financial providers to quickly and safely offer bespoke credit and savings products.

According to Bradwin Roper, JUMO’s Chief of Payments Partnerships, their partnership with MTN Mobile Money is about putting appropriate financial options in everyone’s hands. According to him, their AI does not have a one-size-fits-all answer, rather studying and learning from individual behavior in order to provide the right financial support just-in-time.

The small and medium enterprises (MSMEs) in Zambia are 97 percent of total businesses in Zambia. Kwanisa Na MoMo is expected to help a number of those businesses because it combines the vast outreach of MTN Mobile Money with JUMO’s intelligent digital system. This is a move toward making financial services generally more accessible to formal sector owners of informal businesses as well as communities that often find it hard to access credit.

MTN Mobile Money Zambia & JUMO launches Kwanisa Na MoMo to provide fast and easy mobile money overdrafts; giving people in Zambia yet another way of managing their funds and ensuring that they keep their businesses well running without worrying about failed payments. With Kwanisa Na MoMo, many Zambians will definitely access their credit more fairly and conveniently than ever. This is what technology can do for users at the grassroots level in securing a financially brighter future for all.

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