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Qwikloan: A Collaboration Between MTN MoMo and JUMO

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Home » Loans » Qwikloan: A Collaboration Between MTN MoMo and JUMO

MTN’s mobile money platform, MoMo, has partnered with JUMO to introduce Qwikloan, an innovative short-term loan service aimed at enhancing access to credit across South Africa. Qwikloan allows MTN MoMo users to conveniently access loans ranging from R250 to R2,000 directly from their mobile phones. This partnership leverages MTN MoMo’s robust payment infrastructure and JUMO’s advanced banking technology, which includes AI-driven predictive capabilities, to offer borrowers competitive interest rates starting as low as 10%.

Key Features of Qwikloan

  • Convenient Application: Users can apply for Qwikloan through the MTN MoMo App or by dialing USSD code 120151#.
  • Low Interest Rates: Unlike traditional bank loans that often come with high interest rates, Qwikloan offers competitive rates, ensuring affordability for borrowers.
  • Accessibility: Qwikloan is accessible to all South Africans, including those without smartphones, through the USSD option. This inclusivity extends the benefits of financial access to a broader population, including informal traders and individuals in remote areas.
  • Direct Deposit and Repayment: Approved loan amounts are deposited directly into the borrower’s MoMo wallet. Repayments are conveniently collected from the same wallet, simplifying the process for users.

How to Apply for Qwikloan

  1. Download MTN MoMo App: If you don’t already have it, download the MTN MoMo App from your app store.
  2. Access Qwikloan: Open the app and navigate to the Qwikloan section. Alternatively, dial 120151# on your mobile phone.
  3. Provide Information: Enter your South African ID number and follow the prompts to complete the application process.
  4. Receive Approval: Upon successful application, the loan amount will be deposited directly into your MoMo wallet.
  5. Repayment: Repayments are automatically deducted from your MoMo wallet according to the agreed schedule.

Conclusion

Qwikloan by MTN MoMo and JUMO represents a significant step forward in making financial services more accessible and affordable for all South Africans. With its easy application process, competitive interest rates, and seamless integration with the MoMo platform, Qwikloan is poised to meet the immediate financial needs of individuals across the country, empowering them with financial flexibility and security.