Business

MTN disburses loans worth K150 million

MTN

KALONDE NYATI, Lusaka
MTN Zambia has disbursed loans worth over K150 million through its Mobile Money platform from 2015 to date as part of its commitment to accelerate financial inclusion in the country.

Head of Mobile Money Wane Ng’ambi said the mobile service provider, in partnership with Jumo Mobile Money, which is a digital financial platform providing real-time access to credit and savings, has provided over one million loans amounting to K150 million under an initiative dubbed Kongola Loan service.
Mr Ng’ambi said on average, over 10,000 loans worth K1 million are disbursed daily.
“MTN Zambia is the first operating company in the MTN Group of companies to disburse more than a million loans,” he said in a statement issued yesterday.
He said the partnership with Jumo Zambia remains critical in achieving a more financially included society.
Commenting on the development, MTN Zambia chief executive officer Charles Molapisi said the company is investing over US$2 million in the agent network expansion, creating jobs via its Mobile Money franchise agent model.
Mr Molapisi said MTN Zambia will continue to contribute to the expansion of financial inclusion in rural and mass market areas.
“MTN Zambia aims to have over 3 million active mobile subscribers by 2020 and at the current rate of growth this may happen before then. MTN Zambia is investing over US$2 million in the agent network, rolling out additional kiosks which will create jobs via its Mobile Money franchise agent model. MTN Zambia continues to empower and support local SMEs to diversify their businesses,” he said.

 

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