MFS Africa Launches Mjara Loans in Ghana
MFS Africa has announced the launch of mjara Loans, a mass-market mobile money-based loan product. mjara Loans builds on the company's existing KwikAdvance salary-advance loan product. The mjara Loans service is available to all MTN Mobile Money users, and will be extended to other mobile networks later this year.
MFS Africa research shows that the majority of the people in lower-to middle-income brackets are unable to borrow money from the bank, no matter how small the loan. For the few who are able to access loans through the bank, the process is laborious, time-consuming, and stressful. mjara Loans addresses these very problems by offering simple, fast, and convenient loans through the mobile phone.
Customer needs for using mjara Loans vary widely, including: an emergency family-member medical situation that requires hospital admission; to paying unplanned school fees; to small business owners who need cash to expand their businesses.
Regardless of the need for a loan, all mjara Loans are accessed in the same easy way by the user dialing the mjara short code *565*5# and inputting the desired loan amount. The credit decision is instantaneous, and when positive, the funds are immediately made available on the user's mobile wallet.
Access to mjara Loans requires that clients go through a vetting period, upon which a credit limit is assigned. Loan requests falling within their limit are granted instantaneously. The vetting period can be 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 loan of at least 100 GHS.
'With mjara Loans there is no need for paperwork, guarantors, or collaterals. mjara Loans are quick, convenient, and confidential' said Julie Neogy, General Manager Sales and Marketing at MFS Africa.