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Konza Loans, a product of MTN Mobile Money Zambia has been added to the firm’s Kongola digital credit marketplace, expanding the range of short-term lenders available to users of the mobile money platform.
Chief Executive Officer, Komba Malukutila, said Kongola brings several lending institutions onto a single platform, enabling customers to select their preferred provider and access credit through their wallets.
He said the model allowed users to apply for loans, receive disbursements and make repayments directly on their mobile phones.
Read more: MTN launches direct wallet-to-bank transfer to Europe, UK and Canada
Malukutila said the service was used by traders, informal workers, salaried employees and small business owners, particularly in areas where access to formal credit services was limited.
He added that consolidating multiple lenders within the mobile money system reduced paperwork and the need for physical branch visits.
He said the addition of Konza Loans broadened the marketplace’s offerings as the company continued to expand its digital financial services.
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