MTN Mobile Money Zambia and JUMO, a top banking technology provider, have teamed up to introduce Kwanisa Na MoMo, a cutting-edge mobile money overdraft service, as part of a major effort for financial inclusion in Zambia.
This AI-driven solution offers real-time financial relief to Zambians, empowering individuals and small businesses with seamless access to credit.
What is Kwanisa Na MoMo?
Kwanisa Na MoMo is a mobile money overdraft facility exclusively available to MTN MoMo customers in Zambia.
Designed to bridge the gap for users facing insufficient funds, this service allows eligible customers to access instant overdrafts through their mobile phones, ensuring they can complete essential transactions without delay.
How to Access Kwanisa Na MoMo
Getting started with Kwanisa Na MoMo is simple and user-friendly:
- Dial *115# on your MTN MoMo-registered phone.
- Select option 6 (Kongola & Savings).
- Choose option 1 for Kwanisa Na MoMo.
- Follow the prompts to check eligibility and access your overdraft.
The process is designed to be quick, transparent, and accessible, even for users with basic feature phones.
READ ALSO:Shareholders Clear Path for MTN’s $14B MoMo Fintech Listing
Key Features of Kwanisa Na MoMo
- Real-Time Access: Overdrafts are available instantly, enabling users to cover urgent payments.
- No Data Required: Accessible via USSD on feature phones, ensuring inclusivity.
- AI-Driven Eligibility: JUMO’s advanced AI assesses creditworthiness based on mobile money activity, eliminating the need for collateral or formal credit histories.
- Tailored for the Underserved: Ideal for micro and small business owners, informal traders, and individuals excluded from traditional banking.
This service addresses a critical pain point: failed transactions due to insufficient funds.
How JUMO’s AI Technology Powers Kwanisa Na MoMo
JUMO, a globally recognised leader in responsible digital finance, brings its AI-driven credit assessment platform to the partnership.
Since its inception in 2015, JUMO has disbursed over $8 billion in loans to 31 million individuals across eight African countries, including Zambia, through more than 248 million loan transactions.
Why JUMO’s AI Stands Out
- Smart Data Analysis: JUMO’s AI evaluates users’ mobile money activity to determine credit eligibility, offering personalised overdraft limits without requiring traditional financial records.
- Ethical and Transparent: JUMO scored an impressive 92.2% in ethical standards and customer protection from ESG verification body Cerise + SPTF, ensuring fair and responsible lending.
- Scalable Solutions: JUMO’s technology enables MTN MoMo to offer tailored credit products at scale, reducing costs and making financial services more accessible.
Why Kwanisa Na MoMo Matters for Zambia
Zambia’s economy heavily relies on micro, small, and medium enterprises (MSMEs), which make up 97% of all businesses.
Yet, many lack access to formal financial services due to limited credit histories or collateral. Kwanisa Na MoMo is a lifeline for these underserved groups, offering flexible finance to improve business outcomes and drive economic growth.
Real-World Impact
- Empowering Entrepreneurs: Small business owners, like informal traders, can access overdrafts to cover urgent expenses, such as restocking inventory or paying suppliers.
- Financial Inclusion: With over 1.2 million MoMo users now eligible for unsecured loans, this service transforms MTN MoMo into a true lending marketplace.
- Economic Resilience: By enabling seamless transactions, Kwanisa Na MoMo supports Zambia’s digital economy, fostering financial stability for individuals and communities.
For example, imagine a market vendor in Lusaka who needs to purchase goods but lacks funds.
With Kwanisa Na MoMo, they can dial *115#, access an overdraft, and complete the transaction instantly, keeping their business running smoothly.
Why This Partnership Is a Game-Changer
The collaboration between MTN MoMo Zambia and JUMO is a powerful step toward financial inclusion. By combining MTN’s extensive mobile money network with JUMO’s AI-driven infrastructure, Kwanisa Na MoMo delivers:
- Accessibility: No smartphone or data connection is required, making it inclusive for all Zambians.
- Affordability: JUMO’s technology reduces lending costs, ensuring fair pricing for users.
- Sustainability: The service supports Zambia’s digital transformation, aligning with MTN’s mission to deliver seamless financial solutions.
This partnership follows the success of similar initiatives, such as Qwikloan in South Africa, where MTN MoMo and JUMO have provided affordable loans to millions, proving the scalability and impact of their model.
READ ALSO:Customer to Enjoy Real-Time Responses with MTN Zambia Customer Service Agent Launch
Tips to Maximise Your Kwanisa Na MoMo Experience
- Use MoMo Regularly: Frequent mobile money activity can improve your credit eligibility.
- Borrow Responsibly: Only take overdrafts you can repay to maintain access to future credit.
- Stay Informed: Check MTN MoMo’s official channels for updates on new features or eligibility criteria.
The Future of Financial Inclusion in Zambia
Ready to experience the power of Kwanisa Na MoMo? Dial *115# today and take control of your financial future. Whether you’re a small business owner or an individual seeking flexible credit, this service is designed to empower you.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, climate change, and digital finance at Africa Digest News.
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