MFS Africa and MTN launch "KwikAdvance" service in Ghana
Mobile Financial Service (MFS) has partnered with MTN Mobile Money to launch the "KwikAdvance" credit service in Ghana.Mobile Financial Service (MFS) has partnered with MTN Mobile Money to launch the "KwikAdvance" credit service in Ghana.
The service allows mobile phone users currently on the MTN Mobile Money platform to access up to 40 per cent of their net salary before the end of the month.
Dare Okoudjou, founder of MFS, said during the launch of the service in Accra on Thursday (March 14th) that users could request advances from their mobile phones anytime, anywhere and receive cash in their Mobile Money account in less than one minute, Peace FM reports.
"KwikAdvance" is currently developing partnerships with financial institutions that will extend short-term loan facilities to their existing customers via mobile phones,” he added.
Ebenezer Asante, sales and distribution executive at MTN Ghana, noted some of the benefits Ghanaian consumers get from a cashless economy, including reduced costs for bank note printing and lower risk from having to carry and transport cash, Mobile Payments Today reports.
He added that access to mobile phones combined with the ability to deliver financial services via telephone makes it possible for millions of unbanked consumers in Ghana to participate in financial systems.
Ghana has an estimated 93 per cent mobile penetration, yet approximately 90 per cent of business transactions remain cash-based.