This morning, a new digital loan service called ‘Zed-Fin’ has been added to the MTN Zambia MoMo Kongola platform.
To access it, MTN subscribers can dial *115#, select Kongola and then select Zed-Fin Loans.
(In image: From L-R: MTN Fintech MD Komba Malukutila shakes hands with Zed-Fin CEO Justin Chola, as Puneet Chopra, Chief Growth Officer of Yabx, looks on)
The loans one can get are dependent on the credit score you have and are assessed in partnership with the Credit Reference Bureau (CRB) and other financial partners. The interest rates on the loans also depend on the amount being borrowed.
At the launch today in Lusaka, Zed-Fin CEO Justin Chola shared, “Having Zed-Fin Loans on the MTN Kongola Platform is an important milestone for us as the product is designed to allow for greater financial inclusion for the vast majority of our fellow citizens who ordinarily find it difficult to easily access financial assistance for their day-to-day micro businesses or other emergency financial needs.
In addition to providing technologically driven, safe, secure and affordable credit to the vast majority of our citizens, Zed-Fin desires to be a financial institution that will ultimately grant Zambians of all walks of life who embrace our vision and values the opportunity to become co-owners of the business.
We want to create a uniquely Zambian financial institution which is owned by ordinary Zambians while providing world-class service and adhering to international governance procedures underpinned by our core values – Professionalism, Integrity, Customer Focus, Respect, Innovation, Excellence and, above all, maximising Financial Inclusion.”
He also thanked the Bank of Zambia, MTN Zambia and Yabx for their support towards the service, “I would like to thank the Bank of Zambia, our regulator, for the support rendered to Zed-Fin as we went through the rigorous licensing process that is designed to ensure that all licensed Financial Institutions meet world-class standards in all areas of governance operations and financial stability.
I would also like to thank our partners, MTN for the role that they have played in bringing us to where we are today. MTN’s expertise, innovation and shared commitment to excellence have been invaluable. Without the support of the Bank of Zambia and MTN, we would not be here today.
I would also like to thank Yabx whose cutting-edge technological platform and superior risk management capabilities allow us to seamlessly and rapidly provide safe, and secure affordable credit to our clients across the country.”