Mobile Money Rwanda, in collaboration with Ecobank Rwanda and YABX Technologies, has introduced a microloan product, MoFlex, in a bid to enhance financial inclusion in the East African country.
The microloan solution is intended to provide Rwandans with quick, flexible, and accessible financial support directly through their MoMo accounts, according to the MTN subsidiary.
It said: “With MoFlex, MoMo users can now access microloans tailored to their unique needs. This innovative service offers customers the freedom to choose repayment periods that suit their financial situations.
“MoFlex users can request loans ranging from Rwf 1,000 to more than Rwf 1, 000,000, with transparent and competitive interest rates from 7% to 14%, tailored to their chosen repayment period.”
Speaking at the launch, Chantal Kagame, CEO of Mobile Money Rwanda Ltd, said: “This product is designed to address the evolving needs of our customers, providing not only access to funds but also the flexibility to manage their finances effectively.”
On the launch of MoFlex, Puneet Chopra, chief growth officer at Yabx, said: “MoFlex combines flexible loan options with instant digital access, enabling customers to borrow and repay in a way that fits their financial needs.
“Behind this simple experience is a sophisticated digital lending infrastructure that brings together real -time data analytics, credit decisioning, and deep ecosystem integration.
“Through our partnership with Mobile Money Rwanda and Ecobank, we are creating a scalable model that has the potential to extend responsible access to credit across Rwanda’s large and g rowing base of MoMo users.”
Carine Umutoni, managing director, Ecobank Rwanda Plc, added: "We believe access to credit is a powerful catalyst for economic empowerment in Rwanda, particularly for underserved communities who often face barriers to formal financing.
“Through our partnership with Mobile Money Rwanda Ltd and YABX, MoFlex provides customers with convenient and responsible access to short -term financing directly through their mobile phones.”
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