MTN Mobile Money Uganda, the Development Finance Company of Uganda Bank (DFCU) and Letshego, a financial services solutions entity, have joined forces to give MTN MoMo agents quick access to working capital.
Announced on Monday, the partnership has launched a service called MoMo Agent Loans Marketplace.
The MoMo Agent Loans Marketplace is a digital platform created to give MoMo agents instant access to working capital. Agents can access between Sh50 000 (US$13.90) and Sh5 million ($1 389) instantly, choosing repayment terms of seven or 14 days, based on their business needs.
Upon application approval, loans are disbursed immediately, with competitive interest rates. The facility requires no collateral.
“With this new partnership, agents will now be able to serve customers with confidence, even on weekends when banks are closed,” said Richard Yego, MD and CEO at MTN MoMo Uganda.
Yego said one of the biggest challenges their agents faced was lack of capital. “This is feedback we have consistently received from both agents and dealers,” he said.
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