The service, dubbed, “Qwikloan” is fast, easy, and convenient which enables customers to access loans using their MTN mobile money platform.

Mr Eli Hini, the General Manager of Mobile Money Limited, speaking at the event said with Qwikloan, customers do not have to go through the hustle to provide proof of collateral in order to access the loan.

He said Qwikloan was an instant way to access a cash loan, at any time for any purpose from one’s Mobile phone, saying, customers can access loan up to GH¢ 1,000.

“All you have to do is use MTN Mobile Money wallet more frequently and also commit to repay your loans on time in order to have access to more loans.

MTN customers simply have to dial *170# and choose option 6 to access the Qwikloan” he said.

He said customers can have access to this loan only if; they frequently performed the transactions on Mobile Money by sending and receiving money, purchase airtime, pay bills among others.

According to him if one’s MTN Mobile Money wallet activity is too low, or the customer have not used the wallet at all, he or she may not be able to qualify for a Qwikloan.

 Using a single MTN SIM for all airtime and Mobile Money activities is very necessary with respect to the Qwikoan, he stated.

He said  to  access the loan, the customer have to be above the age of 18 ,be an MTN customer for more than 90 days, and Simply deposit money into his or her MTN Mobile Money wallet before the due date to repay the loan.

 The loan amount would automatically be deducted from one’s wallet.

Furthermore, he added that, customers can only have one active Qwikloan at a time, but once the loan has been repaid, they can apply for another loan, saying “There are limits to the number of loans a customer can take in a day or a week so you may have to wait for a few days before taking another loan after repaying.”

Qwikloan is a 30 day loan. At the end of 30 days, the loan is repaid in one single amount at a fee of 6.9 per cent and it does not need a bank account to access it.

“You can repay your loan manually at any time, by selecting the Repay loan option on the Qwikloan menu” he said.

He said MTN would continue to find ways to bring innovative products and services to its cherished customers in their quest to promote a cashless economy.

He also advised customers to safeguard their Mobile Money wallet by ensuring that they do not disclose their pin , do not entertain calls or messages concerning their Mobile Money accounts, and also do not give their phones for mobile money transactions to be performed on their behalf.

This, he said would help their fraud awareness campaign.

 Mr Arnold Parker, the General Manager Afb Ghana, expressed satisfaction at the partnership between the two institutions.

He said the service would allow them to scale up and offer financial inclusion to over a million of customers in the informal sector, adding that “we trust Ghanaians and we have given them loans, we believe that they will pay back on time.”

  Mrs Clarissa Kudowor, the Assistant Director, Payment Systems Bank of Ghana, said they have endorsed the product but urged customers to feel free and report any dissatisfaction they encounter as far as the service was concerned.