MTN Mobile Money Zambia, in partnership with digital banking infrastructure provider JUMO, has introduced Kwanisa Na MoMo, a mobile overdraft facility aimed at expanding financial access for underserved individuals and microbusinesses across Zambia.
Exclusively available to MTN MoMo customers, the new service allows users to complete mobile money transactions, even when their wallet balance is insufficient, by providing instant overdraft access through feature phones without the need for data. Customers can access the overdraft by dialling *115#, selecting option 6 (Kongola & Savings), and then option 1 for Kwanisa Na MoMo.
Eligibility is determined based on a customer’s mobile wallet activity and repayment history, using JUMO’s AI-driven decision-making platform. The algorithm tailors loan offers to reflect individual user behaviour, with a focus on fair, responsible lending.
“The introduction of Kwanisa Na MoMo aligns with our broader mission to create seamless digital and financial solutions that empower individuals and businesses to thrive. In Zambia, we have over 1.2 million MoMo users being able to access unsecured loans. MoMo has evolved into a lending marketplace, giving customers more choice and flexibility. Partnering with JUMO, we’re proud to offer our users even more control over their financial journeys by providing instant and convenient access to an overdraft directly from their mobile phones,” said Komba Malukutila, Managing Director of MTN Mobile Money Zambia.
The service targets Zambia’s vast base of micro and small businesses, which make up 97% of the country’s enterprises, and are frequently excluded from traditional banking due to the absence of credit histories or collateral. MTN said the launch addresses a persistent gap in the market, failed mobile transactions due to insufficient funds, by offering a practical, user-friendly solution.
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JUMO, which has deployed over $8 billion in loans through 248 million transactions across eight African markets since 2015, provides the back-end infrastructure powering the overdraft offering.
“We believe everyone deserves access to the best financial choices. Through our partnership with MTN Mobile Money, we’re using data and technology to unlock more credit solutions for people who have long been underserved. Kwanisa Na MoMo is a fit-for-purpose, scalable product designed to support entrepreneurs and communities to grow from the ground up,” said Bradwin Roper, Chief of Payments Partnerships at JUMO.
He added, “At JUMO, we’re deeply committed to building financial tools that are not only fast and accessible, but also personalized and responsible. Our AI doesn’t take a one-size-fits-all approach; it adapts to individual behaviour to ensure people can access what’s right for them at that moment.”
JUMO’s strong emphasis on consumer protection has earned it a 92.2% rating for ethical practices in digital financial services from global ESG standards body Cerise + SPTF.
By combining the broad reach of mobile money with scalable fintech infrastructure, Kwanisa Na MoMo marks a notable advance in Zambia’s efforts to foster a more inclusive and responsive financial ecosystem.
