KONGOLA loans offer you a convenient way to access a cash loan, any time, day or night for whatever purpose, from your mobile phone. The loan is paid directly into your MTN Mobile Money Wallet with no bank account or security needed.
Repayment is easy: simply have enough funds in your MTN Mobile Money wallet on the due date in order to settle your loan.
To qualify for a KONGOLA loan you need to be an MTN customer and meet the following criteria:
Q: What are the fees?
The fees vary from customer to customer, depending on your MTN Mobile Money usage and KONGOLA loan repayment history. The fees will be determined by the loan value and loan term chosen. All fees due will be disclosed during the loan application process.
Q: How much can I borrow?
Loan amounts vary from customer to customer and depend on your MTN Mobile Money and airtime usage. The loan amounts that you qualify for will be disclosed during the loan application process. The loan amounts that are available to you will continue to increase as you pay back each loan on time, every time.
Q: How do I repay?
Simply deposit enough money into your MTN Mobile Money wallet before the due date. JUMO will automatically deduct the amount from your wallet on the agreed due date. The loan can be repaid in full at any time by selecting the 'repay loan' option in the Mobile Money menu.
Q: How do I apply?
To apply, simply dial
*303# from your handset and select the 'lending' option to register. Follow the on-screen guidance from there.
Q: How do I check my loan balance?
To check the balance simply dial
*303# and select the 'balance' option. You will also receive SMS reminders with the outstanding loan amount prior to settlement.
Q: What happens if I do not repay my loan?
If a customer defaults, extension fees will be added and JUMO will blacklist the account. The customer's details will also be handed to the Credit Bureau which will impact future loan applications with other credit providers. Legal action will also be considered.
Q: Who do I contact with issues?
Contact the MTN Mobile Money call centre by dialling
Whether you need to buy stock for your business or cover an emergency expense, being able to borrow money quickly and easily can be a lifesaver. If you decide to take a loan, you'll need to manage your debt wisely. Here are five simple tips to help you do that.
Only borrow what you can afford to repay
Before you take out a loan, think about whether you can actually afford it. Consider how much you earn and how much you spend, and then decide whether you'll be able to pay back the loan on the due date. If you think the loan will cause financial strain, we advise you not to take out the loan.
Understand the conditions
Every loan agreement comes with certain terms and conditions. Make sure that you know and understand exactly what you're being offered, including:
Use the money wisely
Carefully consider how you want to use your loan, bearing in mind that you'll be paying interest on the money you borrow. Your loan could help you to buy extra stock for your business, allowing you to make more profit. This profit could cover the cost of the loan and leave you with additional money that you can use to grow your business. Or you may want to use your loan to cover an unexpected expense that you simply can't afford right now. How you spend the money is up to you, but try to avoid using it to buy things you don't really need.
Pay back your loan on time
Make a note of your repayment date and plan ahead to ensure you have enough cash available. Repaying your loan on time will help you to build a good credit record, which may make it easier for you to get other loans and credit products. Remember, if you miss your repayment you will be charged extension fees. Not paying on time could affect your credit record, which could reduce your ability to take out any loans in the future.
Stick to a budget plan
Budgeting is a good way to keep track of your money on a monthly basis. A simple way to do this is to add up your monthly income and subtract your monthly expenses. This will show you if you're spending more than you earn. Cut out unnecessary expenses and always pay your debts first. It may take a while to get used to, but following a budget plan will give you greater control over your spending, reduce stress and help you to build healthy money habits.
Credit tips provided by JUMO.
JUMO is licensed by the Bank of Zambia as a non-deposit taking financial institution, and provides loans to consumers and small businesses without any savings or collateral being required. JUMO has partnered with MTN to provide MTN Mobile Money customers with access to lending products made available through their mobile phones - any time, night or day.
View the KONGOLA loans terms and conditions by clicking