MFS Africa launches “KwikAdvance” credit service in Ghana

Mobile Financial Service (MFS) Africa, a Pan African company that distributes and manages financial services through mobile phones in partnership with MTN mobile money, has launched “KwikAdvance” credit service in Ghana. The service allows mobile phone users currently on the MTN mobile money platform to access up to 40 per cent of their net salary before the end of the month. Mr Dare Okoudjou, Founder of MFS, speaking at the launch of the service in Accra on Thursday said the facility works with registered employers of organisations to extend salary advance to those eligible. He said users could request advances from their mobile phones anytime, anywhere and receive money in their mobile money account in less than one minute. “KwikAdvance is currently developing partnerships with financial institutions that will… extend short-term loan facilities to their existing customers via mobile phones,” he added. Mr Okouudjou said the vision of MFS is to make available simple and relevant financial service to all mobile phone users across Africa and beyond. Ms Judy Chang, General Manager, MFS Ghana, said the service would reduce administrative burden of managing salary advance request and improve cash flow management. She said the facility is a safe transaction protection with MTN mobile money PIN code. “With KwikAdance every honest hard working Ghanaians can have a peace of mind, because when they need money, it will be right at their fingertips,” she said. The General Manger noted that currently the service is being provided by the Adehyeman Savings and Loans company, while, MFS deploys and operates the technical platform and service on the MTN mobile money platform, Mr Tony Oteng-Gyasi, Managing Director, Tropical Cables and Conductors said KwikAdvance is an innovative use of the latest mobile technology to address the age old need for emergency cash faced by salary workers.