The MTN MoMo app now offers access to pre-approved home loans at competitive rates, the mobile operator announced this week.
This follows its partnership with Mortgage Market , an online home loan comparison platform.
Home loans on MTN MoMo ap b The MoMo app will now display offers from seven banks , giving potential homebuyers a view of what is available and what they are pre-approved for. This could potentially speed up the application process.
"At MTN, we have always believed that MoMo, which focuses on driving financial inclusion by addressing the lack of traditional banking services, particularly in underserved areas, could play a greater role in peoples lives, MTN Fintech South Africa CEO Kagiso Mothibi said.
The development of the MTN MoMo offering, powered by Mortgage Market, is a step towards achieving this objective.
The apps users can get approved for a home loan in less than two minutes, MTN said. They can also receive and compare offers and choose one that fits their budget .
Additionally, they can qualify for a cash boost of up to R5,000 in their bank account as soon as their bond is registered.
"Now is the right time to enter the property market. With interest rates expected to come down and house prices rising slowly - just 2.2 year-on-year, it's a smart time to buy, and more first-time buyers are entering the market than ever before, Mothibi said.
Interest rates have fallen in recent months on the back of falling inflation rates. Last week, the Reserve Banks Monetary Policy Committee reduced the repo rate by another 25 basis points to 7.25.
This follows its partnership with Mortgage Market , an online home loan comparison platform.
Home loans on MTN MoMo ap b The MoMo app will now display offers from seven banks , giving potential homebuyers a view of what is available and what they are pre-approved for. This could potentially speed up the application process.
"At MTN, we have always believed that MoMo, which focuses on driving financial inclusion by addressing the lack of traditional banking services, particularly in underserved areas, could play a greater role in peoples lives, MTN Fintech South Africa CEO Kagiso Mothibi said.
The development of the MTN MoMo offering, powered by Mortgage Market, is a step towards achieving this objective.
The apps users can get approved for a home loan in less than two minutes, MTN said. They can also receive and compare offers and choose one that fits their budget .
Additionally, they can qualify for a cash boost of up to R5,000 in their bank account as soon as their bond is registered.
"Now is the right time to enter the property market. With interest rates expected to come down and house prices rising slowly - just 2.2 year-on-year, it's a smart time to buy, and more first-time buyers are entering the market than ever before, Mothibi said.
Interest rates have fallen in recent months on the back of falling inflation rates. Last week, the Reserve Banks Monetary Policy Committee reduced the repo rate by another 25 basis points to 7.25.