MTN South Africa is targeting home buyers via its Mobile Money (MoMo) platform.
In a statement, the mobile operator says its MTN MoMo app now offers instant access to competitive rates and pre-approved home loans.
The announcement comes after MTN South Africa recently told ITWeb that he is impressed with the growth of the MoMo platform.
The mobile financial service allows users to send, receive and store money using their mobile phones.
In 2020, the mobile operator relaunched is MoMo platform in Johannesburg, about four years after the service failed to take off in the country.
According to MTN, MoMo has reached 13 million registered users in South Africa, with monthly active users growing steadily.
In its latest financial results, the telco says MoMo’s South African revenue grew 27.6% in Q1, contributing to an overall fintech revenue increase of 2.4% for MTN SA.
The product portfolio also now includes insurance and payments, supporting digital inclusion and small business participation.
“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 people’s lives,” says Kagiso Mothibi, CEO of MTN fintech South Africa.
“The development of the MTN MoMo offering, powered by Mortgage Market, is a step towards achieving this objective.”
MTN explains that with a few taps on a mobile phone, seven banks and their home loan offerings are displayed, giving potential homebuyers an instant view of what is available and what they are pre-approved for, making the home-buying process faster.
According to the telco, with the new platform, buyers can be approved for a home loan in less than two minutes. It adds that the app enables home buyers to receive and compare home loan offers, select the offer that fits their budget and qualify for an up to R5 000 cash boost in their bank account, as soon as the bond is registered.
“Now is the right time to enter the property market,” says Mothibi. “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.”
According to Mortgage Market’s latest home buyer statistics, 55% of all home loans in early 2025 were taken out by first-time buyers.
It adds that bond applications have increased by 23%, indicating renewed confidence in the property market.
“MoMo is now about more than payments; it’s about creating opportunities, personal control, and the chance to play its role in beginning your journey to home ownership and building a future legacy,” concludes Mothibi.
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