Wahala: Qwikloan to stop operations if e-levy is implemented – CEO warns

Arnold Parker, the Chief Executive Officer of of Afb Ghana, operators of Qwikloan services on MTN has suggested that the scheme will end should the e-levy be implemented.

Qwikloan

He warned that if the modalities of the proposed e-levy are not halted by the government, their service won’t survive within a year.

Writing on social to commemorate the 4th anniversary of the service, Mr. Parker lauded the importance of the scheme to the youth in Ghana.

“Four years ago today, together with our partners MTN and Jump, we launched what has arguably become Ghana’s most utilised financial product -Quick loan. In the 4 years that Quickloan has been in existence, we have disbursed over Ghc7billion to well over 4.2 million people. Interesting that the Quickloan anniversary comes at a time when heated discussion on the e-Levy rages on,” Arnold Parker stated.

He continued “If I plug in the proposed e-Levy rate into our financials, Quickloan would cease to exist within a year. Yet it is a product like Qwikloan, which has been a lifesaver for millions in their times of need, that has the potential to transform this economy”.

MTN Ghana in partnership with Afb GHANA launched the “Qwikloan” service in 2017 to provide convenience to customers in times of need to enhance their business.

The service, dubbed, “Qwikloan” is fast, easy, and convenient which enables customers to access loans using their MTN mobile money platform.

Qwikloan is a 30-day loan. It has flexible payment terms with an interest of 6.9% but a default payment of 12.5% interest charges. It does not need a bank account and guarantor to access it.

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