Customers of MTN’s Mobile Money service would soon be able to access loans from the company.

According to Eli Hini, MTN’s general manager for mobile financial services, the latest addition, which is expected to be rolled out in 2017, is especially targeted at Ghana’s small and medium scale enterprises (SMEs).

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“We have micro-lending which is one of our undertakings for 2017. A lot of micro credits that people can access for short to medium term”, he said.

READ ALSO: Mobile money transactions see 20% growth in mid 2016

“Don’t forget our economy is largely made up of SMEs so these SMEs will be able to have such avenues to do short term borrowing and pay back because they will be able to manage their KYC [know your customer] information much better that way and the banks can have access to these data which they can use for validation to these funds that they give out.”

Competitors, Airtel had earlier started a similar scheme but had to halted it in order to meet demands by regulators.

READ ALSO: New regulations: BoG issues new Mobile Money guidelines

In July 2015, the Bank of Ghana published two new regulatory guidelines for mobile money operators and the mobile networks began to pay interests on deposit is earlier this year.

Mobile money transactions in Ghana have reached a total of 679.17 million cedis in August 2016. This figure represents a 20 percent growth for the mid-year figure, compared to the 547.96 million cedis recorded for the end of 2015.