- MTN Uganda in partnership with Commercial Bank of Africa (CBA) yesterday launched ‘MoKash’ a short term micro savings and loans product on MTN Mobile Money to enable registered MTN Mobile Money users to conveniently borrow as much as sh1 million using their phones.
The product is commercially called ‘MoKash’ and also allows MTN Mobile Money customers to save as little as 50sh money on their phones while earning interest of up to 5 percent. Just like Kenya’s Mshwari, which is also a product of CBA in partnership with Safaricom, MoKash allows MTN customers who have registered MTN Mobile Money to save and borrow using their phones. Customers can save while earning an interest or take out short term loans at a reasonable fee.
The customer does not have to visit any bank to fill out forms.
To activate a customer should dial *165*5# and enter their MTN Mobile Money PIN.
- To use the service you have to be an MTN customer and active on MTN Mobile Money.
- Dial *165*5# to get started.
- You will be prompted to enter your MTN Mobile Money PIN to activate your MoKash account.
- Activation of a MoKash account is free.
- Any transactions between MoKash and Mobile Money are free. Ie Savings, Auto savings, Loans, Loan payment, Account balance check.
Interest Rates – Savings.
You can save a minimum of UGX 50 up to any amount depending on KYC level
Amount Interest 1 – 300,000 2% 300,001 – 800,000 3% 800,001 – 1,600,000 4%
Interest Rates – Loans
You can borrow between UGX 3,000 to UGX 1,000,000 depending on your loan limit at a fee of 9%.