MTN Uganda: 2024 Review of MoKash Loans. Due to their ease of use and flexible financing, mobile loans are now more easily obtained in Uganda than traditional lending products like bank loans, which refuse to lend money to you—even for emergencies—unless you first pass a stringent credit check, have your outstanding debt-to-income ratio calculated, and agree to provide collateral! It can be really annoying.
But with MoKash, why should you be concerned?
MoKash, a mobile lending platform by MTN Uganda, is one of the quickest ways to borrow emergency money on your phone in the nation, regardless of your credit situation.
The first is that all you need to obtain a quick loan is an MTN SIM card that is linked to your ID; you don’t even need to download a specific software on your phone or fill out any paperwork. Additionally, users of this essential financial tool may use their MoKash savings option to save money for future courses or rainy days. Learn more;
What are the requirements for MoKash?
MoKash is a loan service available to MTN SIM card users who;
* Are registered consistent users of MTN Mobile Money
* Have dialed *165*5# USSD to activate MoKash
* Are frequent money savers on MoKash
How do MoKash loans work?
MTN Uganda provides upfront cash for a 30-day period via MoKash. You are able to borrow a maximum of Ush1 million and a minimum of Ush3,000.
Are there any application costs for MoKash? No, although there is an origination fee of 9% when you apply for the loan, which must be paid before any funds are released. Your repayment period will be extended for an additional 30 days with a 9% extension charge if you are unable to make the payments within the first month.
Direct loan transfers are made to the MTN Mobile Money account. To find out your MoKash limit, enter *165*5#.
MoKash Savings Account advantages
Saving money is an excellent strategy to increase revenue while reducing financial strain brought on by life’s uncertainties. Your savings are secure when you use MoKash, and depending on how much is in your MTN MoKash account, you may be able to earn interest of 2% to 5%.
MoKash offers a 2% interest rate on balances ranging from Sh1 to Sh300,000. Your money will grow at a rate of 3% for amounts between Ush300,001 and Ush800,000, and at a rate of 4% in the following tier, up to a maximum of Ush1.6 million.
| Money on MoKash savings account | Interest rate |
| Ush1 – Ush300,000 | 2% |
| Ush300,001 – Ush800,000 | 3% |
| Ush800,001 – Ush1,600,000 | 4% |
| Above Ush1,600,000 | 5% |
Customers of MTN Uganda have the option to select from a daily, weekly, or monthly loan account feature set or from a MoKash Auto Savings Account.
