MTN Mokash: 10 things you need to know about Mokash micro savings and loans

MTN Uganda recently launched MoKash a micro-savings and loans product that enables MTN Uganda customers to save and borrow money through their mobile phones while earning interest on money saved.

Customers can now save using MTN Mobile Money and to take short term loans without the need for the traditional red tape involved in loan processing. Everything is processed on their mobile phone in record time. Here are some quick facts that you need to know to enjoy the service and the loans no credit offers.

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MoKash is a service offering a combination of micro-savings and loans.

MoKash is a service available for MTN Mobile Money customers that gives them the ability to save using MTN Mobile Money and to take loans on a short term basis. The customer does not require any bank account and doesn’t have to fill out any forms or visit any office, shop, banking hall or service centre

You must be a registered MTN Mobile Money customer to access MoKash

One must be a registered MTN Subscriber and active an MTN Mobile Money user. To register, visit any MTN service centre or shop. One should carry with them any of the following identification documents; LC Certificate, Company ID, Voters Card, National ID, Passport, Driver’s License.

You can save as low as UGX 50 with MoKash

The minimum a customer can save on their MoKash account is UGX 50 and a maximum of 10,000,000/-. All savings earn interest of up to 5 percent. Other details are as below;

Amount Interest
UGX  1 – 300,000 2%
UGX 300,001 – 800,000 3%
UGX 800,001 – 1,600,000 4%
UGX > 1,600,001 5%

You can set up your auto savings feature on MoKash

With the auto-save feature you can schedule savings to happen automatically. You can choose between 3 options; daily, weekly or monthly. You can save any amount. The Interest on savings is accrued and paid quarterly (every 3 months after account is activated).

To access loans. You can access a loan of up to 1,000,000/-

Maximum amount one can borrow is 1,000,000/- at a fee of 9% of the value borrowed and is subject to customer credit limit. The credit limit is computed based on a customer’s usage and utilization of the following services: MTN Voice, MTN Mobile Money and MTN Data and how they use the MoKash Service. It is also influenced by how long the customer has been on the MTN network.


Related Article: A quick Guide to getting mobile money loans in Uganda

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Your loan is repayable in 30 days

The MoKash loan is payable within 30 days. However, you can repay the loan before the due date and borrow again. You can also pay back your loans in installments within the 30 days period. If you pay the loan in less than 30 days you increase chances to grow your MoKash loan limit qualification.

Loans are repaid from your MTN Mobile Money account.

If a customer has funds in their MoKash savings account and/or their Mobile Money account, the loan shall automatically be repaid from these accounts in that order. Any balance on the principal amount of the loan after attempted recovery will attract a roll-over fee of 9% and added to the outstanding principal amount of the loan balance.

You don’t pay ledger fees and transactional charges when accessing loans.

Unlike traditional banking, with MoKash no minimum is balance required. No ledger fees, no transactional charges while moving money between MoKash and MTN Mobile Money will be charged. Mokash is paperless and there is no need to sign any documents to open up and transact with a MoKash account. The service comes with the convenience that allows you to transact from anywhere at any time.

Customers will receive entire loan amount as requested

The customer will be able to receive the full loan amount requested. For example, if a request is placed for a loan of 1,000/-, the customer will receive it in full and will be required to pay back sh1,090 in 30 days.

Any extra paid on the loan is automatically saved.

When a customer pays back their loan but pays extra over and above the amount they owe (principle and fees), the extra amount is automatically transferred to their MoKash savings account. For example if a customer takes a loan of 1,000/-. They are expected to pay back 1,090/- within 30 days. If they pay back 1,500/ the extra 410/- is deposited on their MoKash savings account. –

MoKash activation and credit limit

You can activate your Mokash account by simply dialing *165*5#. Of course you must be an MTN Mobile money registered user. Enter your PIN to accept MoKash terms and conditions which you can read here. An SMS will shortly be sent to you once confirmation is done. Then dial *165*5# again to access the product’s features such as checking your credit limit, loan balance, pay loan, save etc. You must save more on Mokask inorder to grow your loan limit otherwise it will remain at zero if you haven’t been saving.

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6 thoughts on “MTN Mokash: 10 things you need to know about Mokash micro savings and loans

  1. If somebody gets blacklisted what can he do to regain the loan limit after paying back the loan

  2. Have been saving in my mokash for the past 6month but my loan limit doesn’t grow, what could be the problem

  3. How can I get my interest earned on my saving, and I finished three months when started saving with you

  4. Have been saving on my mokash account since i opened it in 2020 up to day my loan limit is still zero what could be the problem please!

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