What is MoKash?
MoKash is a service available for MTN Mobile Money customers that enables them 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 visit any bank to fill out forms.
What are the requirements to have a MoKash Account?
- Be a registered MTN Subscriber.
- Be a registered MTN Mobile Money customer.
What are the benefits of MoKash?
- Convenience as customers can transact from anywhere at anytime.
- Paperless. There is no need to sign any documents to open up and transact with a MoKash account.
- No minimum balance or ledger fees required.
- Competitive interest rates.
- Access to micro unsecured loans.
How does a customer activate MoKash?
Dial *182#, * your preferred language, then * MoKash and enter your Mobile Money PIN to accept the terms and conditions. This automatically activates your MoKash Account.
Do I need a different PIN to access my MoKash account?
No. Your MTN Mobile Money PIN is what you need to access your MoKash account. Remember to always keep your PIN a secret.
Can I send Money from my MoKash account to another MoKash account?
No you cannot send money from your MoKash account to another customers MoKash account. Use MTN Mobile Money to send and receive money from other customers.
What are the MoKashSavings Account features?
- No minimum balance required.
- No charges levied on the account
- No charges for moving money from MTN Mobile Money to MoKash account and vice versa.
- Interest on savings is accrued daily and paid quarterly (every 3 months after account is activated)
- Interest rate on savings is 7%
What is the minimum and maximum amount that one can deposit? (Move from MTN Mobile Money to MoKash)
- Minimum is RWF 100
- Customers can save any amount, depending on their KYC status.
What are the features of the MoKash Loan?
- Access to a loan of up to RWF 300,000
- Loan repayment period is 30 days
- One time loan fee of 9.0%
- Customer allowed to roll-over debt for another 30 days at 9%.
- Loan is deposited directly to the customers MTN Mobile Money account
Does the customer receive the entire loan request amount, or is the amount received less the loan fee?
The customer will receive the full loan amount requested. If a request is placed for a loan of RWF 1,000, the customer will receive the full loan amount and will be required to pay back RWF 1,090 (the principal borrowed + the interest incurred) in 30 days.
What is the minimum and maximum amount that one can borrow?
- Minimum amount is RWF 1,000
- Maximum amount is RWF 300,000 but is subject to customer credit limit (Your initial credit limit is computed based on your utilization on the following services: MTN Voice, MTN Mobile Money and Data and is influenced by how long the customer has been on the MTN network.)
What is the loan duration?
The loan is payable within 30 days. However, you can repay the loan before the due date and borrow again.
If you pay the loan in less than 30 days you increase chances to grow your MoKash loan limit.
Can a customer have more than one loan at a time?
No. You have to repay your outstanding loan first before you take another loan.
What happens if you pay back more than the loan that you took?
The loan will be paid off and the extra amount will automatically be moved to your MoKash savings account.
If a customer pays back their loan before its due date, will they still be charged the loan fee of 9.0%?
Yes, the 9.0% is a loan facility fee charged on the cost of processing the loan. Early repayment will increase your future loan limit qualification.
If I have any queries on the product, whom do I contact?
Visit any MTN Service Center or call the MTN Mobile Money helpline – 100.
TERMS AND CONDITIONS FOR THE OPENING AND USE OF THE MOKASH ACCOUNT