Frequently asked questions
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.
- 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
- Customer can save any amount, not depending on KYC status.
- Access to a loan of up to RWF 300,000
- Loan repayment period is 30 days
- Onetime 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
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.
- Minimum amount is RWF 1,000
- The 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.)
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.
No. You must repay your outstanding loan first before you take another loan.
The loan will be paid off and the extra amount will automatically be moved to your MoKash savings account.
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.
Visit any MTN Service Center or call the MTN Mobile Money helpline – 100.
MTN MoMo App Coming Soon
Send, receive and save with the MTN MoMo app - coming soon!