Mokash is a loan service that provides customers the ability to save and borrow using their mobile phones. Customers or clients can save their while earning an interest rate or take out short term loans at a simple reasonable fee.
The clients or customer does not have to visit any bank for documentation or form feeling at all.
To activate Mokash account a customer should dial the codes given that is to say *165*5# and enter their MTN Mobile Money Account PIN number to continue.
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A simple note is that Mokash can be accessed on kinds of Mobile phones that is to smart phones and these small button or keypad phones.
GETTING STARTED ON MOKASH LOAN SERVICE.👉To use the service you have to be an MTN customer with an active MTN Mobile Money Account.
👉Dial *165*5# to get started and follow the prompts given.
👉You will be prompted to enter your MTN Mobile Money PIN to activate your MoKash account.
SERVICES UNDER MOKASH LOAN.
Savings.
Loans.
My account.
Terms and conditions.
SAVINGS.
With savings you can choose to keep saving manually or even set an automatic saving of any amount which saves your money on your Mokash account on a daily basis as long as you have enough balance on your mobile money account.
Whenever an automatic saving is made your sent a text message to alert you how your money has been deducted from your main account and saved to your Mokash account.
REGISTRATION FEE OR COST.
👉MoKash account activation is free,no single costs provided.
👉 Transactions between MoKash and Mobile Money are free, that is to say Savings, Auto savings, Loans, Loan payment, Account balance check are totally free.
INTEREST RATE ON SAVINGS.
You can save a minimum of amount of UGX 50 up to any amount depending on saving power and ability.
| AMOUNT. | INTEREST. |
| 1 👉 300,000 | 2% |
| 300,001 👉 800,000 | 3% |
| 800,001 👉 1,600,000 | 4% |
| 👉 1,600,000 | 5% |
IINTEREST RATES ON LOANS.
You can borrow between UGX 3,000 to UGX 1,000,000 depending on your loan limit at a fee of 9% for a period of one month.
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Note You can choose to pay back as long as you have cash or else can even choose to be paying in installments and if you choose to default then you will incur a penalty depending on the amount given to you on a certain percentage.