MTN Mokash is a service that allows customers to borrow and save on their mobile devices. The service also enables your money gain interest on a monthly basis and you are able to borrow from the system at reasonable fees. Mokash is a partnership between MTN Uganda and Commercial Bank of Africa (CBA) one of the Banks licensed by the Central Bank of Uganda.
According to Commercial Bank of Africa, the MoKash Deposit Account is a micro-savings product which allows money to be stored securely for a specific purpose or for an unexpected event in your life.
Mokash customers enjoy the following features when they save with the service:
• No minimum balance
• No charges levied on the account
• No charges for moving money from MTN Mobile Money to MoKash account and vice versa
• Earn up to 5% interest
How MTN Mokash works
• To use the service you have to be an MTN customer and active on MTN Mobile Money.
• To get started Dial 1655#.
• You will be asked to enter your MTN Mobile Money PIN to activate your account.
Activation of an account is free of charge.
Any transactions between MoKash and Mobile Money are free. i.e Savings, Auto savings, Account balance check, Loans, Loan payment.
Interest Rates for Savings
With MTN Mokash you can save a minimum of UGX 50 up to any amount depending on KYC level
1 – 300,000 2%
300,001 – 800,000 3%
800,001 – 1,600,000 4%
Interest Rates for Loans and limits
With the service one can borrow between UGX 3,000 to UGX 1,000,000 depending on your loan limit at a fee of 9%.
Before any transactions are made please be sure to read the terms and conditions for accessing this service. The terms and conditions can be accessed from the MTN Uganda website and the Commercial bank of Africa website as well.