As the population connected to mobile devices grows by the day, telecom companies are also making it easier to access financial services. This is a success with more banks partnering with industry players to avail streamlined banking services – most especially through USSD. The latest of these is MTN MoPesa by MTN Uganda.
MTN MoPesa is a groundbreaking financial product that merges the convenience of a Savings Account with the accessibility of Instant Loans.
Tailored for MTN Mobile Money customers, it provides a hassle-free solution for managing your finances, achieving your savings goals, and accessing affordable loans—all through your mobile device.
Difference between MTN MoPesa, MoKash, and MoSente
MTN MoPesa is born out of a partnership with KCB Bank; and it is a savings and loans platform. The beauty about it is that you can choose between a Regular Savings Account or a Fixed Deposit Account with a minimum amount of UGX 500; and you can also choose more options for loan payments for amounts up to UGX 3,000,000.
This is not so different from MoKash, which is a product of a partnership with NCBA Bank. With MoKash, you can save a minimum of UGX 50 up to any amount depending on KYC level; and can borrow up to UGX 1,000,000.
As for MoSente, which is delivered in partnership with JUMO, you can only access loans – no savings.
Getting started with MTN MoPesa
Accessing MTN MoPesa is as simple as dialing *165*45# on your mobile phone. From there, you need to accept the terms and conditions; after which you can choose between “Savings” or “Loans” to kickstart your journey. The MTN MoPesa service is available to all MTN Mobile Money customers with an active Mobile Money wallet.
How to Open an MTN MoPesa Savings Account
Dial *165*45# and select “Savings”. You can then start saving, with a minimum deposit of as little as UGX 500.
Key Features of Savings Accounts
- Seamless movement of funds between Mobile Money wallet and Savings Account.
- Attractive interest rates on both Regular and Fixed Deposit Savings Accounts.
- Automated Savings feature for effortless savings growth.
- Real-time balance tracking on your mobile device.
How to Request an Instant Loan on MTN MoPesa
Dial *165*45# and select “Loans” to request an instant loan.
Loan Terms and Flexibility
- Quick loan approvals credited directly to your Mobile Money account.
- Use the loan for any Mobile Money service—send money, buy airtime, pay bills, and more.
- Flexible repayments: Repay partially or in full at your convenience.
- Multiple loan requests before reaching your credit limit.
- Instant loan availability upon full repayment.
