MoKash is a micro-lending service operated by MTN Uganda in partnership with the Comercial Bank of Africa (CBA) that recently merged with NC Bank Uganda to form NCBA Bank. MoKash not only services microloans but accepts deposits and holds savings for its userbase, which we last heard was about 3.5 million and that was two years ago with a last reported transaction value of around UGX 100B.
Now, the service is boasting of over 7 million users thanks to new revelations from NCBA’s CEO Mr. Anthony Ndegwa at a recently concluded event unveiling the new identity of the amalgamated bank.
On top of the 7 million users, he praised MoKash’s contribution to the companies balance sheet, reiterating about the bank’s focus on bolstering its digital presence through the service, with bells and whistles lined up for the service. It could explain why the bank is much invested in the service.
Related:This is what you need to know about MTN’s MoKash
However, what he didn’t divulge into are the transactional values through the service. This would at least paint a clear picture of how much moves through the service apart from the UGX 100B we last heard of in 2018.
This goes on to tell that MoKash has made strides by doubling its userbase in two years after we last got wind of its numbers. For comparisons, MTN’s userbase is around 12M subscribers therefore, MoKash has managed to service over 58% of that Instalbase with micro-loans and other financial products.
Also Read: The state of mobile money growth in Uganda – 2020
