MoKash is a premium mobile only micro savings service by MTN Uganda With commercial banks piling a whole bunch of requirements in order to process a single loan. The Commercial Bank of Africa (CBA) partnered with MTN in 2016 to usher in a convenient credit service to grant mobile money subscribers a new way to earn from their savings. But Guess what? MoKash was welcomed by over 83,000 subscribers in less than 48 hours from the launch. By the time 2016 waved out, over UGX 1 billion was already dished out by the service to a daily growing subscriber mark.
How MoKash works
MoKash is a complete MTN mobile money affiliated option accessed from the loans and savings menu. Henceforth, you can only use the service if you are an MTN subscriber. However, MoKash works on a Save to grant algorithm where you can save money in a separate docket different from your mobile money account. Just like the way you can save with MoKash, it’s absolutely the same way you can borrow money using the service with a shorter repayment schedule.
How to increase your loan limit
A MoKash loan is that one quick pocket cash solution similar to Airtel’s Wewole service. Although Mokash features a whole bunch of terms and conditions to adhere to before requesting a loan. You won’t need any form of physical documents or security to increase your Loan limit, but rather follow these simple tips.
Develop a smooth repayment chat
The earlier you pay an owed MoKash loan, the more your loan limit will receive an extra boost. For instance, If you acquire a MoKash loan and payback in less than a week away from the full month repayment period. The micro savings algorithm adds up a trust tag to your account. Implying the next time you request for a Mokash loan, multiple mechanisms may be on your side. Well, here is how you can repay back a Mokash loan.
- Dial *165*5#
- Select MoKash
- Then Select Loans
- Choose Option 2. Payback a Loan
- Enter the amount you wish to pay followed by the PIN to confirm
Activate the Mokash auto savings option
Auto savings is that one significant feature that can undoubtedly make your loan limit shoot up high. Similar to the manual savings option, MoKash’s autosave is more calculative of how much you save in order to hook you up with a parallel limit.
- Dial *165*5#
- Select 1. MoKash
- Choose 1. Savings
- Select 3: Auto Savings
- Choose to activate Auto Savings
- Select frequency – daily, weekly or monthly
- Choose a day of the week when the autosave is to take effect
- Enter the maximum amount to be deposited into your MoKash Account from your Mobile Money account
- Enter your Mobile Money PIN to confirm
Even though the minimum amount you can save on your Mokash account is UGX 50. Each time you rely on the service and transact with MTN mobile money, Interest rates of up to 5% are credited to your savings. Nevertheless here is how you can check your current loan limit.
- Dial *165*5#
- Select MoKash
- Then Select Loans
- Choose Option 1. Request a Loan
- Enter the amount you wish to borrow followed by the PIN to confirm
