MOMO LOAN SERVICES(Qwikloan,Xpressloan and AhomkaLoan)

MTN has partnered with Afb Ghana, Ecobank and Absa (Formerly Barclays Bank) to offer mobile loan product to their customers.

Latest addition to the list of providers is – AhomkaLoan from ABSA (Formerly Barclays Bank)

The service makes it possible for unbanked customers to have the opportunity to access small credit facilities.

Customers can build their profile through good repayment behavior and be able to take loans with more favorable terms (credit worthiness) —borrowing more money for a longer duration and at a lower cost

The service is available under the MoMo USSD menu (*170#)

The service has been approved by the Central Bank

The offer is a 30-day loan service. Loan can be repaid at the end of the 30days or in installment within the 30 days.

Customers will now see Qwikloan, Xpressloan and AhomkaLoan on the *170# menu to access a loan

Only one provider will be available to give the customer a loan at any point in time.

Customers will be redirected to take a loan from the available provider if they are unable to access from the selected provider

Customers will be unable to access a new loan if they have an outstanding loan with any provider

Loan is automatically deposited into customer’s account

For repayment customers can deposit money into their wallet before the due date.

Deduction is automatically done once there is sufficient funds in the wallet.

Customers can also repay loan manually at any time by selecting the “Repay loan” option on the menu.

Customers can Dial *170# select “Savings and Loans” and then select the “Balance Enquiry” option under each of the loan provider to know their loan balance

The interest payment is 6.9% per month. If repayment is not done on time a once off 12.5% penalty fee will be applied to the outstanding balance

JUMO portal will indicate which provider customer accessed a loan from/ have an outstanding loan at any point (Qwikloan/Xpressloan)

Interest rate of 6.9% remains the same for both Qwikloan, Xpressloan and Ahomka

Default penalty of 12.5% remains same for both Qwikloan, Xpressloan and Ahomka