The leading telecommunications networks in Uganda include MTN Uganda and Airtel Uganda. These companies provide mobile services, internet connectivity as well as Mobile Money Wallet Accounts.
Recently these mobile phone wallet accounts have started giving out loans to their subscribers.
In Uganda, both MTN and Airtel offer loan services to their customers, providing convenient access to quick cash in times of need. These loan services have become increasingly popular, especially among individuals who may not have access to traditional banking services or who need immediate funds for emergencies.
MTN Loans In Uganda
MTN is the leading network provider in Uganda as well as mobile money transactions. Through MTN mobile wallet Ugandans can access a variety of loans products including:
- MTN Mokash
- MTN Clinic Pesa
- MTN Mopesa
- MTN Mosente
- MTN Extra cash
- MTN Momo Advance
MTN Mokash
This is a MTN facility that enables savings as well as short term credit. To access Mokash loans a customer must at least have saved UGX 50 bob. Mokash loans range from UGX 3000 up to UGX 1 Million with a 30 days loan repayment period at a 9% facilitation fee. To access Mokash Dial*165*5# follow prompts to register.
MTN Clinic Pesa
This is a saving and credit service that is special for medical purposes. The loans are used to clear medical bills. The loans range from UGX 3000 up UGX 3 Million at 7% interest rate. To register Dial*165*44#
Mopesa
Mopesa is a savings and loan facility made available by MTN in partnership with KCB Bank Uganda. Mopesa offer loans between UGX 5000 up to UGX 3 Million. Ugandans can save and apply for short term credit via Mopesa. Mopesa loans are charged as follows: 3 days loan at 2.5% interest rate, 7days Loan at 5% ,14days loan at 7% and 30 days loan at 9%.
Mosente
Mosente is a loan product to MTN subscribers. This is usually the initial loan products many Ugandans access loans via MTN sim card. The loans start from UGX 10000. 14 days Loan is charged at 7.5% while 30 days loan is charged at 8.75%. To register Dial*165*5# follow prompts to register and apply.
Momo Advance
This is an overdraft facility available to MTN subscribers with insufficient balances to complete transactions such as send money, pay bills, buy airtime etc. This facility cannot be withdrawn at an Agent.Momoadvance ranges from UGX 5000 up to UGX 150,000 with a facilitation fee of 2.7% and a 0.5% daily interest rate.
MTN Extra cash
This is a credit facility available to MTN existing Diamond Yellow Subscribers.
Extra cash loans ranges from UGX 1500 up to UGX 900,000. The loans are charged at 7day loan at 6% and 28days loan at 9% interest rates.
To register for Extra cash, Dial*303# follow prompts to register and apply.
Airtel Loans in Uganda
Airtel Uganda provide quick loans to it's customers via Airtel Money wallet accounts. Airtel Money subscribers can access these loans instantly on their mobile phones. These loans include:
- Airtel Quick Loans
- Airtel Wewole Loans
Airtel Quick Loans Uganda
This is a 15 day quick loan product available to Airtel Money subscribers in Uganda. The loan limits depends on ones usage of the line. This product is provided in partnership with Housing Finance Bank Uganda. The loan charges an application fee of 2% with a daily interest rate of 1% . To register Dial
*185* 7*10# follow prompts to register and apply.
Airtel Wewole Loans
Airtel Wewole Loans are provided in conjunction with Jumo. Airtel Wewole Loans limit ranges between UGX 8000 to UGX 50,000 but up 1 million for Airtel agents. Airtel Wewole is charged between 6.75% to 15% interest rates with repayment schedule of 7 ,14 or 21 days. To apply Dial*185*8# follow prompts to register and apply.
In conclusion, the availability of MTN and Airtel loans in Uganda has provided a vital financial lifeline for many individuals, offering convenience and accessibility in times of need. However, it's essential for borrowers to carefully consider the terms and conditions before taking out these loans to ensure responsible financial management and avoid potential pitfalls.
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