Less than three months after MoKash was launched, MTN Uganda and Commercial Bank of Africa (CBA Uganda) today announced that the product has now signed up more than 1,000,000 customers, marking a remarkable milestone in the growth projections of the product.
MoKash is a micro-savings and loans product that will enable registered MTN Mobile Money users to conveniently borrow as much as sh1 million using their phones. It was launched by MTN Uganda in partnership with CBA Uganda in August.
“We have now signed up more than 1,000,000 customers on the MoKash platform. Supported by the easy-to-use menu, low deposit threshold, and MTN’s robust network of Mobile Money agents, MoKash usage has grown exponentially, reaching people from all walks of life,” said MTN’s General Manager for Mobile Financial Services, Phrase Lubega.
“The speed at which MoKash is growing demonstrates the gap and indeed opportunities that lie in pursuing a true financial inclusion strategy. MoKash is an affordable, simple and convenient service to use with all transactions being completed in only a matter of seconds,” added Mr. Lubega.
CBA Uganda’s CEO Sam Odeke, had this to say about this ground breaking achievement, “since its official launch on 9th August 2016, we’ve registered a total over 1 Million customers and we are happy to note that product uptake has been fantastic. MoKash is the first of its kind in this market and the response we have received so far has been overwhelming. To put this into perspective, at the end of 2015, the entire country had about 5 million bank accounts but today, in a period of two and a half months, MoKash has been able to attract over 1 million customers”. He further added, “The market had been yearning for this kind of product and we are delighted that CBA Uganda has taken the lead in providing a solution that’s already positively impacting thousands of Ugandans”.
Through MoKash, MTN Mobile Money customers have instant access to small loans ranging between sh3,000 and sh1,000,000 instantly on their phones by dialing *165*5# and agreeing to the terms of the service. Customers can also save money with MoKash by simply moving it from the MTN Mobile Money wallet to the Savings Account, available on the same menu.
MTN Uganda’s Chief Marketing Officer, Mapula Bodibe expressed her appreciation for the customers’ confidence in MTN and for embracing MoKash, affirming that it is indeed a revolutionary product.
“Average MoKash loan currently stands at UGX. 18,000/=”
“The rate at which customers are registering for MoKash is testament to the role brands like MTN have come to play in driving easier and more affordable access to savings and credit facilities. We are constantly exploring more meaningful and life changing ways the mobile phone can play in the lives of people and communities,” said Ms. Bodibe.
The average MoKash loan currently stands at UGX. 18,000/= with more than 3,000 MoKash loans a processed every day. Because it happens in real time, many customers are using MoKash to get into the habit of saving while loans are accessed for simple emergencies, personal development and business among other reasons. The more a customer saves money and uses MTN services, the higher their credit limit from which they can access a loan.
Hasifa Nakyanzi, a MoKash user testifies that, “It (MoKash) has helped me a lot, I use the money for business. I started with a limit of 20,000/- which was later increased.”