MTN’s Mokash has over 600, 000 users in just 2 month

Mobile money in Uganda

It turns out controversy has played to Mokash’s favor given the MTN/CBA micro loans & savings product has garnered a staggering number of 600,000 users , in so short the time! The product launched amid an uproar from a section of users who weren’t convinced that the product actually belonged to CBA, given it is tied to only registered MTN mobile money subscribers and so the assertion that it actually belonged to MTN.

The air was cleared by both representatives from big yellow and CBA given the partnership entails CBA to handle product management, the credit risk accrued and balance sheet management as well as the regulatory weight and compliance.

Both MTN and CBA handle customer and brand management while MTN solely handles marketing and distribution of Mokash, as a product. Mokash now counts over 600,000 users, processing an average of 2,000 loans per day with an average loan size of UGX 18,000 – this according to CBA   Managing Director, Isaac Awuondo. The service in particular has been able to achieve this particular feat in just 2months after its launch. CBA went on to say that it has mobilized 3.3 billion Ugandan shillings in cheap deposits in the same period.

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We detailed what you need to know about Mokash here before you decide to take on the service.

Source: Business Daily