How to Borrow From MTN Mobile Money in Cameroon: Online Loans and Savings. Interest Rate for Bank Loans in Cameroon or Lending rates in Cameroon
Finally, Cameroonians can borrow or take loans online from the comfort of their living rooms or coaches.
Borrow Money Online in Cameroon
It is no secret that the MTN Mobile Money (MoMo) and Orange Money services have brushed aside competition from Express Union. Express Union was one of the most promising banking platforms that offered loans and savings in their Mobile Money platform.
However, the tables have turned in favor of MTN and Orange.
MTN Cameroon has set up the MoMo Kash platform to provide savings and loans for its customers through mobile.
The MoMo Cash or 'MoMo Kash" interface unlocks its customer's possibilities to carry out transactions such as transferring and receiving money from one network to another. Also, ATM withdrawals, payment of bills, and bank withdrawals are now possible through a mobile phone.
Interest Rate for Bank Loans in Cameroon or Lending rates in Cameroon
With interest rates for bank loans in Cameroon at 10 percent to 15 percent, MTN is championing the course to enable mobile money customers to apply for small loans at lower interest rates.
Moreover, customers can earn interest on the money kept in their mobile money account via MoMo Kash.
What is MTN MoMo Cash or "MoMo Kash"?
MTN MoMo Cash is a service introduced by MTN that allows customers to borrow and save using their mobile phones.
Customers can save while earning interest or take out short-term loans at a reasonable fee.
MTN Cameroon has partnered with numerous credit unions and microfinance institutions in Cameroon to achieve this loans and savings platform.
MTN Cameroon will not grant the micro-loans but rather serve as a distribution platform for savings and credit services to benefit these financial institutions.
This is not the first time MTN is venturing into the Mobile Money business. It should be noted that MTN Group has set up this savings and loans platform in Ghana, Rwanda, Nigeria, Uganda, etc.
Read Also: Loans For Students in Cameroon.
How to Borrow From MTN Mobile Money in Cameroon? (Online Loans in Cameroon)
To borrow money online in Cameroon, do the following:
- Using your smartphone, create or open an MTN mobile money account.
- Dial the code *126# to access the MTN mobile money service.
- Select 6 to subscribe to the Cameroon Online Borrowing, Loans, and Savings Service.
- You can now borrow, get loans, and earn interest from your savings.
- Setting up an MTN MoMo Kash account is free.