• Latest
  • Trending
MoMoAdvance

MTN Uganda launches MoMoAdvance, customers can now get overdrafts

2 years ago
Apple iPhone 15 Specifications

Apple iPhone 15 Specs, and Price in Uganda

1 week ago
Reverse Airtel Money

How to initiate a reversal and get your money back on Airtel Money

2 weeks ago
Rave on Your Phone

How To Download and Use Rave on Your Phone

3 weeks ago
YouTube

Ugandan Youtubers to begin paying taxes

3 weeks ago
Hide Comments on TikTok Live

How to Hide Comments on TikTok Live as a Viewer

2 months ago
Mark Zuckerberg

5 Apps Mark Zuckerberg Copied and How They Performed

2 months ago
edit WhatsApp messages

Is it possible to edit WhatsApp messages?

3 months ago
Airtel eSIM in Uganda

How to get an Airtel eSIM in Uganda

4 months ago
Starlink Satellite In Uganda

Elon Musk’s Starlink to launch in Uganda by 2024

6 months ago
WhatsApp

Here’s How to Hide Your Last Seen Status on WhatsApp

6 months ago
Uganda Zip Codes

The Complete List of Uganda Zip Codes/Postal Codes

6 months ago
How to get MTN MoKash

How to borrow from MTN MoKash, All you need to know

6 months ago
Techyuzer
  • News
  • How to
  • Featured
  • Reviews
  • Android
  • iOS
No Result
View All Result
  • News
  • How to
  • Featured
  • Reviews
  • Android
  • iOS
No Result
View All Result
Techyuzer
No Result
View All Result

MTN Uganda launches MoMoAdvance, customers can now get overdrafts

Stuff Editor by Stuff Editor
2 years ago
in News
0
MoMoAdvance
Share on FacebookShare on Twitter

MTN Mobile Money in partnership with NCBA Bank has launched a new MTN MoMo overdraft service, MoMoAdvance that will enable MTN MoMo customers to transact beyond their MoMo wallet balances and payback later.

Available to all MTN MoMo customers, MTN MoMoAdvance is an extension of the MTN MoMo customers’ transacting capability, enabling them to continue transacting even when they have run out of MoMo within an approved credit limit.

This development by MTN MoMo follows a successful pilot scheme with about 135,000 subscribers since December 2020. This service is now available to MTN customers that have been on Mobile Money for a minimum period of 6 months, have passed credit scoring based on their usage of Mobile Money and other MTN services. MoMoAdvance is also available to MoMo Agents, Merchants, SMEs and corporate users of MTN MoMo among others.

MoMo customers can use their MoMoAdvance to send Mobile Money, pay for goods and services through MoMoPay, Airtime and bundle purchases, pay bills such as water, electricity, TV subscription among others.

While launching MTN MoMoAdvance, Stephen Mutana, the General Manager MTN Mobile Financial Services said that MTN MoMoAdvance will offer the MTN MoMo customers the convenience of transacting beyond their MoMo wallet balance and payback later.

“MTN MoMoAdvance is a product that we have been working on for some time with our partners from NCBA Bank. We are happy to finally roll it out to all our customers and we believe that it will give them the convenience to transact seamlessly beyond their wallet balances during times of need then pay back later,”

Mutana

Mutana further noted that MoMoAdvance will solve the issue of insufficient MoMo funds that customers face in moments of emergency while transacting with MoMo.

To activate MoMoAdvance customers are required to perform a one-time registration for the MoMoAdvance service through the MyMTN app or by dialling *165*5*3#, select YES to accept Terms and Conditions by entering their Mobile Money PIN. Once approved, the customer’s credit limit is available for usage on an ongoing basis and can be increased proactively based on repayment performance, with no need for a new application when you need to access the limit.

“I encourage all customers to continue actively using MTN services such as MTN MoMo, Data, Voice which improves their credit score over time,”

Mutana added

To distinguish MoMoAdvance from MTN’s loan facility, MoKash, Mutana noted that, unlike the MoKash loan facility where MTN customers can borrow money within their credit limits and pay back in 30 days as they wish, MoMoAdvance on the other hand is an overdraft facility that allows customers use more money than they actually have on their accounts, and the overdraft amount is automatically deducted the next time a customer gets funds on their MoMo account.

MoMoAdvance attracts a one-off access fee equivalent to 2.75% of the amount overdraft used and a daily interest of 0.5% on any outstanding balance. The daily interest shall be charged at the end of each day that the overdraft is outstanding up to a maximum of 45 days. No maintenance fee is charged if the outstanding overdraft amount is settled within the first day. No additional fee shall be charged beyond day 30. Normal MTN Mobile Money transaction charges apply for other transactions done.

Tags: MTN MoMoMTN Uganda
Previous Post

Samsung Galaxy S21: Introduction, Price, and Review

Next Post

How to Enable Do Not Disturb Mode on Samsung Smartphone

Next Post
Do Not Disturb Mode on Samsung

How to Enable Do Not Disturb Mode on Samsung Smartphone

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  • Trending
  • Comments
  • Latest
Mobile Money Charges

MTN Mobile Money Charges (2023 Updated)

March 23, 2023
Loan apps in Uganda

23 Best loan Apps in Uganda for instant loans in 2023

March 23, 2023
Hexing Yaka Prepaid meter

What to do if your Yaka meter shows “Failed” after loading the token

July 15, 2023
Airtel withdraw Charges

Airtel Mobile Money Charges Uganda (2023 Updated)

March 23, 2023
Lycamobile data bundles

How to buy/load Lycamobile data bundles in Uganda

June 22, 2022
Telegram featured

How to Send a Message to Yourself on Telegram?

March 18, 2022
Airtel Money loan

Airtel Money loan (Wewole) in Uganda: Here’s all you need to

49
Hexing Yaka Prepaid meter

What to do if your Yaka meter shows “Failed” after loading the token

37
Lycamobile data bundles

How to buy/load Lycamobile data bundles in Uganda

21
Loan apps in Uganda

23 Best loan Apps in Uganda for instant loans in 2023

10
Lycamobile data bundles

LycaMobile Uganda SIM Card Price, Coverage Areas & Outlets

8
photo 2021 04 05 10 56 41

How to easily acquire a Ugandan passport updated

7
Apple iPhone 15 Specifications

Apple iPhone 15 Specs, and Price in Uganda

September 17, 2023
Reverse Airtel Money

How to initiate a reversal and get your money back on Airtel Money

September 6, 2023
Rave on Your Phone

How To Download and Use Rave on Your Phone

September 6, 2023
YouTube

Ugandan Youtubers to begin paying taxes

September 6, 2023
Hide Comments on TikTok Live

How to Hide Comments on TikTok Live as a Viewer

July 24, 2023
Mark Zuckerberg

5 Apps Mark Zuckerberg Copied and How They Performed

July 12, 2023

Newsletter

  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Terms of Service
Email us: info@techyuzer.com

© 2023 techyuzer

No Result
View All Result
  • News
  • How to
  • Featured
  • Reviews
  • Android
  • iOS

© 2023 techyuzer