MoKash has added 920,000 customers at a rate of 15,000 daily its launch in August. At the currect trajectory, the platform will have over 1 million customers by the end of the week. The platform takes advantage of MTN’s already existing mobile money infrastructure which is linked to a CBA Bank account. This allows an MTN subscriber to experience the services of a traditional commercial bank without the bureaucratic redtape and paperwork. And you can move your money to and fro at no extra charge.
Loans
Customers can process loans as low as UGX 3,000 and as high as UGX 1,000,000 payable over a period of 30 days at an interest rate of 9%. What’s more, the loans do not attract an interest from MoKash at all. We do not know of any bank with such a program in Uganda. This could perhaps explain the about 2,000 loans processed by MoKash per day, with the average loan amounting to UGX 18,000. To date, sources show that over UGX 1 billion in loans has been disbursed via MoKash. Keep in mind that this entire infrastructure was non-existent only 2 months ago.
Savings
Additionally, MoKash savings now stand at over UGX 2 billion, with some reports putting the figure closer to UGX 3 billion. MoKash accepts savings from as little as UGX 50 and there’s no limit to how much one can save. Your savings earn an interest from which you earn quarterly returns depending on how much you have put in. A customer can schedule automatic savings of any amount, daily, weekly or monthly.
MoKash savings: How much you earn
MoKash is a Ugandan clone of Kenyan micro-lending platform M-Shwari, also run by CBA Bank. The only difference being that CBA Bank Kenya partners with Safaricom. Similarly, in Tanzania, CBA Bank TZ calls the platform M-Pawa and the bank partners with Vodacom.
