MTN Mobile Money, in partnership with NCBA Bank, has launched a new MTN MoMo overdraft service dubbed MoMoAdvance which will allow MTN MoMo customers to access advance Mobile Money funds that they can use to complete their MoMo transactions and repay more. late.
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Available to all MTN MoMo customers, MTN MoMoAdvance is an extension of the transaction capacity of MTN MoMo customers, allowing them to continue transacting even when they run out of MoMo under a credit limit. approved.
This development by MTN MoMo follows a successful pilot program with approximately 135,000 subscribers since December 2020. This service is now available to MTN customers who have been using Mobile Money for a minimum period of 6 months, have passed the credit rating according to of their use of Mobile. Money and other MTN services. MoMoAdvance is also available for MoMo agents, merchants, SMEs and MTN MoMo business users among others.
MoMo customers can use their MoMoAdvance to send mobile money, pay for goods and services through MoMoPay, buy airtime and plans, pay bills such as water, electricity, subscription to television, among others.
At the launch of MTN MoMoAdvance, Stephen Mutana, Managing Director of MTN Mobile Financial Services, said that MTN MoMoAdvance will offer MTN MoMo customers the ability to transact beyond their MoMo wallet balance and repay more. late.
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“MTN MoMoAdvance is a product that we have been working on for some time with our partners at NCBA Bank. We are happy to finally extend it to all our customers and ourselves Sensitivity: MTN Group – Internal
We believe this will give them the ability to transact transparently beyond their portfolio balances during times of need and then pay back later, ”Mutana said.
Mutana further noted that MoMoAdvance will solve the problem of insufficient MoMo funds that customers face in emergencies when transacting with MoMo.
To activate MoMoAdvance, customers must complete a one-time registration for the MoMoAdvance service via the MyMTN application or by dialing * 165 * 5 * 3 #, select YES to accept the general conditions by entering their Mobile Money PIN code. Once approved, the customer’s credit limit is available for continued use and can be proactively increased based on repayment performance, without the need for a new app when you need to access the limit.
“I encourage all customers to continue to actively use MTN services such as MTN MoMo, Data, Voice, which improve their credit score over time,” added Mutana.
To distinguish MoMoAdvance from MTN’s loan facility, MoKash, Mutana noted that unlike the MoKash loan facility where MTN clients can borrow money within their credit limits and repay in 30 days as they wish, MoMoAdvance on the other hand is an overdraft facility that allows clients to use more money than they actually have in their accounts, and the overdraft amount is automatically deducted the next time a client gets funds. on his MoMo account.
MoMoAdvance attracts a one-time access fee equivalent to 2.75% of the amount of the overdraft used and a daily interest of 0.5% on any outstanding balance. Daily interest will be charged at the end of each day of outstanding overdraft up to a maximum of 45 days. No management fees are charged if the overdue overdraft amount is settled within the first day. No additional fees will be charged beyond day 30. Normal MTN Mobile Money transaction fees apply to other transactions made.
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