MoKash, as you may be aware, was introduced in 2017 by MTN Rwanda in collaboration with Commercial Bank for Africa (CBA). MoKash is a revolutionary savings and loan program that enables registered MTN Mobile Money or Safaricom customers to save, earn interest, and obtain short-term loans using their phones.
MTN Mobile Money clients receive an app that allows them to effortlessly save and borrow money to make this saving and loan platform more successful. For iOS users, the MoKash loan app is accessible on the Google Play Store and the App Store.
This article describes how to get the MoKash loan app, how to use it, what you need to know before you start borrowing money, the interest rate, the maximum amount you can borrow, the repayment period, and the MoKash paybill, and a few other things.
MoKash Loan App Requirement
The following requirements must be satisfied to be eligible for a MoKash loan:
- A phone number from Safaricom
- You must be at least 18 years old to participate.
- A valid National Identity Card is required.
How can I get the MoKash App?
You must first download the MoKash App to your phone to take advantage of all of the platform’s features. Follow these steps to download and install the MoKash app:
- Go to the Play Store
- Look for the MoKash Loan app. If you use the link above, you will be taken to the app.
- After the app is installed on your phone, open the app for the first time.
- Put your phone number into the relevant space to receive the verification code through SMS.
- After validating your phone number, create a login password for any future logins, confirm the password, and click the ‘Done button‘.
- On the next screen, grant the application data access and fill in your personal information, including your name, ID, date of birth, location, email address, employment information, and two emergency contacts.
- Note that you can only register with a Safaricom phone number.
Mokash Interest Rate
The Mokash Loan app charges a 20% interest rate to all users regardless of the loan amount. Let’s say you borrowed KSh 10,000, you will have to pay back Ksh12,000. The interest rate may be high for some people, but when you are lending quick cash, say Ksh5000, you shouldn’t bother about the interest rate.
Mokash Loan Amount Limit
Users of the Mokash loan app can borrow any amount between KSh 1,000 and KSh 30,000. However, this amount may be restricted for some users if the platform detects any inappropriate behavior or if you have any outstanding fees.
Mokash Loan Repayment Duration
Depending on the loan amount, users are given between 8 or 14 days to return the debt. The day begins when the loan application is submitted. Customers will be automatically charged extra if the lent amount is not paid back within this time frame.
How to Repay a MoKash Loan with a Paybill Number from Mokash
Customers must provide the Mokash loan app permission to access their phone’s data to repay the loan. You have a few alternatives for repaying your Mokash loan.
How to Pay Back a Mokash Loan Using M-PESA
Follow these steps to make a Mpesa repayment for your MoKash loan:
- Navigate to M-Pesa on your phone’s Safaricom menu.
- Choose Lipa na M-PESA.
- Select Paybill from the drop-down menu.
- 4023691 is the Paybill number.
- Enter your M-Pesa number, which you used to register, as the account number.
- Enter the amount you want to pay back.
- Fill in your M-PESA pin.
- Check that all of the information is correct, then click ‘OK.’
Late payment penalties for MoKash
Late MoKash loan repayments result in a 2% per day penalty and the inability to get more or larger MoKash loans.
Overpayment on a MoKash loan
If you overpaid your loans, the extra cash would be refunded to your M-PESA account 15 days after all payments have been reconciled. You must contact customer service if your money is not refunded to your M-PESA account.
Contacts for MoKash Loans
- Customer service: 0110835100
- Whatsapp: 0110835101
- Mokash Loans may be found on Facebook at Facebook.com/mokash-loans.
- Mokash’s email address is [email protected]