As you may have known, MoKash was launched by MTN Rwanda in partnership with Commercial Bank for Africa (CBA) in 2017. MoKash is a ground-breaking savings and loans product that allows registered MTN Mobile Money customers or Safaricom customers to save, earn interest, and take loans on a short-term basis using their phones.
To make this saving and loan platform more effective, MTN Mobile Money customers are giving an app that allows users to save and borrow loans easily. The MoKash loan app is available on the Google Play Store and App Store for iOS users.
This article explains how you can download the MoKash loan app, make good use of it, requirements before starting borrowing loans, interest rate, amount limit, repayment duration, MoKash paybill, and a couple of other useful information.
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MoKash loan requirement
To be eligible for a MoKash loan, the following requirements must be met;
- A Safaricom Phone number
- You must be at least 18 years of age
- You must possess a valid National Identity card
How to download MoKash App
Before you can enjoy the full benefits of this saving and loan platform, you need to install the MoKash App on your phone. To download and install the MoKash app, follow these steps;
- Head over to Play Store (Android users) or App store (For iOS users)
- Search for MoKash app. If you go to the link provided above, you will be directed to the app.
- The first app should be the actual MoKash app, install the app on your phone. After installation, you will have to register.
- To start registration, insert your phone number and enter it into the corresponding empty field to obtain the verification code via SMS.
- After verifying your phone number, create a log in password for any future logins that will be used, confirm the password and click on the ‘Done button.
- Allow data access to the application on the next screen and fill in your profile details such as name, ID, date of birth, location, Email address, Employment details, and 2 emergency contacts.
Note: You can only use a Safaricom phone number for registration.
MoKash Interest rate
The Mokash Loan app charges every user a 20% interest rate irrespective of the loan amount. Say, for example you borrowed KSh 10,000, you have to pay back KSh 12,000. This is one of the downsides of using this app, and the interest rate is somewhat high.
MoKash Amount Limit
Mokash loan app users allow users to borrow any amount from KSh 1,000 to KSh 30,000. Although this amount may be limited for some users if the platform discovers some inappropriate activities or you have some unpaid loans.
MoKash Repayment Duration
Users are giving 8 or 14 days to repay any loan requested, depending on the loan amount. The day starts counting from the day the loan was requested. If the amount loaned is not paid back within this period, customers will be automatically charged more.
How Repay MoKash Loan Using MoKash Paybill Number
To repay the Mokash loan app, customers must give the loan app permission to their phone’s data. You have different options to repay the Mokash loan.
How to repay Mokash Loan via M-PESA
To make a repayment for the MoKash loan via Mpesa, follow these steps:
- Navigate to M-Pesa in your Safaricom menu on your phone
- Select Lipa na M-PESA
- Choose the Paybill option
- Enter the Paybill number 4023691
- For account number, enter your M-Pesa number with which you registered with.
- Enter your repayment amount
- Enter your M-PESA pin
- Confirm that all details are correct and press ‘OK’.
MoKash late repayment Penalties
Late MoKash loan repayments immediately incur a 2% per day cost, as well as the inability to get further or larger MoKash loans.
MoKash loan over Payment
If you overpaid your loans, excess funds will be reversed to your M-PESA account within 15 days after reconciliation of all payments. If your money is not refunded to your M-PESA account, then you have to contact customer care.
MoKash Loan Contacts
- Customer care: 0110835100
- Whatsapp: 0110835101
- Facebook: Facebook.com/mokash-loans
- Email: [email protected]