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MoMo Advance is an overdraft facility provided through the partnership of MTN and NCBA bank Uganda
MoMo ADVANCE REQUIREMENTS/ELIGIBILITY
In-order to use the service, applicants are required to maintain an active subscription to MTN services (MoMo, Data, Voice) and mobile money service for a period of not less than six months.
MoMo ADVANCE REGISTRATION AND APPLICATION
To register, simply dial *165*5*3#, read, understand and accept the Terms and Conditions by selecting ‘YES’ and entering your MTN Mobile Money PIN.
However if the registration is unsuccessful, improve your credit score by actively using the MTN services.
MoMo ADVANCE AMOUNT LIMITS
Loan limits are determined based on the usage frequency of one’s mobile money account i.e the more one uses mobile money, the higher the overdraft limit assigned.
The service can be used as many times as long as it is within the allocated limit. However, the limit can be increased through timely repayments as well as frequently using the MTN services.
On the other hand, the limit may reduce upon defaulting on repayment thereby affecting also credit score.
MoMo ADVANCE INTEREST RATES
The service charges an access fee of 2.75% of the transaction amount plus a daily fee of 0.5% on any outstanding balance.
MoMo ADVANCE REPAYMENT DURATION
Outstanding balances are automatically deducted and cleared as soon as funds are deposited to the MTN mobile money account.
However, the service can be denied to anyone who does not make any deposits for a period of 45 days.
MoMo ADVANCE CONTACTS
Customer helpline 100
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