MTN Cameroon Makes Savings & Loans Possible with MoMo Kash

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Mtn Cameroon has been working to set up a platform called MoMo Kash which will provide savings and loans for its customers through mobile.

MTN Cameroon has been working to set up a platform called MoMo Kash which will provide savings and loans for its customers through mobile. 

MTN Cameroon is the first to launch a mobile money platform in Cameroon, granting its customers possibilities to carry out transactions such as transfer and receiving of money from one network to another, ATM withdrawals, payment of bills, bank withdrawals through the use of a mobile phone.

Presently, MTN Cameroon is championing the course to enable its mobile money customers apply for small loans and earn interest on the money kept in their mobile money account via MoMo Kash. 


What is MTN MoMo Kash? 

MTN MoMo Kash is a service introduced by MTN Cameroon, that provides customers the ability to save and borrow using their mobile phones. Customers can save while earning interest or take out short term loans at a reasonable fee.

Before now on running the platform, MTN Cameroon depended on the services of Credix Cam a Cameroonian start-up specialized in the field. Moving forward, MTN Cameroon has handed the management of this payment service to a subsidiary of MTN Cameroon i.e. MTN Mobile Money Corporation (responsible for managing electronic money issuance services, and those for depositing and withdrawing funds).


To achieve this successfully, MTN Cameroon has partnered with several microfinance institutions in Cameroon. The reason behind this is, MTN Cameroon will not grant the micro-loans but rather serve as a distribution platform for savings and credit services for the benefit of these financial institutions.

MTN Group, the mother company of MTN Cameroon, has been successful in setting up this savings and loans platform in Ghana, Uganda, Rwanda etc. They expect to achieve this same success in Cameroon. 

MTN Rwanda's Platform: MOKash

How to Subscribe to MTN MoMo Kash

  1. Create an MTN mobile money account.
  2. Dial *126# and Subscribe to MTN MoMo Kash

Cost of Setting an MTN MoMo Kash Account

There is no cost in setting up an MTN MoMo Kash account as it is completely free. 

Conclusion

Should MTN Cameroon finally pull this off, it will be highly appreciated by most of its mobile money customers who will welcome the idea of being able to save and get an interest on their savings as well as the possibility of getting a loan. MTN Cameroon must come through with this as its competition Orange Cameroon has launched its subsidiary Orange bank. However, it is rumored that MTN MoMo Kash will be available in 2021.

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HIPPOTECH GROUP: MTN Cameroon Makes Savings & Loans Possible with MoMo Kash
MTN Cameroon Makes Savings & Loans Possible with MoMo Kash
Mtn Cameroon has been working to set up a platform called MoMo Kash which will provide savings and loans for its customers through mobile.
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