MTN Ghana has rolled out a new loan service called the MTN Ahomka Loan. This Mobile Money loan follows in the footsteps of similar products offered by the telecommunications network.
There are already a lot of mobile money loans in Ghana and although not explicitly stated, the new loan is seen by many as a way to ease the financial pain of the lockdown and other COVID-19 effects.
“Ahomka” can be translated as meaning “Emotions” or “Feelings” and this could be MTN Ghana’s response to the plight of the many Ghanaians who are struggling financially.
The loan application is not long and in just one minute, you can complete it.
Requirements for MTN Ahomka Loan
- You should be 18 years and above.
- You should be an MTN Ghana Subscriber for more than 90 days.
- You should be registered on the MTN Mobile Money Service and actively use the Wallet for transactions, including sending and receiving money, purchasing airtime, paying bills among others.
- If your MTN Mobile Money wallet activity is too low, or you have not used the wallet at all, you may not be able to qualify for the MTN Ahomka Loan.
How to get a loan from MTN Ahomka Loan
To borrow money from MTN Ahomka Loan, follow the following steps via USSD your phone:
- Dial *170#
- Choose option 5 (Financial services)
- Choose option 3 (Loans)
- Choose option 3 ( Ahomka Loan)
- Choose option 1 (Get a loan)
- Enter your Mobile Money PIN and hit enter
- Enter option one (View offers)
- Enter the option for your preferred amount (There are usually options available between GHS 50 and GHS 1000)
- Enter option 1 to confirm your repayment plan
- Wait for your Loan to be disbursed into your Mobile Money wallet
Note that not everyone who applies for the loan will receive it. Also, MTN Ghana tends to give bigger amounts to people who usually transact a lot with their Mobile Money and also allow a substantial amount to lie in their wallets for a while.
Ahomka loan has an interest rate of 6.9% which increases to 12.5% when you default. The maximum amount you can receive via the loan is GHS 1000
Also, remember that you will be shown all fees relating to the loan during the application process so keep your eyes out for that.
Be sure to read the full terms and conditions on the MTN Website if you are interested in this loan.