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.

MTN Cameroon has set up a MoMo Kash platform that will provide savings and loans for its customers through mobile. 

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

Presently, MTN Cameroon is championing the course to enable its mobile money customers to 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 allows customers 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 Credix Cam's services, 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. 

This is because MTN Cameroon will not grant the micro-loans but rather serve as a distribution platform for savings and credit services to benefit these financial institutions.

MTN Group, the mother company of MTN Cameroon, has successfully set 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 entirely free. 

Conclusion

Should MTN Cameroon finally pull this off, it will be highly appreciated by most of its mobile money customers. They will welcome the idea of saving and getting interested in their savings and the possibility of getting a loan. However, 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.