How does MTN MoMo advance work?

MoMoAdvance attracts a one-off access fee equivalent to 2.75% of the amount overdraft used and a daily interest of 0.5% on any outstanding balance . The daily interest shall be charged at the end of each day that the overdraft is outstanding up to a maximum of 45 days.

What is the limit on MTN Uganda MoMo?

Access to your MoMo account while roaming for FREE. Access to your account statement using the MoMo App is FREE. Account Limits: Minimum transaction amount: UGX 500 Maximum transaction Limit: UGX 5,000,000 Minimum account balance: UGX 0 Maximum…

What is the limit of MoMo?

Under the new adjustments, MTN MoMo has bumped up the daily transaction limit for minimum accounts from GHS2,000 to GHc3,000 . Additionally, the daily limit for medium account types has been raised from GHc10,000 to GHc15,000.

How to get a loan on MTN Mobile money?

You can access a loan between UGX 3,000 and up to UGX 1,000,000 depending on your loan limit with a 9% facilitation fee. Loan is deposited directly to the customers MTN Mobile Money account. To get a loan dial *165*5#, select MoKash, then Loans and follow the steps.

What is the maximum mobile money balance in Uganda?

Maximum account balance: UGX 20,000,000 .

Can I withdraw money from MTN MoMo?

To do this, they need to log into the MoMo app or log in using the USSD menu. They must then select the Cash-out” option, followed by “Cash-out at a Nedbank ATM or any of the participating stores”. Then, select the amount to withdraw between R50 and R3 000. The screen will show the user the voucher number.

Why can't I borrow money from MTN?

Below are some reasons: If you have an outstanding loan balance . Late payment of previous loan requests. If you are currently not fully registered in the ongoing SIM registration exercise.

What is MTN XtraCash in Uganda?

XtraCash offer you a convenient and instantaneous way to get a cash loan for MTN existing Diamond Yello subscribers .

How much does MoMo charge for withdrawal?

Changes in Cash-Out Fees on MTN Momo from March 2024 Here's the new breakdown: Cash-out of GHC 50 and below: Remains GHC 0.50 . Cash-out between GHC 50 – GHC 1000: Remains 1% of the amount. Cash-out between GHC 1000 – GHC 2000: Now 1% of the amount (previously a flat fee of GHC 10)

Can MoMo transfer money?

International Transfers is a service that allows MoMo customers to send and receive money (cross border payments) to their family, friends, individuals within and across Africa .

Is MoMo MTN mobile money?

What is MTN mobile money? MTN Mobile Money (MoMo) is a mobile money solution that allows you to keep money, send and receive payments and make purchases from your mobile phone.

What are the benefits of using MoMo pay?

The mobile money service provides users with a secure and straightforward way to handle their financial transactions, eliminating the need for traditional banking methods . MTN MoMo users enjoy the flexibility of conducting transactions anytime, anywhere, contributing to a seamless and efficient mobile money experience.

MoMo Advance - MTN Uganda (2024)

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MoMo

MoMo Advance

What is MoMo Advance?

MoMo Advanceis a service offered to qualifying MTN Mobile Money customers to complete their
transactions when they have insufficient funds in their MTN Mobile Money wallet.

What are the requirements and how do I activate MoMo Advance?

The service is available to customers that have been on MTN Mobile Money for a minimum period of 6
months and passed credit scoring which is based on their usage of MTN Mobile Money and other MTN
services.

Is there an option to opt out of the service?

Yes. You can choose to opt-out at any time. You will need to ensure that any outstanding balances are
settled before you opt-out. To opt-out, a customer can dial*165*5*3#, then select Option 4 to opt-out.

How many MoMo Advance accounts can I open?

Only one MoMo Advance can be opened on an MTN Mobile Money number and the limit will be
determined based on your day-to-day usage on your Mobile Money Account.

How do I find my MoMo Advance account details?

Dial*165*5*3#and Select option 5 for Info. Each time you transact using MoMo Advance, you will
receive a notification with the outstanding MoMo Advance amount.

How many times can I use MoMo Advance?

You can use it as many times as needed within the allocated MoMo Advance limit.

Which MTN Mobile Money transactions can I complete using MoMo Advance?

You are able to use a MoMo Advance for Send Money, MoMo Pay, Buy Goods and Services, Pay bills,
Airtime and Bundle Purchases.

How do I use my MoMo Advance limit?

All you need to do is transact normally on MTN Mobile Money and if you have insufficient funds, MoMo
The advance will cover the difference if it is within your limit.

How do I increase my MoMo Advance limit?

Continue using MTN and MTN Mobile Money services frequently and clear your MoMo Advance on time
by toping up your MTN Mobile Money account.

When does my MoMo Advance limit reduce?

When you default on paying your MoMo Advance, your credit score reduces and so does your available
MoMo Advance Limit.

Can I withdraw money from MoMo Advance?

No, you cannot withdraw funds from MoMo Advance.

How much will I be charged for using MoMo Advance?

Each time you access an amount on your MoMo Advance you will be charged an access fee of 2.75% of
the transaction amount. If there is an outstanding balance on the MoMo Advance you will be charged a
daily interest of 0.5%. The daily interest will be charged at the end of each day that the MoMo Advance
has an outstanding balance. No interest will be charged if the outstanding balance is settled.

Normal MTN Mobile Money transaction charges apply for the transaction.

How will I repay my MoMo Advance?

Any funds received or deposited in your MTN Mobile Money account will automatically be used to clear
your outstanding MoMo Advance, interest and fees.

Are there any penalties for late payment?

You will not have access to your MoMo Advance limit if you do not make any deposits to your MoMo
Advance for a period of 45 days.

What is the minimum and maximum amount I can send inclusive of the MoMo Advance?

Normal MTN Mobile Money daily limits Apply (UGX 500- 7,000,000)

Will I get money reversed if I send/pay to a wrong number/till and had used MoMo Advance?

Normal MTN Mobile Money reversal process applies.

Is MoMo Advance a loan product?

MoMo Advance is a type of loan product, however the difference is that you are able to overdraw on
your MTN Mobile Money wallet to complete transactions when you have insufficient funds and the
outstanding balance is settled once you deposit into your MTN Mobile Money.

Can I get a MoMo Advance if I have a MoKash loan?

Yes, a customer can access MoMo advance as long as they qualify for MoMo Advance and are still within
the stipulated loan repayment period for their MoKash Loan.

How can I get Customer Support about MoMo Advance?Question

Send WhatsApp to0772123100
Call toll-free Customer helpline at100
Visit any of our Service Centers.

MoMo Advance - MTN Uganda (2024)

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MoMo Advance

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