How to Raise Startup Capital of Up to GHc1000 From Your MTN Mobile Money Wallet…It Works!!!

mtn mobile money qwik loan

Just like the giant mobile communication companies in Africa, MTN strives to give its subscribers nothing short of the best services when it comes to uninterrupted communication, that’s why MTN GHANA and AFB Ghana have partnered to serve subscribers with a feature called QWIK LOAN.

Follow me all the way to the end of this post as I show a quick tip that will help you raise up to GHc500 – GHc1000 QwikLoan for your startup business.

What is Qwik Loan?

Qwik Loan is an innovative financial solution by AFB Ghana and MTN MoMo that provides a quick and convenient loan to subscribers of MTN MoMo. It’s a short-term, unsecured, cash loan paid into your MTN Mobile Money wallet. The loan is simple and accessible, with no previous savings required. If you pay your loan on time, every time, then you will continue to have access to a loan whenever you need it.

 

How Does Qwik Loan Work?

Dial *170#,  select option 6 and follow the prompts to open an account.

mtn mobile money qwik loan

 

Select 2 to access the QwikLoan service.

You are required to agree to the terms and conditions of Qwik Loan

If you qualify for a loan, you can lend up to GHc100

 

mtn mobile money qwik loan

 

Select 1 to request a loan

mtn mobile money qwik loan

If your application is approved, the Lending Institution shall send an SMS to you to confirm:

  • The Loan Amount
  • the Repayment Amount;
  • The Interest Rate is 6.9%
  • The Due Date

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The Loan Amount

At first start, you may loan amounts ranging from GHc20 – GHc100

If your application is approved, the loan shall be paid directly into your MTN Mobile Money Account.

Repayment of Loans

Repayment of the loan shall happen by automatic deduction of the Repayment Amount from your MTN Mobile Money Account on the Due Date. If any portion of the Repayment Amount remains unpaid after the Due Date any funds deposited into your MTN Mobile Money wallet will be automatically deducted until repayment of the outstanding balance has been made in full.

You may choose to pay the Repayment Amount directly into AFB’s account on or before the Due Date by using the repayment option on the loan menu. No refund of part of the finance charge shall apply in respect of the early settlement of the Repayment Amount.

A penalty of 12.5% of any amount that remains unpaid on the Due Date shall automatically apply if you fail to repay the Repayment Amount in full by the Due Date.

Interest Rate and Due Date

The Interest rate on a QwikLoan is 6.9% regardless of the amount which will be due a month after the loan has been granted and approved.

Tips to raising up to GHc1000

Let’s say you have 5-10 family members and friends on MTN mobile Money, where you can loan up to GHc100 per person, you can raise up to GHc1000.. Yes as simple as that!!

If you have any complaint, query or any suggestions with respect to your QwikLoan, please dial 100 on your mobile phone to contact the Customer Call Centre

That’s all for now folks, have you tried on MTN/AFB QwikLoan? Share your experience with below

 

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