MTN Uganda is has launched a new service called MoMo Advance. Those who have used MTN for a while can tell “MoMo” is Mobile Money. MoMo Advance must be related to Mobile Money. Well, this article explains everything there is to know about Momo Advance.
Contents
What is MTN MoMo Advance?
MTN MoMoAdvance is a service that is extending the funds in your MoMo wallet. In that way, enabling you to do more of your everyday transactions and keep things going on in your life. It does not require re-applying each time you want to access the funds because once approved the facility is always available. Each time you are cashing or depositing into your wallet the outstanding balance on your MoMo Advance is settled.
How does MTN MoMo advance works?
MTN MoMo Advance is a cash overdraft that allows MTN customers to transact beyond how much money they have available in their mobile money wallet. MTN MoMo advance works in a way that if you want to send ugx 40,000 to someone and you only have ugx 5,000, MTN mobile money will ask you if you want an extra loan of ugx 35,000 and by approving it you’ll have got ugx 35,000 cash overdraft. Same process works for bill payments and other transactions on MTN. Note: You can only send/transact money within your MTN MoMo advance limit.
How do I get an MTN MoMo Advance?
First and foremost, for you to start using the service you have to be an MTN user and a regular user of MTN Mobile Money.
These four simple steps are all you need to start getting MoMo Advances:
Dial *165*5#
Choose option 3 — MoMo Advance
Enter your MoMo pin to accept the terms and conditions
MoMo Advance limit will be approved and a message sent to your phone with your limit.
READ: Make online Payments with Mastercard MTN MoMocard
Lastly;
You will be told to wait for a compensation SMS as your request is being processed.
What are MTN Momo Advances’s Terms and Conditions?
You can check out the full terms and conditions here.
How to qualify for MTN MoMo Advance:
You qualify if you have been on MTN Mobile Money for a minimum period of 6 months. And have also passed credit scoring which is based on your usage of MTN Mobile Money and other MTN services.
ALSO READ: Complete guide on using MTN MoMo App
Do you need to opt-in each time you use the service?
Not at all. You only need to opt-in once after reading and accepting the terms and conditions. The MoMo
Advance service is made available until you opt-out of the service.
If you opt-in and the registration is unsuccessful, what do you do?
Patiently continue actively using MTN services (MoMo, Data, Voice) to improve your credit score. It will be worth your while in the end.
Is there an option to opt-out?
Definitely, yes. You can choose to opt-out at any time you wish to. 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.
It is important to know the cost before diving into MoMo Advance.
What is the cost to activate MTN Momo Advance?
Activating a MoMo Advance is free.
An access fee of 2.75% of the advance amount is charged each time you access the MoMo Advance.
A maintenance fee of 0.5% on the outstanding amount is charged every day until this amount is cleared but not exceeding 45 days.
The applicable transaction fees for the MoMo services will still be applied.