Category: FinTech

For your mobile money account to be useful, you need to be able to access the money it contains. However, if you haven’t used the account for a long time, you may find that it has become dormant and inactive. This article will take a look at what can cause this to happen and offer some tips on how to avoid or overcome it if it does happen to you.

What is dormant account

A dormant account is an account that has had no activity for a period of time. The account may be considered dormant if there have been no deposits or withdrawals for a certain period of time, usually 12 months.

In some cases, the account may be charged a fee for being dormant. The account holder may also be contacted by the financial institution to see if they wish to keep the account open.

What can cause a mobile money account to be dormant?

There are a few things that can cause your mobile money account to become dormant. If you haven’t used your account in a while, your account may become inactive.

Additionally, if you move to a new location or change your phone number, your account may also become dormant. Another thing that can cause your account to become dormant is if you stop using the service for an extended period of time.

If any of these things happen, you may need to contact customer service in order to reactivate your account.

What happens to a Mobile Money account when it becomes dormant

If you don’t use your mobile money account for an extended period of time, it may become dormant. This means that the account is still active, but all transactions have been frozen.

In order to reactivate a dormant account, you’ll need to contact your mobile money provider and follow their instructions.

There are a few reasons why your account may have become dormant in the first place. Maybe you switched to a different mobile money provider, or you simply forgot about your account.

Can a dormant MobilMo account receive money?

If you have a mobile money account that has been inactive for some time, you may be wondering if it is still possible to receive money into that account.

The answer is yes, a dormant MoMo account can still receive money. However, there are some things that can cause an account to become dormant in the first place, and these same things can also prevent money from being received or withdrawn into the account.

One of the main reasons for an account becoming dormant is when one of the phone numbers associated with the account becomes out of service. When this happens, there’s no way to send or receive money on that number because the phone company will not accept any incoming or outgoing calls on that line.

It doesn’t matter if someone changes their number or not; as long as one of those numbers has gone out of service then the account will remain dormant until they get it working again.

Another reason why accounts might become inactive is when a customer fails to login within 90 days, unless they were logged-in within two hours before 9:00 pm and their login expires by default after this period elapses.

Can a dormant mobile money account be active again?

If you have a mobile money account that has become dormant, don’t worry! There are ways to reactivate your dormant mobile money account. The most common way is to visit any nearby customer care office, lodge a complain and you will be assisted.

You can call your network customer care by dialing 100 or 111 on all networks, talk to a customer agent and lodge your complains. The agent will assist you and your account will be reactivated for you to be able to do your transactions again.

If you want to make further enquiries online, visit your mobile network providers website to read more.

If you are an MTN user, visit; https://mtn.com.gh.

Airteltigo users, visit; https://www.airteltigo.com.gh.

Vodafone users, visit; https://vodafone.com.gh.

Glo Ghana users, visit: https://www.gloworld.com/gh.

Today, mobile phones are not just devices for making and receiving calls.

From sending and receiving emails, browsing the internet, marketing and selling goods as well as learning and teaching, the usage of mobile phones has broadened and keeps broadening as we continue to live and use them.

One interesting thing we’ve all come to understand and appreciate with mobile phones (smartphones) is that we can now apply for and receive loans through our smartphones.

There are several loan companies which give out loans to individuals via their mobile phones especially here in Ghana.

This ranges from the Qwikloans to Express loans, Carbon, Fido loans and down to Zidisha loans.

In this article, we shall look at one other loan company which can give you up to GHS 1,000 right on your phone without collateral or any physical meeting or transaction.

Bloomkash is a Ghanaian loan company offering short term loans to Ghanaians via their mobile phones. So, once you have a smartphone to download the Bloomkash application, you have the chance of getting up to 1,000GHS loan from Bloomkash.

Let’s dive into the steps involved in creating an account and securing a short term loan from Bloomkash.

How To Apply For Bloomkash Loans

In order to apply for a loan facility from Bloomkash, the user oughts to own a working smartphone, preferably an android phone. Once you have an android phone, you can proceed with the following steps:

1. Go to google playstore and download the Bloomkash application or click here for the APK.
2. Install the application on your phone and ensure that it is fully and correctly installed.
3. Open the application and click on ‘Apply for loan’
4. Enter your Mobile Money number in the space provided.
5. An SMS would be sent to your mobile number for confirmation. Kindly enter the code in the space provided on the Bloomkash app. In case you don’t see the SMS in a few seconds, kindly wait and click on ‘resend’.
6. You’ll get a notice requesting your permission for Bloomkash to access your photos, your location, your contacts, camera and many other things. Kindly approve all and proceed.
7. On the next screen, click on ‘Apply for loan’.
8. Fill in your first name, your surname, your other names (middle name), your gender, your ID details, your residential address, your employment status, your monthly income, the date you receive your salary, and select if or not you have an outstanding loan and click on next.
9. Fill in your emergency contact’s detail. This should be someone who is very close to you and can guarantee your loan since the company is very likely to call that person. Also, note that the application will take you to your contact list automatically so you can select the emergency contact from your list.
10. Fill in the contact details of your second emergency contact following the same way you did in step 9 above.
11. If your details are accurate enough, you’ll progress to the next stage where you’ll see the loan amount you qualify for, the repayment amount and other details. If you are content with what you see, click on ‘Apply now’.

Congratulations! Your loan processing is done. You should receive your loan in a few moments if you really qualify for it.

Bloomkash Loan Terms, Conditions And Interest Rates

For most people, the loan system operated by Bloomkash may sound too good to be true. However, it is exactly what it is. However, just like any other financial institution, there are some terms and conditions that need to be looked at.

For Bloomkash, the interest rate is charged daily and it varies from between 0.1% daily to 1% daily.

There is a processing fee of 36.5% on every loan accessed via the platform. So if you apply for a loan of GHS 65 for a 91 days term, the processing fee would be equal to GHS 23.7. The interest over the period, however, would be equal to GHS 1.8. So your total repayment amount would be GHS 90.5.

Loan terms on the other hand range between 15 days to 90 days depending on how soon you paid your previous loans.

Finally, loans from Bloomkash are mostly based on the success of previous loans. So, for higher amounts, you should first take smaller amounts and repay them on time so you can qualify for the bigger loans later.

Conclusion

Loans are a reliable source of support in times of emergency. However, for most people, acquiring loan comes at a very huge cost of either processing fee or collateral or several up and down movements.

This makes it a whole lot difficult for those who may need such loans to deal with urgent situations.

In view of this, Bloomkash introduced their online loan system to help people with short term loans from 65 cedis to 1000 cedis in order to help them deal with their problems.

In this article, we looked at the procedure for applying for a Bloomkash loan and the terms and conditions surrounding it.

I hope this article was helpful to you and that you will share it with your friends and family.

Kindly leave your comments, questions and reservations regarding this article in the comment box below.

As mobile money becoming more popular and widely used by Ghanaians, fraudsters on the other hand, are finding new ways and ideas to steal money from mobile money subscribers.

Ttricks that MTN mobile money fraudsters use

Intentionally sending you a message that your mobile money account is locked

This is what they do, you will first receive a text message from a random number telling you your account is blocked and then within a few minutes you will receive a call from them.

Here is the trick, when this fraudster calls you, he will pretend to be a mobile money merchant and has mistakenly sent money to you which was supposed to be sent to someone.

Then the fraudster will continue saying he was afraid you might withdraw the money and that’s why he reported your number for them to block so that you will not be able to withdraw the money.

He will then ask you if you have seen a message like that, definitely you will confirm that you have received a message like that and after that this fraudster will tell you to hold on for him to call the mobile money customer care for them to unblock your number.

Within minutes you will hear this fraudster acting like he is calling the mobile money customer care, someone will pick acting like working in the mobile money office.

The fraudster will narrate the same story to his fraud partner on the phone pretending to be talking from the telco mobile money office.

What he will do is that this man pretending to be talking from the mobile money office will tell you to follow some steps in other to unblock your account.

If you follow the steps, you will later see your account drained as all the procedures they will take you through is not to unblock your account but for them to gain access to your mobile money account and drain it.

Send you a spammy message

This is another trick that these mobile money fraudsters use.

You will receive a message telling you that you have won a mobile phone, television or cash prize and to confirm or claim your gift call this number.

The fraudster will wait for you to call and if you do not call, he will call you and tell you before you can get what you won you need to follow some procedure.

What he will do is that he will tell you to dial some shortcodes and if you don’t hang up the call and stop following him, he will withdraw all the money in your account.

Calls you that your son or daughter has been admitted to the hospital and needs money for blood

I remember receiving such, call here is how they do it, you will receive a call and when you answer it, this man will tell you that your son has been involved in an accident and he has taken your child to the hospital.

He will continue saying your child is on the verge of dying and the doctor is saying your child needs blood urgently.

If he sees that he has gotten your full attention, then he will tell you he is giving the phone to the doctor.

When the supposed doctor collects the phone, he will tell you that you need to send a certain amount urgently for him to buy blood for your child or else your child might die.

What should you do when you receive a fraud MTN Mobile Money Call?

Maybe you might have a child and you might not be with him or her at that time, first tell the person on the phone that you will want to call him back.

If your child is in school, call to confirm that he or she is safe, call home to ask if your child is safe and if you find out your child is safe, please call the mobile money customer care and report the number

Conclusion

Fraudsters in Ghana and elsewhere are every day finding new tricks just to steal money from people, the best thing to do in other to be safe is to stop paying attention to spammy messages and calls.

Getting access to a quick loan in Ghana these days is simple, easy, and less time-consuming. With the introduction of mobile money services and the advancement in security and cybercrime checks, many companies today don’t require collateral before even granting a loan to their customers.

Today, anyone can have access to a quick loan right from their account. The good part is that MTN, which is one of the leading players in the mobile money service here in Ghana has made viable partnerships so the masses can access loan facilities..

You can now easily get a loan from your mobile network provider depending on your credit risk. Apart from the MTN Qwik loan which is one of the popular mobile money loans out, there are other ways to obtain loans right from your mobile account and this article is going to cover that. 

We will show you how to get access to mobile money loans in Ghana and also tell you other types of loans you can apply for. So without wasting further time, let’s nail the bot to the ground.

MTN Qwik Loan

Many of you might have already heard of the MTN Qwik Loan since is one of the most common types of mobile money loans in Ghana. The MTN Qwik loan is an initiative by afb Ghana and MTN Mobile Money providers to offer quick to subscribers of MTN mobile money service.

It’s a short-term, unsecured, cash loan paid into a subscriber’s MTN Mobile Money wallet. As far as you are a subscriber of the MTN MoMo, you can get access to the loan anytime and anywhere you want. At the initial stage, you may have a limit to the loan.

Thus, the providers can only give you the loan base on your MoMo transactions and also your commitment to the service. If you pay your loan on time, then your loan limit will be lifted and you can demand a loan of up to GHS 1,000 from this institution.

Of course, the loan comes with interest. Meaning when paying back your loan, you pay with an additional charge. So if you are ready to get the loan from MTN, you can follow the below steps.

As usual, you must be an MTN mobile money subscriber before continuing to demand the loan because it can only be granted using the service.

1. Dial *170#
2. Select option 5 that’s, financial service pic
   
3. Select option 3 for loan
4. Select option 1to register for the loan
   
5. Enter your mobile money pin for confirmation
6. Wait for confirmation
7. You will get an SMS once your application has been approved.

That’s all, you have successfully gotten the loan now you can withdraw the money from an MTN Mobile merchant or you can withdraw your mobile money at an ATM. But make sure you pay back in time and stand the chance of getting more from MTN.

Fido Loan

Another way to get a mobile money loan in Ghana is through the FIDO loan lending institution. FIDO Money Lending Limited (FIDO) is a financial institution based in Accra, licensed by the Bank of Ghana.

The institution provides fast and easy short-term loans, called FIDO Loans to its customers. To have access to the loan, you will need to pass through a one-time verification of your ID and Mobile Money account.

Just Like the MTN MoMo Qwik loan, FIDO does not also require collateral or guarantors before giving you the loan.

How Does Fido Loan Work?

1. Download the Fido App on the Google Play store for free
2. Apply by filling out the loan application in the app
3. Receive your money instantly
4. Repay on time and get a higher amount for your next loan

NB: You can get up to 200 GHS on your first loan application. Once you pay on time then you unlock the initial limit and now you can apply to be given up to 600 GHS.

Smartcash

As mentioned earlier, the MTN Qwik loan was in partnership with the AFB financial institution offering the loan to its subscribers. The smartcash loan is also another type of loan by afb.

This financial institution was formed in the year 2010 and since then, they have grown to cover a large portion of Ghana’s financial sector. They offer different types of loans including the Qwik loan, Smartcash loan, and the payroll loan.

The smartcash is a short-term loan of up to 30 days, with an easy to understand terms. Applicants can receive the cash within 24 hours of application and this loan also does not require security, collateral or a bank account.

The cash is paid directly to your mobile account or you can visit any of their nationwide branch for the loan. Visit their homepage for more information and also for the application portal.

MTN XpressLoan

Xpress Loan is a borrowing or credit service on the MTN Mobile Money platform that allows regular MoMo subscribers to access a loan/credit facility through their mobile phone in a few minutes.

Existing MTN Customers can use the loan service to access loans. There is no need for savings or paperwork and the money is sent directly into the subscriber/applicant’s MoMo account.

How to borrow money from MTN XpressLoan

To borrow money from XpressLoan, follow the following steps on your phone:

1. Dial *170#
2. Enter option 5 (Financial services)
3. Enter option 3 (Loans)
4. Enter option 2 ( XpressLoan)
5. Enter option 1 (Get a loan)
6. Enter your Mobile Money pin and hit submit
7. Enter option one ( View offers)
8. Enter the option for your preferred amount (There are usually options available between GHS 50 and GHS 1000)
9. Enter option 1 to confirm your repayment plan

Alright, the above mentioned are some of the mobile money or quick loan apps in Ghana that you can apply for today.

You should give any of them a try if you need a loan. Please let us know in the comment if you have any mobile money loan providers in Ghana that you think should also be listed but we’ve not listed here.

The introduction of MTN Mobile Money and other Mobile Money forms has actually positively affected lives across Ghana.

Even those in the deepest villages across Ghana can send and receive money without having to travel to and fro the big cities to access the bank.

While this technology has really eased things for the average Ghanaian, it also comes with its own challenges, one of which is the wrongful transfer of money to different accounts.

At one point or the other in the life of anyone using MTN Mobile Money, they mistakingly send money to different accounts while attempting to make payments or send money to relatives.

As painful as this situation sounds and is, it does not necessarily mean a death sentence.

There are remedies to this situation.

In this article, we shall look at ways of reversing a wrongful transfer on your MTN Mobile Money account.

How to reverse MTN Mobile Money transaction via Customer Care

As soon as you notice that you have sent an amount of money to a wrong number or person on your MTN mobile money account, you have to call MTN Customer care to reverse your transaction. To reverse your MTN Mobile Money transaction, do the following:

1. Call 100 within the first 15 days from the day you made the transaction.
2. Select your language
3. Select Mobile Money
4. Select Wrongful Mobile Money Transaction
5. Select ‘Speak to an Agent’
6. Explain your situation to the agent on the line.
7. Mention the original account you were sending the money to.
8. Mention the account you mistakingly sent the money to.
9. State the exact amount involved.
10. MTN would investigate the situation and send a reversal message to the person within 15 days.

Once the person approves, you should have the money back in your account.

How to do Person To Person Reversal

If you find the MTN agent or customer care approach to be too cumbersome or unyielding, you may want to try the Person to Person reversal method, although this is not recommended

So, for the person to Person reversal, it’s more about luck and how much you can convince people.

1. Find the number you wrongly transferred the money to in your momo transaction message.
2. Call the person and tell them exactly how much you sent to them and the actual number you were sending the money to. Be sure to be calm in your speech and do not act in any funny way to raise suspicions of fraud.
3. Ask them to check their mobile money accounts to confirm if the amount has been reflected in the account.
4. Once they confirm it with you, tell them to send the money back to you kindly. You can even offer them a tip from the total amount as an appreciation.

If done properly, the recipient of the money could send back your money to you as soon as they confirm that the money has truly been sent to their accounts mistakingly.

Conclusion

The best thing you can ever do is to ensure that you double-check your number and the name of the recipient when sending money to someone using MTN Mobile Money.

As easy as the article may have sounded, you have to realize that your ability to receive your money back when sent to a wrong number depends mainly on the recipient.

If the recipient is not someone of honour or a trustworthy person, they may withdraw the money and keep rejecting your calls.

So you have to be very careful when sending monies out.

Kindly share this article with friends and family.