Mfidie.com

Category: FinTech

  • MTN Mobile Money Down for customers across Ghana

    MTN Mobile Money Down for customers across Ghana

    Update: As at 22:01 GMT, MTN’s Mobile Money service seems to have been restored.

    A lot of customers on MTN Ghana’s Mobile Money service have complained about the service being down for them. Those who are trying to receive money or send are unable to do so as of 21:55 GMT on Tuesday, 19th October 2021.

    The MTN Mobile money outage was first reported to me via a friend around 21:32 GMT today. When using the usual *170# shortcode, I only receive some HTML responses.

    However, one Twitter user @MSBawoni seem to have experienced issues as early as 19:15 GMT.

    A lot of other users on social media platforms have also confirmed that they are having issues with MTN Mobile Money’s services.

    See some of the reactions below:

  • How To Buy Bitcoin Safely In Ghana

    How To Buy Bitcoin Safely In Ghana

    Buying bitcoin in Ghana has become relatively easier now as compared with the past, due to the numerous platforms available for selling and buying bitcoins.

    As we indicated in a previous article How To Withdraw Bitcoin Through Your MTN Mobile Money Account, there are several ways to buy and sell bitcoin in Ghana.

    In this article, we shall look at three ways of buying bitcoin in Ghana for all purposes.

    How To Buy Bitcoin Through Ecurrency4U.net

    Ecurrency4U.net promises to be the biggest and most successful crypto exchange platform in Ghana with millions of Ghana cedis worth of bitcoin exchanged so far.

    They have a huge stock of bitcoin and cash so they are your sure bet portal for selling huge volumes of bitcoin. The steps involved in selling on ecurrency4u.net are listed below.

    1. Visit the site and register for a user account.
    2. Login to your account
    3. Click ‘Buy Ecurrency’
    4. Select Bitcoin from the list.
    5. Select Your preferred mobile money platform as your payment method
    6. Enter the amount you want to buy in Dollars
    7. Enter the mobile money number you wish to pay with.
    8. Enter the name on the mobile money account
    9. Your order will be received upon successful entry of details. If you chose the automatic payment system, you’ll receive a popup on your phone, requiring you to confirm payment for the bitcoin. Kindly dial your pin code and confirm the transaction.
      If you choose to pay manually, kindly copy the number displayed on your screen and make a payment from your mobile money wallet to that number.
    10. In the case of manual payment, take note of your transaction ID as you’ll be required to type it to confirm payment.
    11. Once the payment is confirmed, the bitcoin will be transferred into your Ecurrency4u account instantly.

    How To Buy Through Remitano

    For you to be able to buy bitcoin from Remitano you need to, first of all, have an active remitano account. In the subsequent lines of this article, we shall cover:

    • How to register for remitano account
    • How to place buy order for bitcoin on remitano
    • How to make payment for bitcoin on remitano

    Register For A Remitano Account

    1. Visit Remitano.com and click Login/register
    2. Click on Google under “sign in with”
    3. Enter your email address and enter your email password
    4. You’ll be logged in to your account.
    5. Setup your account by editing your profile.

    Placing Buy Order For Bitcoin On Remitano

    1. Go to your remitano home page and click on ‘buy now‘
    2. From the homepage, you’ll see a list of sellers
    3. Locate the one you wish to buy from and click on buy now
    4. Enter the amount of coin you wish to buy from the seller and click ‘Buy BTC’ to open transaction window.

    Note: “Amount limits” is the minimum and maximum limit of bitcoin that the seller (ad creator) wants to trade. You can only trade within this limit.

    How To Make Payment For BTC On Remitano

    1. Copy the ad creator’s payment method details from the page, call them to verify their payment details and proceed to make payment to that number.
    2. The transaction will automatically switch to “Awaiting payment” mode.
    3. Click on ‘I have made payment‘ and type your Transaction ID into the box provided.
    4. Wait for the seller to confirm that they have received payment from you and then the bitcoin will be released to your wallet.

    How To Buy BTC On Payplux

    Using  Payplux to buy bitcoin in Ghana is one of the most convenient ways of acquiring BTC since it has a simple interface and requires less input.

    Look through the steps provided below to enable you to buy bitcoin using Payplux.

    Register For An Account

    To register for an account,

    1. Visit: Payplux.com and click on “Get started”
    2. Fill in the spaces provided for your phone number (Preferably your mobile money number), your email address, your full name and preferred password).
    3. Click on signup
    4. Check your email account for a link to confirm your email.

    Placing Order For Bitcoin

    To place an order for your bitcoin, you need to first of all access your newly created payplux account first.  After logging in to your payplux account, follow the steps below.

    1. Click on Buy & Sell in your account
    2. Click on Buy
    3. Select the coin you want to buy under the “Buying” tab
    4. Enter the amount to buy in USD (The rate is just below the box where you write the amount)

    The amount you have to pay will appear in a box just beneath that. 5. Click on Buy Bitcoin USD (… GHS)

    Making Payment For Bitcoin On Payplux

    1. Select your payment method (Mobile Money)
    2. Select the preferred network
    3. Enter the mobile number associated with the mobile money account.
    4. Click on ‘Pay Now’ to make payment
    5. Confirm the transaction on your phone when you receive a popup.
    6. The bitcoin will be released into your wallet upon successfully making payment.

    Conclusion 

    The above methods listed for buying bitcoin in Ghana are the ones we have tried and tested and are comfortable with. There are other options including buying from individuals directly. However, this comes at very high risk. Majority of the people who put up ads on social media claiming that they have bitcoin for sale at some very low rates are usually scammers and are only in for your money. In any case, only buy bitcoin from people you know and can trust. If you know of any other ways of buying bitcoin in Ghana, please let us know in the comment box. We would love to update our list based on your comment.

  • Free Mobile Money Transactions and the Cash-Lite Economy in Ghana

    Free Mobile Money Transactions and the Cash-Lite Economy in Ghana

    With the wide-spread use of mobile phone devices, the introduction of Mobile Money (MOMO) in Ghana since 2009 has had quite a significant impact on the Ghanaian economy by reducing unemployment to some extent, developing the payment ecosystem, providing a means of savings for people without access to banks, timely completion of financial transactions, among others.

    More than a decade down the line and the importance of mobile money to the economy cannot be underrated especially during this pandemic where the risk of fomite transmissions through paper money can be reduced by using cashless payment systems.
    In 2020 alone, the volume of mobile money transactions was worth GHS 571.8 billion according to the Deputy Bank of Ghana (BoG) Governor, Mrs. Elsie Awadzi, thus surpassing all other payment platforms.

    The telecommunication companies have mobile money services offered at a little fee per transaction, yet mobile money merchants who aim to maximize their profits have made it costly by introducing unapproved charges.

    They do not comply with the rules of transaction stated by the telephone companies and thereby, discouraging consumer patronage to some extent. This is somewhat due to the poor education of the customer base and the laxity of telcos in monitoring the actions of merchants and enforcing compliance.

    Wow! It’s free. Who would’ve imagined a charge-free mobile money transaction? I transferred a huge sum of money from my Vodafone Cash (VF-Cash) wallet and it incurred no charges. Interestingly, this is a cross-network transaction that I have always known to incur higher transaction rates than transactions on the same network.

    Kudos to the Government for the Mobile Money Interoperability (MMI) initiative and to Vodafone Ghana for making all VF-Cash transfers including those across the MMI platform free.

    This probably is a marketing strategy aimed at increasing the patronage of VF- Cash and thus, the customer base of Vodafone Ghana at large but ruminating on this makes me appreciate the reduction in financial burden on customers too.

    It’s already a year and counting since Vodafone Ghana waived charges on mobile money transfers to all networks yet with the profit motive of most businesses, other networks still charge fees.

    Other telcos should learn, emulate and have Vodafone’s innovation continued even post-Covid. Why?

    Aside from drastically reducing the financial burden on customers, and frustrating hard cash transactions within the pandemic, waiving charges on mobile money transactions will tend to make the service more appealing to the ordinary Ghanaian and effect a rise in patronage, and impacting the incidence of robberies and loss of one’s money.

    As unsafe as our communities and roads can be to move cash, mobile money provides a form of insurance to patrons since they do not have to worry about the risk of attacks by armed men on our highways. In cases of such attacks where mobile devices are lost, one could simply have their SIM cards replaced at almost no cost with their e-cash intact after meeting the requirements.

    As the world migrates to a digital economy, telecommunications companies must change their perspective from mobile money being a means of convenience to it being a necessary luxury, and hence, mobile money charges particularly on person to person (P2P) transactions should be phased out, or drastically reduced and applied increasingly on Person to Business (P2B), and Business to Business (B2B) transactions. It is worth noting that MTN has zero charges for transactions below GHS 100.00. However, more can be done.

    Telecommunication companies like other businesses are inclined to profit-making as they owe financial obligations to shareholders, employees, and the state.

    This could render phasing out charges on transactions an impossible feat but largely compensated for by considering how much revenue these telcos could be losing through the illegal practices of rogue merchants and developing robust measures to curb the illegality.

    That is not to disprove the loss of some revenue but as difficult as it might seem to sacrifice some percentage of the revenue generated from mobile money transactions, we learn from Vodafone that it is possible, and is a step in the right direction to reduce cash in circulation to some extent.

    Mobile money charges on cash withdrawals could have the rates revised to champion the course of a cash-lite economy.

    I believe this initiative can be taken up by the Government through the Bank of Ghana in the quest to develop a cash-lite economy, where a more effective and efficient monetary management of the economy can be done.
    Also, a proper national identification system aiding the registration of SIM cards would help reduce the incidence of money laundering through mobile money services since clients are known through the National Identification System.

    Telecommunication companies should develop robust measures in monitoring their merchants, thus, discouraging the dubious practices that their merchants use in ripping customers off. This would make the mobile money service appealing to many.

    Also, the Government and its regulatory agencies, particularly the Bank of Ghana, National Communications Authority, Economic and Organized Crime Office, etc. should force the hands of these telecommunication companies to work towards zero charges on mobile money transfers to champion the digital economy dream.

    Edmund Terkpernor,
    [email protected]
    8/20/2021

  • Mistakes to avoid when applying for online/MoMo loans in Ghana

    Mistakes to avoid when applying for online/MoMo loans in Ghana

    Loans aren’t always a bad idea if you go about it right. As a businessman, taking a loan could be one of the best decisions for it.

    The problem is that many business owners don’t know how to go about it when applying for a loan. While physical loan applications at banks are time-consuming and full of procedures and on top of that stressful, online applications are far easier.

    Technology has presented us with several online platforms to submit loan applications. Financial mistakes almost always end up costing you money, so I’ll discuss with you a few mistakes to avoid when next you apply for a loan online.

    Don’t settle for a high interest rate

    Fees, terms & conditions, and other extras are all well and good, but no matter how nice they sound, you should never settle for a high-interest rate. There’s just no need! And yet, it can be all too easy to lose sight of the rate you’re going to end up paying.

    When looking for a loan, consider what you’ll be using it for. Maybe you’ll be putting it towards getting your license to start a car business. Once you know what you’ll be spending it on, you can track down a loan that fits the bill and still offers a great rate.

    You don’t repay the loan on time

    The loan process doesn’t end once you’ve been given the money. At a given specific time, you’re going to have to pay the money back. It might sound simple, but you’ll be surprised at how the days will go by and easy it will be to forget that you have a loan to repay.

    This mistake is especially common if this is your first time applying for a loan. While a seemingly harmless mistake, but it could adversely affect your credit score and your chances of landing another loan in the future. 

    Mark payment dates in your calendar, throw a reminder on your phone, or better yet, set up an automatic transfer via online banking so that the payments take care of themselves. It’s that simple!

    Consider your budget

    What are you planning on using this money for – Paying off medical bills? A loan may help you out of a rough financial situation, but it also leaves you with outstanding debt and interest to repay.

    But it can be all too easy to get caught up in the loan pre-approval process and find that you haven’t asked – or answered – the most important question of all: will you be able to repay it. You shouldn’t take loans you can’t be able to pay back just because you can take the loan.

    Consider MTN quick loan; for instance, taking a loan as fast as that can offer you exciting possibilities to take care of whatever you’ve got.

    But borrowing more money than you can afford can quickly see your expenses getting out of hand, which is the last thing you want. Instead, check your budget, add the repayments, and run the numbers. If the application is successful, will you be struggling to keep your head above water? Or will you be able to manage it easily?

    Make such calculations and ask yourself those questions and decide if you need to take that loan.

    Ideally, any personal loan repayments shouldn’t come to more than 15-25% of your income. If it’s more than that, it might be time to consider other ways you can get the money together. Perhaps you could find ways to save a little cash. 

    Don’t apply for loans from multiple online sources

    As easy as taking a loan sounds, you shouldn’t take multiple ones at a time.

    Because even if you take them within a three-day space, it’s still going to be a problem for you when it’s time for you to pay. A business person might argue that the business that he’s going to operate with loans will pay off so he can pay back from loans on time.

    But that’s not true why because even if you’re a salary earner, taking two loans from two online platforms can be very hard on you when you pay back with your salary money. You might end not paying on time because you’ll be contemplating using the money on something else, and that’s going to attract penalties. For instance, there are a couple of online loan platforms in ghana, like Mtn quick loan, Fido money loans and Vodafone loans which was recently introduced.

    Taking loans from MTN quick loan is very simple; you have to follow a few prompts, and you’re done. The same applies to the other loan platforms, so the simplicity might tempt you to apply from all three agencies because you can, but that can cause serious financial problems soon.

    Thinking you can take the loan and refuse to pay

    Most people think because the loans are applied and not in person, they can run away with the money, but they’re wrong. This is because they apply for the loan with your details and these agencies have access to your details, which they can use to trace you.

    Some of these agencies online even make you add a guarantee’s number in the unlikely event that they don’t hear from you. And some people don’t inform the people whose details so when the time for the money comes, and the agencies start calling them, they’ll also be frustrated and give away your location.

    By then, you would’ve incurred a lot of penalties on top of the initial interest, which I’m not sure you thought of when you planned to run away with the money. So basic ideal thing you have to do is take a loan you can afford to pay and make payback at the right time to avoid penalties that you can avoid.

    Conclusion

    Ever since being introduced, online and Mobile Money loans have helped pay fees for students, starting a small scale business amongst others, but for some, it has become a devil to them rather than the angel it is.

    And that’s because they made some mistakes they could’ve avoided, so read through this piece of work and learn some mistakes to avoid when applying for online loans in Ghana.

  • Mobile Money Is Not Enough: Why you Need a Bank Account

    Mobile Money Is Not Enough: Why you Need a Bank Account

    The Mobile Money service is one that has come to stay especially amongst the Ghanaian citizenry.

    For the past eleven years, the mobile money industry has dominated the Ghanaian payment ecosystem with over 20 million people currently using the service in the country.

    In spite of the numerous advantages of the mobile money platform which includes payment of bills, instant money transfer, quick payments and purchase of airtime and data bundles, the Mobile Money service is not entirely a replacement for the traditional banking system.

    In this article, I shall give you reasons why you still need to have a bank account even if you have all the various mobile money platforms available in Ghana.

    The Banking system in itself is a major part of the global financial system and it has been for the past so many years.

    The introduction of the mobile money service was only to make banking easier and faster. Therefore, there are still instances where one needs to have an actual bank account to do some things.

    Transferring Huge Amounts Of Money

    Except you are a Mobile Money agent which also comes with its limitations, you can only send up to 5,000 cedis within every 24 hours on your mobile money account.

    This means if you wish to send money beyond this amount, maybe from 10,000 Cedis and above, the Mobile Money platform may not be a perfect option for you especially if you are not a registered merchant or agent.

    For this reason, you may have to fall back on the traditional banking system where you can send as much money as possible by depositing directly into the account of the recipient.

    This is one of the major reasons why you may not be able to use your mobile money entirely without periodically returning to the bricks and mortar banking halls once upon a long while.

    Seeking Huge Loans For Business Or Personal Needs

    The Mobile money system is a near-perfect replacement for the traditional banking system however, an oldie is always an oldie.

    With your Mobile Money, especially the MTN Mobile Money, users can borrow money from their wallets based on their transactions and how long they’ve been using their mobile money wallets.

    While this is true, an individual can only take up to 1,000 cedis per mobile money account at a time. This makes mobile money loans a short term loan for settling urgent issues.

    However, for those seeking to raise good capital for their businesses and some other personal needs, the need for the banking system is not even up for debate.

    They need to run back to their various banks for support in such situations since banks are able to give out loans to the tune of millions of cedis.

    Limits On Mobile Money Wallets

    Depending on the type of Mobile Money account you have, there are limits on the volume of money you can have in your wallet at any given time.

    For most people, the limit is pegged at 10,000 cedis while others have their limits pegged at 20,000 cedis and 50,000 cedis respectively.

    This means that if you intend saving money in your mobile money wallet, after some time, when your balance exceeds the limit, you would have to go back to your bank.

    So, Mobile Money is in essence, a temporary way of saving money for long-term goals.

    International Money Transfers

    While there are third party software and websites which enable people to send and receive money internationally using their mobile money wallets, it is largely impossible to do that directly from your mobile money wallet.

    For the sake of trust and security, using such third party applications for such money transfers may not always work especially when there are huge amounts of money involved.

    So, in such situations, the safest and most convenient solution is the bank for which you need to have a bank account.

    Conclusion

    In spite of all the good things that the mobile money service has brought to the Ghanaian population especially in terms of payments and money transfers, the Mobile Money platform is not a complete replacement for the old banking system.

    There are still reasons why you need to have bank accounts to supplement your mobile money wallets.

    I hope this article was helpful in opening your eyes to some of these reasons.

    If you have any questions, comments or suggestions regarding the content of this article, kindly let us know in the comment box below or contact us.

    Kindly do well to share this article with friends and family.

  • Jumia Pay: How It Works, Payment Methods & Services that accept it

    Jumia Pay: How It Works, Payment Methods & Services that accept it

    Jumia has generally changed the business landscape in Ghana, Nigeria, Kenya and some other African Markets since its arrival some few years back.

    In fact, Jumia has brought a lot of improvements into sales and delivery in Ghana, Nigeria, Kenya, etc such that many other big and small companies are taking after their lead.

    Aside from Jumia online shopping app, Jumia Foods App, Jumia Travels and many others, Jumia also has a payment application which is gradually becoming a preferred method for online payments, especially on Jumia platforms.

    In this article, we shall focus on what Jumia Pay is about, how it operates and what you can use it for.

    What Is Jumia Pay?

    Jumia Pay is basically an online payment application designed and owned by Jumia to serve as an easy payment method for Africans both on and off Jumia platforms.

    The platform enables users to make payments to many online and offline channels in and outside their country of residence at no extra charge, most of the time.

    How Jumia Pay Works

    Jumia pay is a cross-platform payment app which means it works on several platforms such as the android platform, the IOS platform and also on the web application which is compatible with javascript-enabled browsers.

    So, for anyone to use this app, they must, first of all, have the app installed on their devices then they register for an account and then from there, they can make payments using the platform.

    How To Register For An Account On Jumia Pay

    Registration for a Jumia Pay account comes in two forms. The first way is for individuals who have an existing Jumia Account and the second one is for people who do not have an account with Jumia but are hoping to create an account on Jumia Pay.

    How To Register For Jumia Pay Account If You Already Have A Jumia Account

    If you already have a Jumia account, you probably heard of ‘Jumia One’. With Jumia one, you can use your login details for one Jumia platform to access all other Jumia platforms just like google.

    So, to access the Jumia Pay account with your Jumia account details, follow the steps below:

    1. Click on Sign in when you open your app.
    2. Type the email address associated with your Jumia account.
    3. Click on ‘next’
    4. Enter your Jumia password and select ‘signin’ or ‘next’

    Once you sign in, you’ll see all the details on your Jumia account appear on this app too.

    How To Register For A Jumia Pay Account If You Are Not An Existing Jumia Customer

    For those who do not already have an existing account with Jumia, the process is slightly different from those who already have an account with Jumia.

    Follow the steps below to create your Jumia Pay account:

    1. Click on Sign in when you open the app.
    2. Enter your email address.
    3. Click on ‘Create New Account’.
    4. Enter your preferred password and click ‘Create account’

    Once you do this correctly, you should have access to the Jumia Pay app and the options available in it.

    It takes less than 3 minutes to get this done from scratch.

    What Can Jumia Pay Be Used For?

    Jumia Pay is an all-in-one payment platform and so it covers a wide range of services and products that can be paid for.

    You can buy airtime and data from all telcos in Ghana and Nigeria using the Jumia pay app.

    That’s MTN, Vodafone, AirtelTigo, Glo and Busy Ghana. Airtime and data purchased via this platform do not attract any extra payments or charges. You only pay for the exact amount of data or airtime you are buying.

    You can also use the Jumia Pay app to make payment for utilities, DSTV and GoTV subscriptions.

    For Game lovers, Jumia Pay app gives you the chance to buy gift cards for your favourite video games such as PES, FIFA, Playstation, Xbox Live, Steam, Fortnight and many others.

    Netflix, Google Playstore and Apple AppStore gift cards can also be purchased using the Jumia Pay app.

    Jumia Pay app is also the required app for making payment on all Jumia platforms including the online shopping app, Jumia foods, Jumia Travels and the others.

    Conclusion

    There are many payment applications in Ghana, Nigeria and Kenya providing brilliant services and making payments easier and faster.

    Jumia Pay, however, builds on the trust and authority Jumia has established with the African market to set itself apart, though being a younger brand on the online payment market.

    I hope this article gives you an insight into how Jumia Pay works and what you can use the app for.

    If you have any comments, reservations or questions regarding this article, kindly get in touch with us or leave a comment below.

  • Transferwise: How To Receive Money From Outside To Ghana

    Transferwise: How To Receive Money From Outside To Ghana

    Getting money transferred to you from Outside Ghana to Ghana is one of the most difficult things for most people to do.

    Transferring money from Europe, America or any other part of the world straight to Ghana has not been easy. Most of the services available take a lot of time to reflect the money in the accounts of owners.

    Some also require lots of third parties and may end up reducing the volume of money that arrives in the receiver’s account at the end of the day.

    In this article, We’ll take a look at an app which ensures easy and reliable transfer of money from any foreign country to Ghana.

    What Is Transfer Wise?

    Transferwise is a global financial technology (fin tech) company which provides people the opportunity to send money outside their jurisdiction while maintaining the real exchange rate at the time of sending and also with a very minimal cost.

    How To Send Money Using Transferwise

    1. Register for a free account. To register for a free account, follow the steps below:

    a. Enter transfer wise website and click “register”

    b. Select “Personal” for a personal account or “Business” for a business account. For the sake of this tutorials, select “personal”.

    c. Enter your email address in the space provided for that.

    d. Create a password

    e. Select the country you reside in currently from the list of countries under the “Country of residence” tab.

    f. Click on “sign up”

    g. Your account should be opened in a few seconds.

    2. Click on send money on your user dashboard.

    3. Choose the currency and amount which you want to send under the “You send” box.

    4. Select from the list of three transfer fees, the one that best works for you depending on how fast you want the money to be sent and the kind of transfer you wish to make.

    5. Select the currency in which you want the recipient to receive the money. Eg. USD, EUR etc.

    6. You’ll see the date of receiving below the “recipient gets” box.

    7. Click on continue.

    8. Select the mode of transfer. In this case select “Personal”

    9. Enter your full legal first name and middle names in the first box.

    10. Enter your full legal last name in the next box.

    11. Select your date of birth and enter your phone number.

    12. Enter your address and click continue.

    13. Select the person you’re sending the money to. In this case, select “Someone else”

    14. Enter the email address of the receiver

    15. Enter the full account name of the receiver.

    16. If you know the owner’s account number, Tick the box beneath with “I know their bank details” and enter the IBAN account number of the person. If not, just leave the box empty. The company will send an email to the person requesting for their bank details in your name.

    17. Click on confirm.

    18. Upload a proof of your identity (Passport or license)

    19. Click “start” to verify.

    20. Review all your details and click continue.

    21. Select your payment method and confirm.

    22. Your money should be sent.

    With transferwise’ android and iOS applications available on both google playstore and Apple App Store respectively, you can easily manage your money transfers and keep record of all your transactions.

    Conclusion: Despite the huge number of money transfer apps around, transferwise is a perfect solution for all international money transfer situations since it provides the best rates and charges. While sending an amount of 1, 000 British pounds, one gets to pay either 3.95 or 6.5 GBP as the charge and a mid-market exchange rate too. Also, transferwise is trusted by over 6 million customers with over 13 physical offices across the world and over 5 billion euros sent every single month by users. With these, you should definitely use transferwise on your next money transfer. I hope this article was helpful to you. If you know of any other money transfer apps or if you have any comments to

    Share about this write-up, kindly let us know in the comment box below.

  • Online Lending Companies In Ghana that give Loans to Individuals

    Online Lending Companies In Ghana that give Loans to Individuals

    Loans have become an indispensable part of our daily lives as students, salary workers, business owners and individuals in general.

    In one way or the other, it becomes necessary for you to take some loan to take care of some things.

    Presently, there are many companies in Ghana that offer money lending services.

    However, the need to personalize everything especially using the internet has shifted focus from traditional lending companies to online lending companies.

    With the online lending companies, your privacy is assured as you do not have to join any long queues or walk into any brick and mortar building to get your loan. You can do everything virtually on your phone and from the comfort of your home too!

    In this article, we shall look at some leading online lending companies that work in Ghana, where you can apply for loans.

    Fido Loans

    Fido Loans is a Ghanaian money lending company mainly focussed on giving short term loans to individuals.

    Fido loans is licensed to give loans to Ghanaian locals who are in need of their service.

    The company has an app through which individuals can apply for loans. The app also assesses an individual’s loan application and selects those who qualify for the various loan types.

    For starters, first-timers can only receive up to 200 cedis as a loan from Fido. But as they continue to pay their loans with interest, they may become eligible to receive up-to 600 cedis.

    You can locate their office at 48 Blohum Road, Accra.

    Give them a call via 0302208060.

    Carbon (Formerly Paylater Ghana)

    Paylater or Carbon is another Ghanaian lending platform which operates online and is for all calibre of people.

    The company believes in giving out financial assistance to deserving individuals without the need for collateral or any physical contacts.

    All payments and application are done solely via Paylater’s mobile application which is currently available on Google Playstore.

    With Paylater, you can borrow money from 5 cedis and above depending on how you have been able to pay the previous loan you took and the availability of funds at the time.

    Also, there are no late payment fees with Pay later or Carbon. It’s just your loan amount plus interest.

    You can download the paylater app via this link: https://play.google.com/store/apps/details?id=com.lenddo.mobile.paylater

    You may call their customer care line via 0202228080 or 0501282043.

    For those who want to have physical interactions with them, you can visit their office at House Number 601 Newtown Road, Kokomlemle, Accra – Ghana.

    Express Loan

    Express loans Service is one of the widely used loan services in Ghana for its convenience.

    The Express loans lending service operates on MTN Ghana’s mobile money platform and so it makes it easy for Mobile Money account holders to borrow money once they qualify.

    This company gives individuals short-term loans with a fixed duration of 30 days and an interest rate of 12%.

    Users can take loans up to 1,000 cedis at a time from this company and payback in 30 days.

    To access the Express Loan facilities, follow the steps below:

    1. Dial *170# on your MTN Mobile Money Simcard
    2. Select option 5 for Financial Services
    3. Select Option 3 for loans
    4. Select Option 2 for ExpressLoan

    MTN Qwikloans

    Similar to Expressloan Service, the MTN Qwikloans is an online loan facility made possible by a collaboration between AFB Bank and MTN Ghana.

    With the MTN Qwikloan service, individuals can get loans up to 1,000 cedis at once and repay the amount within one month at an interest rate of 12%.

    Individuals who wish to access the Qwikloan service must readily have MTN Mobile Money active on their sim card.

    Follow the steps below to access Qwikloans:

    1. Dial *170# on your Mobile Phone using your MTN Mobile money sim card.
    2. Select Option 5 for Financial Services.
    3. Select Option 3 for loans.
    4. Selection Option 1 for Qwikloan

    You can locate AFB Bank, the mother institution responsible for the Qwikloan service at 4th Floor, Cocoshe House, off, 1328. A Agostinho Neto Road, Accra.

    You can give them a call via: 0302208343 or call 100 on your MTN Sim card.

    Conclusion

    Everyone gets in a situation where they need to access some loans to pay for some emergencies. If you don’t need any huge amounts of money exceeding 1,000 cedis and you need it urgently, then the companies discussed in this article should be able to help you get the loan you desire.

    If you know of any other online lending companies in Ghana which we should look at, kindly list them in the comment box below.

    Meanwhile, do not forget to share this post with friends and family.

  • MTN Ahomka Loan: Apply for MoMo Loan of GHS 1,000 during COVID-19

    MTN Ahomka Loan: Apply for MoMo Loan of GHS 1,000 during COVID-19

    MTN Ghana has rolled out a new loan service called the MTN Ahomka Loan. This Mobile Money loan follows in the footsteps of similar products offered by the telecommunications network.

    There are already a lot of mobile money loans in Ghana and although not explicitly stated, the new loan is seen by many as a way to ease the financial pain of the lockdown and other COVID-19 effects.

    “Ahomka” can be translated as meaning “Emotions” or “Feelings” and this could be MTN Ghana’s response to the plight of the many Ghanaians who are struggling financially.

    The loan application is not long and in just one minute, you can complete it.

    Requirements for MTN Ahomka Loan

    • You should be 18 years and above.
    • You should be an MTN Ghana Subscriber for more than 90 days.
    • You should be registered on the MTN Mobile Money Service and actively use the Wallet for transactions, including sending and receiving money, purchasing airtime, paying bills among others.
    • If your MTN Mobile Money wallet activity is too low, or you have not used the wallet at all, you may not be able to qualify for the MTN Ahomka Loan.

    How to get a loan from MTN Ahomka Loan

    To borrow money from MTN Ahomka Loan, follow the following steps via USSD your phone:

    1. Dial *170#
    2. Choose option 5 (Financial services)
    3. Choose option 3 (Loans)
    4. Choose option 3 ( Ahomka Loan)
    5. Choose option 1 (Get a loan)
    6. Enter your Mobile Money PIN and hit enter
    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
    10. Wait for your Loan to be disbursed into your Mobile Money wallet

    Note that not everyone who applies for the loan will receive it. Also, MTN Ghana tends to give bigger amounts to people who usually transact a lot with their Mobile Money and also allow a substantial amount to lie in their wallets for a while.

    Ahomka loan has an interest rate of 6.9% which increases to 12.5% when you default. The maximum amount you can receive via the loan is GHS 1000

    Also, remember that you will be shown all fees relating to the loan during the application process so keep your eyes out for that.

    Be sure to read the full terms and conditions on the MTN Website if you are interested in this loan.

  • 3 Things Not To Do If You Want To Get Big Loans On MTN Mobile Money

    3 Things Not To Do If You Want To Get Big Loans On MTN Mobile Money

    Do you want to get big loans on MTN Mobile Money? Have you never qualified for a big loan on MTN before? Are you wondering what you are doing wrong for MTN to give just some small loan?

    If you have any of these questions, then you are in the right place and at the right time. Because after reading this article, you should be getting big loans on your MTN Mobile Money account in just a few weeks.

    MTN Mobile Money is one of the most (if not the most) used mobile money platform in Ghana. Also, they were the first-ever mobile money platform in Ghana to introduce loans in Ghana.

    Getting a loan on MTN Mobile Money is not that difficult but qualifying for a big loan is one of the things that most mobile money users don’t know what to and what not to do.

    3 Things Not To Do If You Want To Get Big Loans On MTN Mobile Money

    If you are not getting a big loan on MTN then it must you are doing some things wrongs. Below are three (3) of such things you must not do if you want to get big loans on MTN Mobile Money.

    Paying Your Loan After The Deadline

    One of the mistakes most people make is that they don’t pay their loans on time. This usually happens when you don’t have enough money in your wallet on the deadline.

    Whether it is intentional or not, MTN checks whether you are committed to your promise by paying your loan on time. Therefore, if you are not able to pay your loan on time, it is assumed that you won’t be able to pay big loans in the future.

    As a result, you will always be given small loans that they think you will be able to pay on time. So, if you want to qualify for big loans on MTN Mobile Money, you always have to pay your loan at least a day before the deadline.

    Not Making Transactions on Your Account

    Secondly, as soon as you take a loan from MTN, you need to make transactions throughout the period of your loan. For example, if you take a loan on 1st January 2021, you must continue to make transactions in your account from the 1st, you took the loan through to the 30th you will pay your loan.

    If you don’t have any transaction to perform, just buy airtime on your account to show that you are still active on the mobile money platform. Once you do this, MTN will recognize your seriousness and will always give you big loans.

    Having Multiple MTN SIM Cards Registered To Your Name

    Another thing you should never do if you want to get big loans on MTN Mobile Money is buying multiple MTN SIM cards all registered to your name. You can have more than one MTN SIM but it shouldn’t be more than three (3).

    Also, you need to make sure that you are not owing on any of the two (2) other SIMs you have. If you are owing, then you will never be able to qualify for a big loan.

    This is because MTN Ghana assumes that you only take the loan and afterward you throw the SIM away. Therefore, if you have more than one SIM card, check whether you are owing MTN or not.

    If you are, then you need to pay the loan in full before you can qualify for a big loan on the other SIMs.

    Conclusion

    In this article, I have recommended some of the things you don’t have to do it if you want to get big loans on MTN Mobile Money.

    Although this tip given in this article is not 100%, once you practice them, you stand a high chance of qualifying for big loans on your MTN Mobile Money account.

    As time goes on, we will be updating you on some of the best tips to secure big loans on MTN MoMo. Also, you can share your suggestions with us in the comments section below.