How to apply for Mobile Money loans in Ghana – Everything you should know


These days accessing quick loans have become a lot easier than before because of the advancement in technology, cyber-crimes checks, and security. As a result, many lenders no longer require collateral before disbursing funds to borrowers. Currently, anyone with a mobile phone can easily access mobile money loans in Ghana.

As you read along, you’ll see the mobile money loans you can access in Ghana and their various requirements.

What is a mobile loan?

A mobile loan is any loan someone applies for using a mobile phone or device. For example, when you use your smartphone to borrow GH₵300, we know it as a mobile loan.

Mobile network providers usually offer these mobile loans to their subscribers. However, borrowers may even get as little as GH₵300 to cover a credit card’s minimum payment. It helps people to borrow small amounts of money to enable them to pay their bills on time.

Meanwhile, those in rural areas that are hard to reach with no banks, are now being financially included. They are enjoying the benefits of financial services, even in their remote areas. Mobile Money is very popular because of the high usage of mobile phones. Also, the use of mobile money has full support from the Ghanaian Central Bank.

What are the requirements for mobile loans?

There are always some requirements to meet when applying for loans. The requirements for Mobile money loans vary across lenders. However, the following requirements are not generally accepted across all the mobile money loan providers. But some providers could need any of them.

They are:

  1. The borrower has to be 18 years old and above
  2. You must have an active account number
  3. Live in an area where there is steady network
  4. Have a source of income; preferably a job
  5. Social security number
  6. Contact information or your home address
  7. Phone number and email address

Note: Some lenders may not need all the requirements mentioned above. Besides that, a lender could need something else that is not in the list above. Therefore, stick to the requirements your lender asks you to meet.

Is it possible to get a mobile loan with a bad credit?

You cannot get a loan approval with bad credit. Meanwhile, they consider factors like credit scores when determining your loan eligibility. The average applicant’s vantage score is only GH₵550.

How can I apply for a mobile loan?

Modern technology has made the lending process for people who like a paper-free process easier. All you need to apply for a loan is just your smartphone. Below are some guide when applying for mobile loan:

  1. Download the app
  2. Input your personal information
  3. Attach required documents
  4. Submit and wait for review
  5. You will receive approval message
  6. They will send the money to you without you visiting the bank.

How fast is a mobile money loan?

Mobile money loan is usually available 24/7. It does not take time to apply. The time frame for application is between 5 to 10 minutes on average. When they approve you, you get an instant loan decision. They will then disburse the money into your bank account within one business day.

How safe is it to apply for a mobile loan with a phone?

Normally people doubt the safety of their personal details while making loan requests through the internet. They’re already weary of being scammed by the internet fraudsters. And whoever has fallen victim to an internet scam would do anything possible to avoid its repetition. That is why most people prefer to visit a lender in person to apply for a loan.

So, ensure that your lender has the right technology to protect your personal details. With that, you can be confident before submitting an application with your mobile device.

Therefore, you can do this by looking at the company’s website address. Sites that are secure always start with ‘https’ rather than ‘http’. Also, check for a green padlock in the URL address bar. The presence of this padlock shows the site is secure and safe. You can confidently apply for a loan using your smartphone.

What are the things to note when downloading and using an app for mobile money loan?

Considering the notable increase of online fraud and theft. There are a lot of things to consider before downloading or installing an app.

They include:

  1. Research thoroughly about the lender before you download the app. Install apps only from trusted sources. Also ensure the company is a legitimate lender.
  1. Download the app only from an established app store, for example: Google Play store and Apple’s App store.
  1. Read and understand app permissions thoroughly before accepting them. Read the information on what the app wants to access. It is only then you could grant it the permission.
  1. Never use public Wi-Fi when operating your mobile loan site or app. Always disconnect from public Wi-Fi networks. It is preferable to use a password-protected network instead.

How often do Ghanaians use mobile money loans?

There’s always a need to know if people patronize a particular loan offer before getting it. In Ghana, one out of five people use the mobile money services to receive and send money on their mobile devices.

Some examples of mobile money in Ghana are: Airtel Money, Vodafone Cash, Togo Cash and MTN Qwik loan. They can use them in making payments for utility bills, school fees, and shopping.

Also, they use mobile money for international remittances. And this allows people to receive transfers directly into their accounts.

How does mobile money loans work?

Mobile money loans help customers to manage their emergency cash needs as fast as possible. The loans are affordable and instantly disbursed out to customers’ bank account or mobile wallet.

The customers will later pay the instant loans back either in 30days, 60days or 90days through post-dated cheques. Or they can make a mobile money transfer to the lender’s mobile wallet.

What are the pros of mobile money loans?

There are many benefits of mobile money loans. When you apply, you stand to gain:

  1. Competitive interest rates.
  2. Processing of loans is quick.
  3. Loan disbursement is quick and easy.
  4. They grant cover to your credit life.
  5. You can apply for a mobile loan anywhere any time.

What are the cons of mobile money loans?

As much as mobile money loans are beneficial. There are few downsides with the use of mobile money. These downsides include:

  1. You must have a smartphone.
  2. If you are struggling with basic functions on a smartphone. You may not know how to apply for a mobile loan with the smartphone.
  3. Your personal information may be at risk with some apps.


You surely can’t overstate the convenience that comes with mobile money loans. No more waiting in long queues at banks to get a travel, business, consolidation or guarantor loan. Possession of a mobile phone is only what you need to kickstart the journey of getting the loan you want. Besides that, you can apply for the loan at any time of the day. And you wouldn’t need to visit any bank or lender to get the loan.

However, prompt repayment of the loans according to your agreement with your lender is imperative. This is because if you can’t repay the loan, they wouldn’t give you another one in the future.

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