In recent years, mobile financial services have transformed how Ghanaians manage their money, offering unparalleled convenience and accessibility. MTN, a leader in this space, has introduced the MTN Ahomka Loan, a service designed to support customers during financial crises, particularly in response to the COVID-19 pandemic.
The MTN Ahomka Loan is a short-term, unsecured cash loan that is deposited directly into your Mobile Money wallet. It is similar to MTN’s Qwik Loan and Xpress Loan but stands out for its simplicity and ease of access. To apply, all you need is a registered and active MTN phone number.
Whether you need to cover unexpected expenses or manage daily costs, the MTN Ahomka Loan provides quick and convenient financial relief. Read on to learn more about how to apply the terms and conditions, and much more.
Ahomka loan has remarkable qualities of its own while being comparable to MTN Qwik loan in several ways.
About MTN Ahomka Loan
The word “Ahomka,” which means “Emotions” or “Feelings,” may be MTN Ghana’s response to the predicament of the many Ghanaians who are experiencing financial hardship. The MTN Ahomka Loan is a financial service designed to provide quick and convenient short-term cash loans to MTN Mobile Money users in Ghana. Launched to support customers during financial challenges, especially in light of the economic impact of the COVID-19 pandemic, the Ahomka Loan offers a lifeline for those needing immediate financial assistance. All you need is an active MTN MoMo account; neither savings nor documents are required.
Requirements for MTN Ahomka Loan
You need to meet some requirements to land the MTN Ahomka Loan. They include:
- You must be 18 years old or older.
- Be a subscriber to MTN Ghana for over 90 days.
- You should actively utilize the Wallet for transactions, such as sending and receiving money, buying airtime, and paying bills, among other things, and be registered for the MTN Mobile Money Service.
- You might not be eligible for the MTN Ahomka Loan if your MTN Mobile Money wallet activity is too low or if you haven’t used the wallet at all.
How to Qualify for MTN Ahomka Loan
You must consistently top off your talk time balance and conduct transactions using your MoMo account in order to be eligible for a loan.
How to borrow money on Ahomka Loan?
You can follow the steps below to get the Ahomka Loan:
- Just dial *170#
- Choose option 5 (Financial services)
- Choose option 3 (Loans)
- Select option 3 (Ahomka Loan)
- Choose option 1 (Get a loan)
- Select your Mobile Money PIN and tap enter
- Enter option one, “View offers”
- Select the option for the amount you prefer. You can choose from GH₵50 to GH₵1,000.
- Select option 1 to confirm your repayment plan.
- Await the transfer of your loan to your mobile money wallet.
Important notice: Qualification for an MTN Ahomka Loan depends on your transaction history and airtime usage. Additionally, customers must have their SIM cards linked to their Ghana Card to be eligible for a loan.
What is the Interest Rate of MTN Ahomka Loan?
MTN Ahomka loan has an interest rate of 6.9%, increasing to 12.5% when you default. The maximum amount you can receive via the loan is GH₵1,000.
Keep in mind that they will show you any expenses associated with the loan during the application procedure, so keep an eye out for that.
How Much Can I Get From the MTN Ahomka Loan?
The amount you can borrow with Ahomka isn’t fixed. It ranges from GHC44 to GHC150, and it all depends on how well you use MTN. The more actively you use your MTN MoMo wallet and other MTN services like airtime, data, and SMS, the higher your loan limit could be.
Terms and Conditions
If you’re interested in this loan, read the terms and conditions in their entirety on the MTN website. However, you will incur a late payment fee, as stated when you applied for the loan, if you don’t pay your loan balance by the deadline.
How do I Check my Balance
To check your balance on the MTN Ahomka Loan, follow these simple steps:
- Dial *170# on your MTN phone.
- Select option 5 for Financial Services.
- Choose option 3 for Loans.
- Select option 3 for Balance Enquiry.
Alternatively, you can use the MTN MoMo App. Simply navigate to the Loans section and select Balance Enquiry.
Conclusion
The MTN Ahomka Loan has come to stay just like MTN Qwik Loan and other loan products MTN offers their customers. Besides that, there are other Momo Loan you could look out for in Ghana. Or better still, check out other loan offers from network providers in Ghana.
Frequently Asked Questions
1. Why Can’t I Request Another Loan After Paying my Previous Loan?
If you are unable to request another loan after repaying your previous one, it could be due to several reasons:
- A. Late payment of previous loan requests
- B. Ghana Card Linkage: Make sure your SIM card is linked to your Ghana Card, as this is a requirement for loan eligibility.