MoMo
MTN AGENT LOANS – FAQs
1. What is the MTN MoMo Agent Float Loan?
This is a short-term loan product designed for MTN Mobile Money agents to help them access quick financing to maintain adequate float and meet customer demands without interruption. MTN Agents can access this loan facility without the need for collateral and make repayments via the USSD short code, *165*5*2#.
2. Who is eligible to apply for this loan?
The agent should meet the requirements below to qualify for Agent Float Loan.
- Fully registered as an MTN MoMo Agent
- Must be in operation for at least 6-months
- Should earn an average monthly commission of at least UGX 100,000 over the past 6 months.
3. What are the key product features?
The MTN Momo Agent Float Loan is a short-term facility intended to provide quick float to Agents. Key features include the following:
- Minimum loan amount of Ushs. 300,000/- and a maximum of Ushs. 5,000,000/=
- Loan repayment period of up to 7 or 14 days.
- One-off bullet repayment once the loan falls due at 5% penalty rate.
- Comes with an option of early repayment with no penalties.
4. What are the benefits of the Agent Float Loan?
The benefits of this loan include the following:
- Convenient. MTN agents can access the loan via USSD short code *165*5*2#
- Instant. MYN agents can access to funds for operational needs in less than five minutes.
- No collateral security is required to access the loan.
- Longer Tenure. Agents can now access a loan for more than 7 and 14 days.
- Higher Limits. Agents can get upto 10,000,000/= depending on how they use mobile money services and repayment history.
- Flexible repayment. Agents can choose to pay with-in 7-days or 14-days.
5. How do I apply for the loan?
Eligible Agents can apply directly via the MTN Mobile Money platform. The steps to apply are as below;
- Dial *165#
- Choose Option 5 – Agent Loans
- Click Option 2 – Agent Float Loan
(for first time borrowers, you will be required to accept the T&Cs first before taking a loan) - Choose option 1 – ‘Get loan’
- Input preferred amount – Minimum (300,000) Maximum (5,000,000) (as preferred)
- Select the loan term of your choice ( 7 or 14 days)
If the loan is successful, funds will be credited to your MTN Agent account
6. How quickly will I receive the loan once approved?
The loan is instantly disbursed to the agent’s MTN Mobile Money account once approved, ensuring immediate access to funds.
7. What are the interest rates and fees for the loan?
Our Agent Loans offer two repayment options:
- 7-day loan – Interest rate: 3%
- 14-day loan – Interest rate: 4%
To avoid late repayment charges and maintain a good credit standing, we recommend repaying your loan within the agreed period.
8. What happens if I fail to repay on time?
Failure to repay on time may result in:
- Penalties or additional fees(5% of outstanding amount)
- Temporary suspension of access to future AgentFloat loans
9. Can I take multiple loans at the same time?
No, an agent must fully repay an existing loan before applying for a new one.
10. Is collateral required to access the loan?
No, this is an unsecured digital loan, meaning no physical collateral is required. Loan eligibility is determined based on an agent’s transaction history and performance.
11. Can I repay the loan before the due date?
Yes, agents can repay early without penalties, which can improve their creditworthiness for future loan access.
12. How do I grow my loan limit?
- Increase activity on your MTN Momo account by transacting more.
- Early and prompt repayment of your loan.
13. Where can I get more information?
To get more information about the MTN Momo Agent Loan, customers can reach us on;
Helplines: 100 and 128
WhatsApp: 0772122100 and 0772123100
Twitter: @MTNMoMoUG
Instagram: MTNMoMoUG
Or contact your field supervisor.
Visit the MTN MoMo platform for loan application and FAQs.