As Rwandans grapple with the consequences of this pandemic, the two institutions have committed to provide relief to customers as they navigate through this difficult period.
Effective 15th May, all customers who are not able to pay their MoKash loans within 30 days of taking the loan will not be charged a late repayment fee. The late repayment penalty has been extended by 30 days. Customers who fail to repay their loans by 60 and 90 days thereafter will not have their loan limits reduced or cancelled respectively. An additional 30 days have been granted before a customer’s loan limit is reduced or cancelled.
Accessible via MTN Mobile Money (by dialling *182*5#), MoKash is a loan product offered by NCBA and MTN. MoKash provides 30-day term loans at 9% interest. Through MoKash, customers can also open savings accounts with interest of up to 7% per annum.
“As the Coronavirus continues to stir global economic fears, NCBA will continue to support our customers who may be financially affected by the outbreak” said Lina Higiro, Chief Executive Officer, NCBA Rwanda.
She added, “We would like to urge customers to be responsible with the credit solutions to ensure that as a collective we care for each other during this tough time. The Bank shall through MoKash continue to responsibly support all customers through this difficult period”
In addition, in a bid to promote cashless payments, customers will be able to move any amount between their MTN MoMo wallets to MoKash at no additional cost.
Speaking about this Corporate Social innovation, MTN Rwanda’s CEO, Mitwa Ng’ambi said, “We have taken a very frontal approach in engaging our partner NCBA and together we have come up with interventions to support Rwandan citizens and assist in the overall fight of the pandemic. MTN will also leverage its knowledge and infrastructure in the continued participation in the many forums that have been set up to assist those in need.”
NCBA and MTN will continue engaging and working with customers during this time to ensure that they can manage loan repayments.