Summary:
- NCBA Bank Uganda and MTN MoMo launched the “Mo Money with more Mokash” campaign to promote timely loan repayments and responsible financial behavior. Running for eight weeks from May 15th, the campaign offers weekly draws and grand prizes to incentivize users.
IKAMPALA, (Examiner) – In a bid to enhance access to micro-loans and savings, NCBA Bank Uganda and MTN MoMo have teamed up to launch the “Mo Money with more Mokash” campaign. This eight-week initiative, which began on May 15th, aims to incentivize timely loan repayments and promote responsible financial behavior among users.
Miriam Olimi, Digital Communications Manager at MTN, emphasized that maintaining a good repayment history is crucial for accessing larger unsecured micro-loans through the Mokash digital loan product. She explained, “Prompt loan repayments not only boost creditworthiness but also enable customers to secure more substantial and quicker loans.”
Olimi highlighted that the campaign is designed to encourage a culture of timely loan repayments, thereby increasing the number of individuals who can easily access credit when needed. Godfrey Wanambwa, a campaign winner from Kira, shared his excitement, stating, “I heard the adverts on TV and radio but never thought I would win. Using Mokash encouraged me to save and repay my loans. Winning this prize will help me complete my chicken roasting stall and start my business.”
The “Mo Money with more Mokash” campaign includes weekly draws with a prize of UGX 500,000 and three grand prizes of UGX 5 million each at the end of the campaign. Charlotte Matsiko, NCBA Digital Bank-Portfolio Manager, noted that while the campaign aims to encourage loan repayment, most Mokash customers already repay their loans on time.
Matsiko stated, “About 80% of our customers repay well, though some struggle. This campaign is designed to motivate those few to meet their obligations. Digital credit now holds the same weight as traditional bank loans since it’s registered on the CRB. Defaulting can significantly hinder one’s ability to obtain credit elsewhere.”
She also mentioned that the campaign coincides with the school fees season, a period of increased credit demand. This timing helps parents manage school fee expenses by rewarding responsible borrowers with weekly and grand cash prizes.
