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How To Get Mobile Money Loans In Ghana; GHS 1,000 In 1 Minute

Here is How To Get Mobile Money Loans In Ghana; GHS 1,000 In 1 Minute. With the introduction of the mobile money services and the advancement in security and cybercrime checks, getting access to quick loans in Ghana is simple, easy and less time-consuming. Due to the measures they put in place (regarding the mobile money services), most companies do not require collaterals before providing their clients with loans.

This has helped in so many ways since everyone can now request quick loans right from their wallets. Thanks to MTN; one of the leading mobile money service providers who made provisions so that lots of people can access loan facilities.

Depending on your credit risk, you can now easily get a loan from any mobile network provider. Aside from the MTN Qwik loan, there are other options which you can choose from to obtain loans from your mobile account.

This is what this article is going to help you explore. You shall be taken through the processes to access quick loans in their various forms. If you are ready, let’s get started!




About the MTN Qwik Loan

This is one of the most known types of mobile money loans in Ghana. And as a result, many might already have an idea about how it operates. Literally, the MTN Qwik Loan is an initiative by afb Ghana and MTN Mobile Money service providers to offer quick loans to subscribers of the MTN Mobile Money service.

This implies that once you are a MTN Mobile Money subscriber, you are at liberty to request or subscribe for a loan as well. But at the very first request for the loan, you might be given a limit on the loan.

What it means is that subscribers can only be given a certain amount of loan based on their MoMo transactions and how loyal they are to the service. Taking actions like, paying your loans on time, into consideration, then you might have your loan limit lifted.

Be reminded that, with the general terms and condition of loans, you will have to pay back your loan with interest. And as usual, you have to be an MTN mobile money subscriber to continue to request for a loan. If you are therefore ready to undertake the subscription for a loan, follow the steps below

  • Dial *170#
  • Then select option 5 that’s, financial service pic
  • Next, choose option 3 for loan
  • After, enter option 1 to register for the loan
  • Enter your mobile money pin to continue
  • Wait for confirmation from MTN mobile money service providers.

You will be sent an SMS to confirm if your loan has been granted or not granted.

If granted, you can withdraw the money from an MTN Mobile merchant or you can withdraw your mobile money at an ATM. But make sure you pay back in time and stand the chance of getting more from MTN.


Fido Loan

This is literally another way to get yourself a mobile money loan in Ghana. FIDO  Money Lending Limited is basically a financial institution based in Accra, licensed by the Bank of Ghana.

With this institution, you can be granted fast and easy short-term loans known as the FIDO Loans if you are a subscriber. Excelling in the one-time ID verification process is what you need along a Mobile Money Account to get to have access to a loan.

Concerning collateral requirements, FIDO does not also require collateral or guarantors just like MTN MoMo Qwik Loan before you are granted a loan.


How Fido Loan Works

  • Get the Fido App on Google PlayStore or AppleStore for free
  • Next, apply for your loan by filling the loan application form.
  • Then you will receive your money instantly
  • Repay on your loan on time stand the chance of winning a higher amount for your next loan

Be notified that you have a limit of GHS 200.00 on your first request for the loan. If you pay back the loan in time, you will be accredited the chance to apply up to GHS 600.00



Smartcash is also another type of loan facilitated by the afb. This financial institution was introduced in the year 2010 and it has come to include a large part of Ghana’s financial sector. They offer other types of loans including the Qwik loan, Smartcash loan and the payroll loan.


The Smartcash is a 30-days short term with very flexible terms and conditions. Within a time span of 24 hours of application, your loan will be granted. And this is also the type of loan that does not require security, collateral or bank account. The loan is transferred to your mobile money account directly. You can equally visit any of their nationwide branches for the loan. Visit their homepage for more information as well as the application portal.


The MTN XpressLoan

This is also a type of loan facilitated by the MTN mobile money platform. It literally allows regular MoMo subscribers to get loans or credit facilities through their phones within minutes.

Any MTN subscriber who already exists can use this loan service to access loans. With this type of loan, there is no need to save or go over certain paper works. Also, the money is sent directly into the applicants MoMo account.


Applying For an MTN XpressLoan Loan

To successfully apply for an MTN XpressLoan loan, the following outlines will guide you through.

  1. Dial *170#
  2. Select option 5 (Financial services)
  3. Choose option 3 (Loans)
  4. After, option 2 ( XpressLoan)
  5. Next option is option 1 (Get a loan)
  6. Then your Mobile Money pin and submit
  7. Enter option 1 (View offers)
  8. Enter the option for your preferred amount (There are usually options available between GHS 50 and GHS 1000)
  9. Enter option 1 to confirm your repayment plan

These are some of the Mobile Money Platforms which allow you to apply for a quick loan in Ghana.

You should give any of them a try if you need a loan. Please let us know in the comment if you have any mobile money loan providers in Ghana that you think should also be listed but we’ve not listed here.


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