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MTN Uganda, CBA to provide virtual loans on mobile phones

Telecoms company MTN Uganda and the Commercial Bank of Africa have launched a virtual banking platform designed as a credit facility for the unbanked population, and those lacking collateral and credit history, who are locked out of the loans market.

The service requires MTN Mobile Money users to open a mobile bank account on MoKash, into which they can deposit as little as Ush50 ($0.015) in savings, and borrow up to Ush1,000,000 ($293) repayable at a rate of 9 per cent.

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