Insufficient Mobile Money Balance? Use MoMo Advance to Clear Your Bills


A few days ago, MTN Mobile Money Uganda and NCBA Bank Uganda launched MoMoAdvance a service that will offer MTN mobile money customers the convenience of transacting beyond their MoMo wallet balance and pay back later. However, this is not a loan but a cash overdraft.

In lay man’s terms, MoMo Advance is a service offered to qualifying MTN Mobile Money customers to complete their transactions when they have insufficient funds in their MTN Mobile Money wallet.

This is available to all MTN MoMo customers and the MTN MoMoAdvance is an extension of the MTN MoMo customers’ transacting capability, enabling a customer to continue transacting even when they have run out of MoMo within an approved credit limit. This follows a successful pilot scheme with about 135,000 subscribers since December 2020.

As an overdraft facility, MoMo Advance lets customers use more money than they actually have on their accounts and the overdraft amount is automatically deducted the next time a customer gets funds on their MoMo account.

MoMo Advance is open to those who have been using MTN’s mobile money service for a minimum of 6 months, passed credit scoring based on their usage of mobile money, and other MTN services.

Some of the uses from the service include:

  • – Sending mobile money.
  • – Paying for goods and services via MoMoPay.
  • – Clearing bills.
  • – It’s also available to corporates, SMEs, merchants and mobile money agents.

The service attracts a one-off access fee equivalent to 2.75% of the amount overdraft amount used and a daily interest of 0.5% on any outstanding balance. The daily interest shall be charged at the end of each day that the overdraft is outstanding up to a maximum of 45 days.

To activate MoMoAdvance customers are required to perform a one-time registration for the MoMoAdvance service through the MyMTN app or by dialling *165*5*3#, select YES to accept Terms and Conditions by entering their Mobile Money PIN. Once approved, the customer’s credit limit is available for usage on an ongoing basis and can be increased proactively based on repayment performance, with no need for a new application when you need to access the limit.

Launching MTN MoMoAdvance, Stephen Mutana, the General Manager MTN Mobile Financial Services said that MTN MoMoAdvance will offer the MTN MoMo customers the convenience of transacting beyond their MoMo wallet balance and pay back later.

“MTN MoMoAdvance is a product that we have been working on for some time with our partners from NCBA Bank. We are happy to finally roll it out to all our customers and we Sensitivity: MTN Group – Internal believe that it will give them the convenience to transact seamlessly beyond their wallet balances during times of need then pay back later,” Mutana said. Mutana further noted that MoMoAdvance will solve the issue of insufficient MoMo funds that customers face in moment of emergency while transacting with MoMo.

This service is going to take many onto a rollercoaster of being in the comfort of the MoMo wallet. There is no more need to worry about insufficient Mobile Money Balance while clearing your bills.