MoMo Kash review

MoMo Kash pays a fixed rate, with a headline rate of 7.5% to 15%. Fixed means the figure is set when the arrangement starts and holds for the term rather than moving with policy rates. The site median headline rate is 3%, so this sits above the middle of the market the site tracks.

The term is 0.5 to 1, which is short. The site median term is 12, so a fixed account of this length suits a defined goal that ends soon rather than a pot you expect to grow for years. A longer term would suit someone saving at a slower pace.

Monthly fees of XAF 300 to XAF 500 apply on the fixed account while it runs, and that is the figure to weigh against the 7.5% to 15% rate. The site median monthly fee is €0, and accounts with no monthly fee make up 91.7% of the market, so this one sits outside the fee-free norm.

Joining is done from the mobile money menu, and it needs an identified MTN SIM, an active MoMo account and a period of activity on that account. Applicants must be adults. MoMo Kash is run by MTN Cameroon Limited in Cameroon, so the mobile money account is the starting point.

Repayments are taken by auto debit from the mobile money wallet, so the amount due is collected automatically. The collection sits inside the 0.5 to 1 term and comes from the MoMo account held with MTN Cameroon Limited, so the wallet needs to hold the money on the collection day.

MoMo Kash is a fixed account run on a fixed rate basis, so the return is agreed at the start rather than reset periodically. Fixed accounts account for 17.2% of the savings products the site tracks, and most of those are easy access, so this one behaves differently day to day.

Support runs on phone, email and help centre, so phone and email are both open to you and the help centre carries the detail. Phone support is common in this category, listed for 79.5% of the savings accounts on the site, so the route is familiar rather than unusual.