MTN MoKash review

MoKash pays a headline rate of 2% to 5% on the savings balance, and the rate is variable rather than fixed for a set period. Savings accounts on the site show a median headline rate of 3.08%, so MoKash sits in the middle of that group. Read the current rate before you fund the account.

There is no monthly charge to hold the account: the monthly fee is UGX 0. That matches the no monthly fee model, which 91.7% of the brands on the site also follow, and the median monthly fee here is €0. Deposits and withdrawals from the savings account are also free at any time, so nothing is taken when money moves in or out.

The minimum deposit is UGX 50 to open and hold the balance. That is a low starting point beside the savings accounts on the site, where the minimum deposit runs from €0 at the lower end to €100,000 at the upper end. You can add to the account at any time, so the opening amount need not be the final amount.

Deposits and withdrawals are free at any time from the MoKash Savings account through USSD, and Auto Savings can be set to run daily, weekly or monthly for regular saving. The account is easy access, so there is no notice period to serve and no term to sit out before you take the money out. Everything happens on the handset rather than at a counter.

MoKash is a Ugandan product from MTN Uganda Limited, headquartered in Uganda and built for people saving through MTN channels in Uganda. The opening deposit of UGX 50 is in Ugandan shillings, and money moves in and out of the account by USSD rather than over the counter.

MoKash is run by MTN Uganda Limited, which holds a Bank of Uganda licence under number 80010000662490. The Uganda Communications Commission also appears in the licensing record for MTN Uganda. The licence identifies the regulated provider behind the account, and the number lets you look that provider up in the Bank of Uganda register before you start saving.

Support runs on phone, chat and email, so MTN can be reached by phone, in chat, by email or through the help centre, with more than one route if the first does not answer. Help centre and phone support are the most common routes across the brands on the site, at 86.1% and 79.5%.

MoKash fits someone in Uganda who saves by phone, wants an easy access account and does not want a monthly charge. It suits regular savers who can set Auto Savings to run on a schedule and who want their balance reachable the same day. If you need a fixed rate for a set term, or money locked away for a period, this shape of account is the wrong one.