In Uganda, you can borrow cash with Airtel Wewole or MTN’s Mokash service and payback later without any form of collateral security needed to receive your money. This is attributed to the fast-moving digital services penetration rate that has made mobile money the most preferred money transfer service.
This rise in mobile money usage has now forced providers to avail more on-demand services that customers can access through any of the designated shortcodes. Airtel Wewole in particular is a money lending service that allows the red telco’s customers to borrow money and payback after 30days at a 9% interest rate.
The service is similar to MTN Uganda’s Mokash service which allows customers to save and borrow money, then pay back later at a 9% interest rate that increases in case a customer delays to pay back in time. But unlike Mokash, with Airtel Wewole customers can’t save or keep money in a dedicated wallet.
So, as Wewole translates to “Borrow” in a Ugandan local language tense (Luganda), the service only gives customers the power to borrow money and pay back later after 28 days. By standard, the service does not require any paperwork or initial savings balance for a customer to apply for a loan.
Instead, Wewole relies on a customer’s Airtel Money usage statistics to suggest the best loan limit possible. If a customer uses Airtel Money to send and receive money, transact online with virtual master cards or pay utility bills like UMEME Yaka, Water, and PayTV, it’s the more his/her Airtel Wewole loan limit will increase to new highs with a constant interest rate per approved loan.
How to borrow money using Airtel Money Wewole
In presence of the My Airtel App, the only way you can borrow cash with Airtel Wewole is through the telco’s dedicated *185# shortcode on your phone’s dial pad. Once dialled, you will then be able to select Wewole as a standalone service, and here is how you will actually apply for an instant loan.
- Dial *185#
- Then, Select Option 8 (Wewole)
- Now, choose option 1 (Get a loan) to apply for an instant loan
- You will be presented with your current loan limit
- Enter the amount of money you wish to borrow
- Then, enter your Airtel account PIN
- DONE: once Airtel approves your loan amount, money will be deposited on your Airtel Account.
How to payback an Airtel Wewole Loan
Once you receive an Airtel Wewole loan, you are required to repay back the full amount with full interest fees in a period of 28days. In case you delay in repaying the loan, Airtel may hike the payable interest fees until you clear the owed loan amount to Zero balance. However, no amount will be deducted from your Airtel Money account without your approval until you redial *185# to access the Wewole menu.
- To pay an Airtel Wewole loan, Dial *185#
- Then select option 8 (Wewole)
- On the submenu, select Pay loan (Option 2)
- Then choose between paying the full pending amount, or enter an amount to deduct from your account
- DONE: Enter Your Airtel Money PIN to approve your loan re-payment.