A mobile money loan lets you borrow from your phone. It can help with an urgent expense, but you must pay it back—usually with extra charges.
Before accepting any loan, check how much you will receive, how much you must repay, and when payment is due.
MTN Qwikloan: Dial *170#
Qwikloan is a loan option available through MTN Mobile Money.
- Dial *170# on your MTN line.
- Choose Financial Services, then Loans.
- Select Qwikloan if it appears.
- Follow the prompts to see your offer.
MTN’s Qwikloan guide lists Financial Services as option 5 and Loans as option 3. If the numbers change, follow the menu names on your phone.
You may see other loan products in the same menu. Check the product name before you continue. Seeing the menu does not mean you will qualify for a loan.
Telecel Ready Loan: Dial *110#
Telecel lists Ready Loan as a Telecel Cash service.
Dial *110# on your Telecel line to open Telecel Cash. Look for Loans or Ready Loan, then follow the prompts. You can also check the Telecel Play app.
The shortcode opens the Telecel Cash menu. It does not guarantee that a loan will be offered to you. If you cannot find Ready Loan, check Telecel’s Cash page or contact Telecel support.
Fido: Apply in the app
Fido is a separate loan app. It does not use the MTN or Telecel loan menu.
The Bank of Ghana lists Fido as an approved digital lending application. If you want to apply, use the Fido app on Google Play and check that the developer is Fido Solutions.
Register with your own details and complete the checks in the app. Fido says you can receive a loan and make repayments using MTN, Telecel or AT mobile money. Check the offer shown to you before accepting it.
Are 24 hour economy loans the same?
If you searched for 24 hour economy loans, note that Ghana’s FUND24 programme focuses on financing for producers and small businesses. It is separate from the mobile money and app loans explained above. Check the official programme page for information rather than treating it as an instant MoMo loan.
What will the loan cost you?
Do not look only at the amount you can borrow. Look at the total repayment.
For example, if GH₵100 enters your wallet and you must repay GH₵115, borrowing that money costs GH₵15. Also check the due date and any charge for paying late.
Loan amounts, charges and repayment dates can differ. Use the figures shown in your own offer, not figures someone shared online.
Stay safe
Use your network’s own menu or the provider’s official app. Never share your MoMo PIN or one-time code with someone who claims they can arrange a loan for you.
Be careful with unfamiliar loan apps, especially if they ask to access your contacts or photos. Check the Bank of Ghana’s approved products and applications before using a provider you do not know.
Only borrow what you expect to repay on time. If you may miss a payment, contact the loan provider early instead of taking another loan to cover the first one.