Woah another mouth wetting product from MTN is on the block " KWIKADVANCE". KWIKADVANCE is a salary advance product that all employees of registered companies can access any time of the month. A company is registered only when it signs an agreement with MFS Ghana to have its employees enrolled on KWIKADVANCE. Please visit www.gokwikadvance.com to start the process. Once your company is registered, you MUST be on MTN network and be registered on the Mobile Money to access the service
You can request up to 40% of your net salary as advance anytime during the month, for instance if your salary is 1000Ghc, your KwikAdvance limit per month will be 400Ghc. There is no collateral required. Deduction for the loan repayment is done by the EMPLOYER at source, from your salary at the end of the month. This consists of the full loan amount plus fees. Currently the loan MUST be repaid in full at the end of the month.(Plans are far advanced to spread the loan over longer terms 3-6-12 months very soon for credit worthy users of this product)
WHAT ARE THE CHARGES ON THE LOAN?
There are only two charges involved;
(i) Service fee with two payment plans; (a) onetime payment of GHC 12.00 PER YEAR or GHC 1.00 monthly payment
(ii) 3.5% interest only charged on the amount requested
HOW IS THE KWIKADVANCE LIMIT SET
The KwikAdvance limit is set based on 40% of your net salary, minus any other loans being currently serviced. For instance, if your monthly salary is 1000Ghc net and you have existing loans deducted from your salary of 200Ghc, your credit limit for KwikAdvance is 200Ghc
MY MM WALLET HAS BEEN CREDITED WITH THE FUNDS, WHAT NEXT
Once the money has been deposited in your wallet, you can now do any MM transaction eg. Top up airtime, pay bills, transfer money, or withdraw the money in any MTN service centre, MM outlet, partner bank or Compatible ATMs.
WHO CAN I CONTACT FOR SUPPORT?
Please visit any MTN service centre or call MTN Call centre assistance on 111/ 054-5600-054 or visit our website on www.gokwikadvance.com
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