How to borrow money from Mascom

If you need quick access to cash in Botswana, Mascom offers a convenient way to borrow money through its MyZaka Instant Loan service. This mobile money solution allows eligible users to get instant loans using their mobile phones. In this guide, we will walk you through the process of borrowing money from Mascom, eligibility criteria, loan repayment, and other essential details.

How to Apply for a Mascom MyZaka Instant Loan

Applying for a MyZaka Instant Loan is simple and can be done in two ways:

  1. Via USSD Code
    • Dial *167# on your Mascom phone.
    • Follow the on-screen prompts to apply for a loan.
  2. Online Application
    • Visit online.mascom.bw.
    • Log in to your MyZaka account.
    • Follow the instructions to apply for a loan.

Once you submit your application, Mascom will review it based on their credit guidelines and either approve, reject, or cancel your request.

Eligibility Requirements for a MyZaka Loan

To qualify for a MyZaka Instant Loan, you must meet the following criteria:

  • Be between 18 and 65 years old.
  • Have a consistent source of income.
  • Be legally eligible to enter into binding contracts.
  • Provide accurate personal and financial information.

Meeting these requirements increases your chances of loan approval.

Loan Approval Process

Mascom evaluates loan applications based on various factors, including your transaction history and ability to repay. Approval is not guaranteed, as Mascom reserves the right to reject or cancel applications based on their internal assessment.

Loan Repayment Terms

Repaying your MyZaka loan is straightforward:

  • The loan must be repaid within 30 days.
  • Repayment can be made through your MyZaka account.
  • Ensure you have sufficient funds in your MyZaka wallet to avoid penalties.

Understanding MyZaka Account Fees

If you have a MyZaka account, it’s important to be aware of the associated fees:

  • Accounts with no transactions for 12 consecutive months will incur a monthly P10 service fee.
  • This fee is waived if you make at least one transaction or if your balance reaches zero.

Other Uses of MyZaka

Aside from borrowing money, a MyZaka account allows you to:

  • Send and receive money
  • Pay bills
  • Purchase electricity and water