MyZaka Instant Loan is a short term, real time, safe and affordable micro loan for MyZaka customers accessible through the MyZaka 167 short code on the mobile phone.
MyZaka customers can access funds quickly and easily 24/7 on their phones without the hassle of paperwork or long wait times.
Dial *167# to get yours.
MyZaka Instant Loan is offered to active MyZaka users between the ages of 18 and 65 years, who have been active on MyZaka for 6 months or more Customers must also be fully Know Your Customer ( compliant in order to qualify This means that
- Customer’s information on MyZaka platform should be complete and up to date as follows
- ID type
- Accepted ID types are only Omang (for Batswana) and Passport (for foreign nationals)
- ID document must be valid/still in use, and not expired
- ID Number
- Date & place of birth
- PEP/PIP confirmation (customer has to be sanction screened to ensure they are not a listed PEP or PIP)
- Physical & Postal Addresses
- Source of income
- All the above information is collected at the point of registering a customer for MyZaka
- In the event that an existing customer’s ID has expired, they will need to update their KYC by providing a renewed ID document so they can qualify
- Question. What is MyZaka Instant Loan?Answer. MyZaka Instant Loan is a short term, real time, affordable and safe micro loan for qualifying MyZaka customers accessible through the MyZaka 167 short code on the mobile phone.
Question. Who qualifies for the Loan?
Answer. An active MyZaka user between the ages of 18 and 65 years
- Who has been active on MyZaka for 6 months or more
- With active transactional history of one of MyZaka Services i.e Money transfers, Cash In Transactions, Bill Payments, MyZaka Airtime Purchases
Question. How do I request/ apply for the Loan?
Answer. Dial the 167 MyZaka short code on your mobile phone, select Option 5 for Loan and follow the simple prompts.
Question. What is the loan repayment period
Answer. The loan has to be repaid within 30 days.
Question. What are the Loan interest rates?
Answer. The loan has to be repaid within 30 days with a once off interest of 12 and 5 penalty on 1st month default and an additional 5 on second month default.
Question. How much do I qualify for?
Answer. Qualifying MyZaka customers can instantly get a loan between P 50 and P 1500 However, the loan amount specific for each customer will depend on the customer’s transactional history of one of MyZaka Services i e Money transfers, Cash In Transactions, Bill Payments, MyZaka Airtime Purchases
Question. How many loans can I apply for
Answer. Qualifying MyZaka customer can apply for 1 loan at a time, after successful repayment of an existing loan.
Question. How do I check eligibility/ whether I qualify or not?
Answer. Dial *167# select Option 5 for MyZaka Instant Loan and then the Check Eligibility option.
Question. How can I build my profile to qualify for the loan or a higher amount?
Answer. Consistently increase the frequency and amounts of your monthly MyZaka transactions e.g Money transfers, Cash In transactions, Bill Payments, MyZaka Airtime Purchases to build your profile.
Question. Do I get charged for applying for the loan, checking balance or eligibility?
Answer. Apart from the loan interest rates, the use of the MyZaka 167 USSD platform is free No airtime or any other chargers apply to you as a customer when you apply for the loan, check eligibility or loan balance.
Question. How do I pay back the loan?
Answer. Dial *167# select option 5 for loan and then choose loan repayment and follow the prompts to instruct the system to deduct The system will then deduct what is available in the account If the account balance is enough to clear the loan, the system will then clear the loan (full repayment), if the balance is not enough to clear the loan, a partial payment will then be deducted towards the loan.
Question. What happens if I default/ do not pay back the loan within the stipulated period of 30 days?
Answer. A customer will be charged an interest of 12 on their loan with an additional 5 if they default on 1st month, and an additional 5 on second month default Post the second month of default, no additional penalty fees will be added, however action can be taken against the customer under the rule of law, as and when deemed necessary and proper for the full protection or enforcement of rights and remedies as per the terms of conditions of the service
Question. What happens if a customer passes away while they have an outstanding loan balance?
Answer. In the event of death of a borrower, the borrower’s estate will be liable for the repayment of the outstanding obligations/balance owing and no action will be taken against the heirs or personal representatives of the deceased borrower in their personal capacity, as per the terms and condition of the service.
Question. Won’t the money I already have in my MyZaka account be tampered with if I have an existing MyZaka Loan?
Answer. As a customer you are expected to start the repayment loan process, as such deduction can only happen from an account at the instruction of the customer, with the customer dialing *167# choosing the loan repayment option. However, Mascom can also deduct the repayment amount due directly from a customer’s account through automated deduct function should the customer continuously default from paying back the loan.
Customers may call the Mascom Contact Centre on 124 for more information.