Qwikloan is by far the most widely used mobile loan in Ghana, with over 1.2 million active users. It lets you borrow straight from your MTN MoMo wallet without a bank account or paperwork. Convenient, yes — but the short term and flat fee make it expensive if misused. Here is exactly how it works.
What Qwikloan is
Qwikloan is a micro-lending partnership between Letshego Ghana (the lender) and MTN Mobile Money (the platform). Instead of payslips or collateral, it scores you on your MoMo activity — money sent and received, airtime purchases, bill payments and past repayment behaviour. The whole process happens over USSD or the MoMo app.
Who qualifies and how much
You generally need to be over 18 and to have used the same MTN SIM for more than 90 days, with regular wallet activity. Limits typically range up to GHS 1,000 or GHS 2,000 depending on your transaction tier — the more active and reliable your wallet, the higher your limit grows over time.
Cost and repayment
The term is strictly 30 days with a single repayment, and the fee is a flat 6.9% of the amount borrowed. On a 30-day loan that flat fee is a high effective annual rate, so treat Qwikloan as short-term bridging, not long-term borrowing. On the due date the balance is automatically deducted from your MoMo wallet, so keep enough there to avoid a score downgrade.
Key update for 2026
Since November 2025, all digital lenders in Ghana must be licensed by the Bank of Ghana and disclose every fee and the APR before you accept. If an app hides costs or skips disclosure, treat it as a warning sign.
Use it wisely
Borrow only what you can repay within 30 days, and repay on time to grow your limit and protect your record. For other options compare Fido and OKash, see the wider mobile money in Ghana guide, and before bigger loans check your credit score.
Tip: verify any lender against the official Bank of Ghana registry before borrowing.