Frequently Asked Questions

Is Mhama Finance authorized to provide loans in Tanzania?

Yes. Mhamal Finance is licensed by the Bank of Tanzania to provide loans. License No. MSP2-I92.

What are the fees to use Mhama Finance?

There are NO UPFRONT FEES for using the Mhamal Finance mobile app or applying for a Mhamal Finance loan. We charge a processing fee which will be disclosed to the customer prior to accepting a loan, and are paid only after you get your money, when your loan is due for repayment.

What can I use the Mhama Finance Loan for?

can use the loans to grow their small businesses. Loans should not be used for illegal activities

What are the eligibility requirements?

To qualify for a Mhama Finance loan, you need a valid ID and Mobile Money.

ID Type: NIDA Card, Driver’s License, Voter ID, National ID or Passport

Mobile Money account:Mpesa,TigoPesa, AirtelMoney or Halotel mobile wallet account registered in your name.
You must be a resident in Tanzania over 18 years of age.

How much is the interest rate?

The interest rates and service fee depends on the product selected. It will show when applying. Returning customers having a good history of paying your loans with Mhamal Finance on time get chances to take highter loans

How long does it take to approve my request?

Within 24 hours after submission, a credit review officer will call you to confirm your detail and pass the loan. Normally the repeated loan take less time for review even less than 1min

Mhamal Finance app or any other app name under Mhamal Finance evaluates each loan application and reserve the right to reject some applications. The decision cannot be reversed and we can only recommend you to apply again after sometim

My request was approved. What do I have to do next?

Please read carefully the instructions displayed in the app when the loan has been approved. The instructions will either inform you to approve the loan agreement within the app to complete the process, or visit a branch for processing. Please see the Contact section for opening hours and directions to our branch.

Where and when will my By Mhama Finance Loan be paid?

After fully completing the process, the loan is paid out instantly into your Mobile wallet account(Mpesa/TigoPesa/Airtel/HaloPesa). We will notify you by SMS of the transfer.

How will I repay the Mhama Finance Loan?

When the loan becomes due, pay either on the Mhamal Finance App by clicking on the repayment button, or You pay with our USSD Code or We request payment for you, or pay though the Paybill number provided.,
Please pay attention to the instructions on the App.

What will happen if I can't repay the Mhama Finance Loan on-time?

there will be overdue penalty of 2% will be added, to avoid the overdue penalty, you can apply for extention to add more days to your loan days. it comes with a cost.

What is the min/max loan amount?

First time borrowers are eligible for a maximum of Tsh1,000,000. The loan term must be selected in the app when applying.

My request was approved. What do I have to do next?

What are the fees to use Mhama Finance?

There are NO UPFRONT FEES for using the Mhama Finance mobile app or applying for a Mhama Finance. We charge a processing fee which will be disclosed to the customer prior to accepting a loan, and are paid only after you get your money, when your loan is due for repayment.