Mgodi Scheme

Mgodi scheme, is a digital financial service offered by Diamond Trust Bank Tanzania Plc in partnership with Vodacom M-Pesa Tanzania to offer micro loans and savings products to M-Pesa subscribers. A different savings wallet will be created to allow a customer to save money where deposits will be collected from M-pesa wallet.

 

This digital product with Vodacom offers a one-month micro-loan to M-Pesa subscribers. Loans offered are disbursed to borrowers as E-Money through their mobile money wallet (M-Pesa).

Mgodi loan has a period of 30 days, with a minimum amount of Tzs 1,000 and maximum amount of 700,000. While Mgodi savings, customers can save from TZS 1,000 to TZS 10,000,000 only eligible to M-pesa subscribers above the age of 18

 

Similarly, Customers have an option to do partial or full repayment within 30 days, borrow multiple times after offsetting the previous loan balance, request for a loan extension, however 9% upfront fee will be applicable.