Have you heard about the best loan app in Kenya?
- February 24, 2021
You can join Mombo Sacco voted the best Sacco in Kenya and make the best out of your money. Learn how to save, invest and spend your money wisely.
A little about us
Mombo Sacco is a cloud-based Savings and Credit Co-operative Society registered as a Back-Office Service Activity (BOSA). Since our inception, we work to enable our members to deposit non-withdrawable savings and also access credit facilities.
Unique in our business model, Mombo Sacco the best loan app in Kenya prides itself as a digital Sacco that supports and embraces technology in the financial realm. Such efforts are celebrated through the rewards we’ve received last year as the most improved SACCO in the use of Tech solutions in the 3rd Digital Tech Excellence Awards and as the most preferred digital finance SACCO in the first Financial Inclusion Awards.
With such a competitive edge, Mombo Sacco uses cutting edge financial technology to reach, assist, and attend to customers in the best way possible. Held up by our values and principles, guided by the Sacco by-laws, and kept alive by the need to always serve and satisfy members; we offer one of the best and most innovative Sacco experiences.
History
Mombo Sacco was born in mid-2014 with the vision to create a Sacco like no other. One that puts the member’s interests first and uses the best technology to transform their relationship with money so as to enrich customer’s lives and add infinite value to the economy.
Realizing that the best way to that was to start, Mombo Sacco was then registered on the 20th day of February 2015, regulated under the Co-operative Societies Act (CAP 490), Registration No. CS/17821). The Sacco was to create a financial institution geared towards the needs of the customer, using technology and innovation to create convenience and unmatched customer experience. That’s why Mombo Sacco became a mobile-only Sacco. Offering its services via the Mombo App.
Mombo Sacco continues to maintain its credibility and trust with its customers, offering new and manageable ways to grow money. Since our incorporation, our asset base has continued to grow upwards to tens of millions of shillings in savings.
We pride in our mission to serve with satisfaction and convenience. Offering technological solutions to offer quick and efficient financial services. Our tech-savvy approach has allowed us to capture a dynamic, youthful, and urban-oriented market base.
Business Model and Principles
As mentioned above, we are a mobile-only Savings and Credit Co-operative Society that offers back-office service activities. This means we primarily use digital media to reach and attend to our customers. This, however, doesn’t interfere with your work as we are led by result-driven entrepreneurs, problem-solving engineers, effective communicators, confident customer-success managers.
Our guiding principles and ethics also include, but not limited to;
- Fairness in how we treat customers and members.
- Effective communication.
- Financial support through education and products offered
- Keen attention to vulnerable customers
- Transparency about fees and charges
- Responsible lending and borrowing patterns
All these are made possible with our core values of trust, partnership, accountability, dynamism, and efficiency.
WHAT YOU NEED TO KNOW
A Sacco that cares about you
We take time to make sure that you always get the best out of your savings
Products and Services Offered
Mombo offers services and products in four capacities;
- 1. Save
- 2. Invest
- 3. Borrow
- 4. Insure
With Mombo Sacco, you can save as much as you want. It’s a deposit-taking Sacco where you will save non-withdrawable amounts of money with the assurance of credit facilities, dividends paying shares, and interest on your savings.
The savings are automatically life-insured under the Life Assurance Cover, provided by Britam Life Assurance Company (Kenya) Limited. The insurance package protects against death, permanent disability, and critical illness. The assurance package will cover 100% of your savings. What’s more, the Sacco commits to pay a member’s registered next-of-kin their share capital, and a 100% refund of all their outstanding savings, minus outstanding liabilities.
Mombo iCapital provides an investment platform where investors place their funds in a pool used to lend on a short term basis for a fair interest.
These are just part of the back office service activities you will have access to once you become a member.
Loans and Loan Guaranteeship
The offering of credit facilities primarily involves loans. Here are the loans Mombo Sacco offers;
These are reliable short-term loans used to cater to emergency personal needs such as medical emergencies, rent, and the likes. They can also cater to cash flow problems. The loans are easily accessible from the Mombo app and repayment period is 1 month.
This is also a quick cash loan for short term periods. They can be used for personal and business needs. Their repayment period is within six months and it’s credit life-insured.
The last loan is offered for long term expenses to cater to large lifestyle events. This can include weddings, vacations, home renovations, and much more. They have a long repayment period of within 48 months (4 years) and are credit life-insured.
Loan Guaranteeship
Because Mombo Sacco operates as a mobile-only Savings and Credit Co-operative Society, you may be wondering what about loan guarantees. Well, guarantors are not the only way to get loans with the Sacco. There are four ways to go about it;
- Self-guarantee – use of personal savings to guarantee a loan of similar value to own savings.
- Self-guarantee and guarantors
- Self-guarantee and collateral – secured by issuing evidence of ownership of personal property such as title deeds and logbooks.
- Self-guarantee, guarantors, and collateral
If you need a guarantor, Mombo Sacco has devised a fraternal system called the M-Community, where members converge in small groups and interact with each other. The interactions allow for personal relationships which aid you in securing a guarantor for your loan. This savings system is only used by members. In case you can’t secure a guarantor, Mombo Sacco management can help in securing them.
WHICH IS BETTER?
BANKS OR SACCOS WHICH SHOULD YOU CHOSE?
We always want to know where we can get the best deals. watch the video to find out more
Benefits of Mombo Sacco
Mombo Sacco offers a myriad of benefits to its customers. They include;
- 1. Reliable and dignified borrowing
- 2. Lending capacity as high as five times your savings
- 3. Assistance in securing loan guarantors through the new M-Community system.
- 4. Easy securing of loans using own savings or personal collateral like property and other assets.
- 5. Self-assessment of credit limits
- 6. Fast loan processing of one hour to a maximum of 24 hours
- 7. Up to 6% interest on savings
- 8. Earning of dividends against shares
- 9. Free Life Assurance cover on savings
- 10. Interest Discount on loan settlements in installments
- 11. Secure and private digital transactions
- 12. Free and transparent digital elections
- 13. Free intelligence financial advice expert.
This plus many more benefits!
Saving plans
Mombo Sacco has four saving schemes, namely;
- 1. Bronze Saving Account
- 2. Silver Saving Account
- 3. Gold Saving Account
- 4. Platinum Saving Account
They are very easy to open and one earns interest from 4% to 6% annually. These savings gain you access to loans of up to five times the savings amount. Here are the features of each of the plans;
Bronze Account
- Registration fee – Ksh 200
- Buying shares – 200 Shares purchased equally in intervals. Upon registration, on the 12th, 24th, and 36th month after registration.
- Minimum Monthly Savings – Ksh 500
- Annual Interest Rates – 4%
- Max top up to access credit – Ksh 5,000
- Credit Limit – Ksh 100,000
Silver Account
- Registration Fee – Ksh 1000
- 200 Shares – 100 shares upon registration, 50 shares on the 12th and 24th month after registration
- Minimum Monthly Savings – Ksh 2,500
- Annual Interest Rates – 4.5%
- Max top up to access credit – Ksh 25,000
- Credit Limit – Ksh 500,000
Gold Account
- Registration Fee – Ksh 1,000
- 200 Shares – 100 shares upon registration, 50 shares on the 12th and 24th month after registration
- Minimum Monthly Savings – Ksh 5,000
- Annual Interest Rates – 5%
- Maximum top-up savings to access credit limit – Ksh 50,000
- Credit Limit – Ksh 1,500,000
Platinum Account
- Registration Fee – Ksh 2,000
- 200 Shares – 100 shares upon registration, 50 shares on the 12th and 24th month after registration
- Minimum Monthly Savings – Ksh 10,000
- Annual Interest Rates – 6%
- Maximum top-up savings so as to access credit limit – Ksh 100,000
- Credit Limit – Ksh 5,000,000
You have the choice to select the savings of your choice, as well as upgrade or downgrade at any time.
Invest in your dreams
As you save with Mombo Sacco you will be able to earn interest on all your savings while you get financing for all your projects without affecting your savings.
FAQs
Are You SASRA Registered?
No, Mombo Sacco does not offer Fosa yet. Only deposit-taking saccos or those that offer front office service activities are regulated by SASRA. Seeing that we only offer back-office Sacco activities, we are regulated by the Commissioner for Co-operatives.
How Can One Access Loans?
Once you open a savings account and save consistently for three months, you will be eligible for a loan. However, other factors come into play such as your credit score calculated by the artificial intelligent credit score rating system offered in the app – Mscore.
How Can One Access Loans?
Loan approvals are as fast as one hour to 24 hours.
Do I Need a Referral to Join the Sacco?
No, the process of registration is fast and straightforward and doesn’t require anyone’s details besides yours.
Fanya Mambo with Mombo Sacco
So what are you waiting for, download the Mombo app now and enjoy these amazing benefits? Available in the app store and Google Play, all you need to do is follow steps 1, 2, 3!
- 1. Open savings account
- 2. Read, accept, and sign the Sacco membership offer letter.
- 3. Pay the registration fees to get started.
That’s it! You’re now a Mombo Sacco member!
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