Frequently Asked Questions
Do you have questions? If you have the MOMBO
Sacco app, just visit the FAQ in the menu section where you will find all the answers to your questions
You’ve probably seen a few exciting changes taking place and we are sure you have some questions.
Here are some answers.
Here are some answers.
Why Should I Save?
- For you to access affordable credit facilities
- To access long-term credit facilities without the need to provide collateral.
- For you to pay my-self first by routinely and automatically putting money into savings before spending on anything else.
- To generate passive income – interest on saving and dividends (have my money work for me).
- For you to achieve financial discipline – develop skills to better conform my spending and saving to the plans that I have set, to achieve my monetary goals.
- To become successful by being prepared for outstanding opportunities with money set aside. (Success is when opportunity meets preparation).
- To give back to society – as much as my non-withdrawable savings will earn interest and never get depleted, they will be used to uplift fellow members financial position thus contributing to the society’s and national well- being. Currently Saccos contribute to over 45% of Kenya’s GDP
Where Do I get Money To Save?
- Establishing a budget and tracking my spending with a focus to align it with my wealth generation priorities.
- Consolidating debt to save on interest.
- Setting savings goals and visualizing my objectives for motivation.
- Paying myself first every month by putting aside savings before anything else.
- By mapping out major purchases to coincide with annual sales to cut on cost.
- Cutting down my biggest expenses – rent, high interest debt.
- Using the 24hour rule by thinking over every non-essential purchase for at least 24 hours to avoid impulse purchases.
- Ordering smaller servings at restaurants. Treating myself but use it as an opportunity to save – if I can’t afford to save the matching amount, I can’t afford the treat either.
- Calculating purchases by hours worked instead of cost –is a pair of shoes worth 5 hours long of work?</li
- Buying generic – I don’t need brand-name in everything.
- Planning creative dates – I can have fun and fall in love and still be thrifty.
How Do I Start Saving with MOMBO Sacco?
- Download the MOMBO App from either google play store or the apple store.
- Follow the simple registration prompts.
- Select the start Saving button then choose one of the four award-winning savings’ plan: PLATINUM, GOLD, SILVER or BRONZE.
- Provide personal details and submit application.
- Pay registration fees and start saving.
What is Share Capital?
- This is the money invested in the Sacco by the members/shareholders. It is a long term source of finance and represents a unit of ownership. All SACCO’s are required by law to maintain share capital equivalent to 10% of their outstanding savings/deposits.
- Share Capital is refundable upon exit from MOMBO Sacco.
- Members are not permitted to borrow against share capital.
- Shares may earn dividends.
How long before I am eligible for a Sacco loan?
- You are eligible for a loan after 3 months of your registration as a member, and after saving consecutively for 3 months.
Why do I need a Next of Kin?
- In the unfortunate event of death, your next of kin is entitled to your outstanding share capital, savings and interest (minus liabilities), in addition to your life assurance cover benefit.
- Without next of kin details, we are required by law to remit your dues to the Unclaimed Financial Assets Authority (UFAA).
- To update your next of kin details, kindly go to the settings menu of the Mombo App, and click on the update next of kin link.
How do I exit the Sacco?
- To exit the MOMBO Sacco, members are required to serve the MOMBO SACCO management a 2 months’ notice of their intention to exit.
How can I join the Sacco
- To become a MOMBO Sacco member, download the app today. Once you sign up, you’ll have access to all the MOMBO membership benefits and become a part of the savings community. Membership to MOMBO Sacco is more than just saving and borrowing.
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