Products

Mombo Sacco’s Products.

The Mombo App is your gateway to a world of financial possibilities. Discover a range of features designed to simplify your financial life, from flexible savings options to convenient mobile money transactions. Explore the details of our innovative products below and unlock your financial potential today.

Flexible Account

Goal Account

SME Account

MWallet Account

Flexible Savings Account

Unlock Your Financial Future with Mombo Sacco Flexible Savings Accounts

Mombo Sacco provides a range of flexible savings accounts designed for individual members. These accounts offer a blend of convenience, flexibility, and competitive returns, tailored to meet members’ financial needs and objectives.

Account Options and Features

Bronze Saving Plan

Minimum Monthly Saving

Ksh. 500

Profit rate: 4% per annum
Maximum Loan Limit: Ksh. 100,000 Registration Fee: Ksh. 200

Silver Saving Plan

Minimum Monthly Saving

Ksh. 2,500

Profit Rate: 4.5% per annum
Maximum Loan Limit: Ksh. 500,000
Registration Fee: Ksh. 1,000

Gold Saving Plan

Minimum Monthly Saving

Ksh. 5,000

Profit rate: 5% per annum
Maximum Loan Limit: Ksh. 2,000,000 Registration Fee: Ksh. 1,500

Platinum Saving Plan

Minimum Monthly Saving

Ksh. 10,000

Profit Rate: 6% per annum
Maximum Loan Limit: Ksh. 5,000,000
Registration Fee: Ksh. 2,000

Emerald Saving Plan

Minimum Monthly Saving

Ksh. 30,000

Profit rate: 8% per annum
Maximum Loan Limit: Ksh. 8,000,000
Registration Fee: Ksh. 2,000

Flexible Saving Account Features and Benefits:

1. Single Account Limitation:

Members can only have one account at a time but can upgrade or downgrade their savings account at no extra cost.

2. Convenience:

Manage your account effortlessly with the Mombo App, allowing you to access account details, view statements, and perform actions like upgrading or downgrading your savings plan.

3. Flexibility:

Upgrade or downgrade your savings account at your convenience with no additional costs. You can also pause savings based on your financial situation without affecting your record with the Sacco.

5. Loan Facilities:

Enjoy attractive profit rates that help your money grow faster, providing a strong incentive to save. The accumulated monthly returns can be withdrawn annually every January.

6. Insurance Protection:

Access affordable loan facilities, with a maximum loan limit tied to your savings account type, offering flexibility and financial support when needed.

7. Transparency:

Enjoy full visibility into your savings and transactions through the app, ensuring you have control over your financial planning.

8. Rewards Program:

Participate in the Top Savers rewards program, which acknowledges and rewards top savers monthly and annually, promoting responsible financial management.

9. Security:

Rest assured that your savings are insured and protected, providing peace of mind as you work towards achieving your financial goals.

10. Refund Policy:

To close an account, members must issue a 60-day notice. The Sacco will then refund the total share capital, savings, and interest on savings, less any loan balances or loan guarantee balances.

11. Shares Purchase:

As a principle, all members are required to purchase 200 shares at 1 share for Ksh. 100.

Flexible Savings Account Loan Facilities

Members with Flexible Saving accounts can access various loan facilities:

1. Lifestyle Access Loans:

Long-term consumer loans with repayment periods ranging from 6 to 48 months.
Members can borrow up to 5 times their savings based on their Mscore.
Security for the loans can be the member’s savings, guarantor ‘s savings and/or collateral.
Members are eligible for this loan after 3 months of consistent saving.
Members are eligible for up to 1 loan at a time.

2. Insta Loans:

Short-term consumer loans with a repayment period of up to 6 months.
Members can borrow up to 5 times their savings based on their Mscore.
Security for the loans can be the member’s savings, guarantor’s savings and/or collateral.
Members are eligible for this loan after 3 months of consistent saving.
Members are eligible for up to 3 loans at a time. Members can manage their Flexible saving accounts using the Mombo App.

Through the app, you can:

Open a Flexible saving account.
View shares and savings statements.
Upgrade or downgrade savings plans without any fees.
Apply for loans.
Request guarantee from other members.
Respond to guarantee requests from other members.
Withdraw interest on savings annually.
Close the account by issuing a 60-day notice

Conclusion:

By choosing a Mombo Sacco Flexible Savings Account, you are taking a significant step towards building a secure financial future while enjoying the convenience and benefits of being part of an innovative cooperative society.

Goal Savings Account

Achieve Your Financial Goals with Mombo Sacco’s Personal and Shared Goal Accounts. Save smarter, achieve faster.

Mombo Sacco Goal Accounts are specially designed to help both individual and group members achieve their financial objectives, whether they involve saving for a short-term need or a long-term aspiration. These accounts offer flexible and attractive features to guide you through your saving journey effectively.

Here are the features of Mombo Sacco Goal Accounts:

1. Personalized Goal Creation:

Personal Goals: Customize your savings goals by selecting a preferred category, setting a target amount and name, and scheduling reminder prompts for contributions.

Shared Goals: Ideal for group saving, this feature allows you to set collective goals, invite members from your contact list, and work as a team to reach your objectives.

2. Flexible Savings Periods:

Sprint Goal Account: Designed for short-term savings from 1 to 180 days with competitive profit rates.

Marathon Goal Account: Best for long-term savings needs from 181 to 1035 days, offering higher profit rates to maximize growth potential.

3. Goal-based Savings Management:

Allocate funds across different specific goals for clear progress tracking and focused savings tactics.

4. Competitive Profit Rates:

Sprint Goal Accounts offer a competitive 6% p.a compounding profit rate. Marathon Goal Accounts provide an even more attractive 12% p.a compounding profit rate, encouraging disciplined long-term savings.

5. Flexible Fund Transfers:

Members are able to transfer funds between their goals at no cost, affording both flexibility and control.

6. Redemption and Withdrawal Flexibility:

Sprint Goal Accounts allow quick access to funds within 1 minute when needed.

Marathon Goal Accounts offer options to lock funds for a specific period, promoting consistent saving habits and the possibility of higher returns over time.

7. Financial Planning Assistance

Benefit from personalized financial guidance and resources to stay aligned with your savings targets and financial goals.

How to open and manage Goal Accounts

Download the Mombo App: Available on Google Play Store or Apple App Store.
Register and Create an Account: Provide accurate personal details to set up your account.
Navigate to Goal Savings: On the homepage, go to the Goal Saving section.
Create a Goal:
- For Personal Goals: Pick a category, set a name, and define your savings target and reminders.
- For Shared Goals: Set a target, customize the goal, and invite members from your contact list to contribute.
Manage Your Goals: Track progress, transfer funds, and manage contributions through the Mombo App.

With Mombo Sacco Goal Accounts, your path to achieving financial milestones is clearer and more rewarding than ever. Empower your savings strategy today with agility, resilience, and a trust.

SME Biashara Account

SMEs | Chamas | Groups of family & Friends

The SME Biashara account is designed to offer savings and financial growth opportunities for SMEs, Chamas, and groups of family and friends. These accounts provide regular savings opportunities, attractive returns, and access to various loan facilities for development and growth.

Account Options and Features

Stawi Saving Plan

Minimum Monthly Saving

Ksh. 10,000

Profit rate: 4% per annum
Minimum Credit Limit: Ksh. 2,000,000
Registration Fee: Ksh. 4,000

Shaba Saving Plan

Minimum Monthly Saving

Ksh. 30,000

Profit Rate: 4.5% per annum Maximum Credit Limit: Ksh. 5,000,000 Registration Fee: Ksh. 10,000

Dhahabu Saving Plan

Minimum Monthly Saving

Ksh. 100,000

Profit rate: 8% per annum Minimum Credit Limit: Ksh. 18,000,000 Registration Fee: Ksh. 10,000

Fedha Saving Plan

Minimum Monthly Saving

Ksh. 50,000

Profit Rate: 7% per annum Maximum Credit Limit: Ksh. 8,000,000 Registration Fee: Ksh. 10,000

Zumaridi Saving Plan

Minimum Monthly Saving

Ksh. 300,000

Profit rate: 9% per annum
Minimum Credit Limit: Ksh. 30,000,000
Registration Fee: Ksh. 10,000

Requirements

Either business certificate of registration or certificate of incorporation.
Business KRA PIN certificate.
Board resolution to open account and mandate on account operations.
Either memorandum and articles of association or by laws or partnership deed or CR1,CR2,CR8 or CR12.
Officials National ID copy and KRA PIN certificate.

Key Features

Single Account Limitation: Members can only have one account at a time but can upgrade or downgrade their savings account at no extra cost.
Flexible Savings: Members can pause their savings contributions if their financial situation requires it, without affecting their record with the Sacco.
Annual Withdrawals: The accumulated monthly returns can be withdrawn annually every January.
Refund Policy: To close an account, members must issue a 60-day notice. The Sacco will then refund the total share capital, savings, and interest on savings, less any loan balances or loan guarantee balances.
Shares Purchase: As a principle, all group members are required to purchase 500 shares at 1 share for Ksh. 100.

Loan Facilities

Members with SME Biashara accounts can access various loan facilities:

1. Imarika Loans:

Long-term development loans with repayment periods ranging from 12 to 48 months.
SMEs can borrow up to 5 times their savings based on their Mscore.
Security for the loans can be the SME’s savings and/or collateral.
SMEs are eligible for this loan after 6 months of consistent saving

2. Nawiri Loans:

Short-term development loans with a repayment period of up to 12 months.
SME’s can borrow up to 5 times their savings based on their Mscore.
Security for the loans can be the group’s savings and/or collateral.
SMEs are eligible for this loan after 6 months of consistent saving.

3. Salary Advance Loans:

Short-term consumer loans with a repayment period of up to 6 months.
Individuals can borrow up to Ksh 200,000 or 2X their gross pay based on their Mscore.
Security for the loans can be the group’s savings and/or collateral.
Employees are eligible for this loan after 3 months of the consistent saving by the SME.

Members can manage their SME Biashara accounts using the Mombo App. Through the app, you can:

Open an SME savings account.
View shares and savings statements.
Upgrade or downgrade savings plans without any fees.Approve or decline SME join requests.
View a list of all approved SME members.
Remove SME members as needed.
Assign SME members a member number for easy tracking.
Withdraw interest on savings annually.
Close the account by issuing a 60-day notice.

Additional Benefits

Transparency & Accountability :

All members have access to all accounts reports and statements at the click of a button. Fostering greater security and oversight by integrating multi-tier transaction approvals crucial for maintaining control and accountability.

Financial Literacy Resources:

Through the Mombo App, members have access tovaluable financial literacy resources.

Community and Networking:

Take advantage of Mombo Sacco’s fraternal system called the M-Community to interact with other members, which can be especially helpful in finding loan guarantors.

Access to a zero monthly maintenance on SME Wallet

SME Biashara Wallet enables business owners to receive and make daily payment transactions at subsidised fees.

Flexible Options for Groups and Businesses

Flexibility to accommodate groups and businesses of various sizes. These accounts can have a minimum of 1 member to a maximum of 100 members.

By choosing the SME Biashara account, you can access flexible savings plans, enjoy competitive profit rates, and take advantage
of affordable loan facilities tailored to support your business and financial goals.

MWallet Account

Your gateway to a brighter financial future

Embark on a journey of financial empowerment with the Mombo Sacco MWallet, a gateway meticulously designed to slash transaction fees by 20% to 50%, making your financial dreams more accessible than ever.

This isn’t just about savings; it’s about igniting a path to your aspirations while ensuring your peace of mind with robust KYC security.

Harnessing the Power of MWallet

1. Embrace Self-Service Mastery:

Take the reins of your financial world with confidence, knowing that each transfer and transaction is a step towards your dreams.

2. Easy Deposits via Bank or M-Pesa:

Seamlessly fund your MWallet, enabling instant savings and goal achievement.

3. Instant Connection:

Enjoy the immediacy of transferring to loved ones, turning each transaction into a meaningful connection.

4. Payment Integration:

Bridging both bank and M-Pesa accounts, ensuring seamless, immediate financial transitions.

5. Quench Delay with Efficiency:

Achieve immediate transactions, ensuring that nothing stands in the way of your goals.

6. 24/7 Access:

Enjoy unlimited, round-the-clock access to your funds without monthly maintenance fees.

7. Awareness with Every Step:

Real-time transaction notifications keep you informed, turning every alert into a beacon of control and confidence.

8. Convenient Bill Payments:

Streamline paying your bills via MWallet to Bank, or M-Pesa paybill/Till number, consolidating your monthly commitments.

9. Financial Planning at Your Fingertips:

Let built-in tools manage the finer details, so you can focus on the bigger picture—your legacy.

10. Payment Scheduling:

Simplify ongoing and future commitments, allowing you to stay on track with your financial goals

11. Multi-Level Transaction Approvals for Businesses:

Foster greater security and oversight by integrating multi-tier transaction approvals, crucial for maintaining control and accountability.

12. Bulk Payment:

Process multiple payments efficiently such as for business transactions or managing expenses for groups and SMEs.

13. Automated savings:

Set up recurring transfers to your savings accounts without manual intervention each time.

14. Overdraft:

Get temporary access to extra funds, without the need for a formal loan application.

Getting Started with Mombo Sacco MWallet

1. Step into Innovation.

Download the Mombo App from the Google Play Store or Apple App Store, and take your first step towards a redefined financial experience.

2. Unleash Your Potential.

3. Explore, Engage, Empower.

4. Fuel Your Journey.

Deposit funds seamlessly, and watch your financial garden blossom in ways you never imagined.

5. Begin Your Legacy.

By accessing MWallet’s capabilities, you’re not merely managing money; you’re crafting your legacy, guided by the torch of convenience and empowerment.

Go beyond boundaries with Mombo Sacco MWallet, where every transaction is a step towards your brighter tomorrow. Embrace the savings, celebrate the journey, and transform your financial dreams into your living reality. The road to a fulfilling financial future has never been clearer.

NB: Access to the Business Wallet is dependent on one having an SME Biashara account