Creating A Savings Account
Creating a savings plan is an essential step towards achieving financial success. It can be difficult to know where to start, but working with us can help you create a personalized plan that meets your unique needs and goals.
The first step in creating a savings plan is to determine your savings goals. This could include saving for a down payment on a house, a new car, or your child’s education. It’s important to have specific and measurable goals in order to track your progress and stay motivated.
Once you have established your savings goals, it’s time to determine your starting point. This includes assessing your current income, expenses, and debt. This will give you a clear picture of your current financial situation and help you determine how much you can realistically save each month.
One of the most effective ways to save money is to create a budget. Here at Mombo, we can help you set up a budget that includes your income, expenses, and savings goals. This budget will help you track your spending and make sure that you are putting enough money towards your savings goals each month.
Another important aspect of creating a savings plan is to make sure that your savings are working for you. A small financial saving firm can help you determine the best savings options for your needs.
Finally, it’s important to review your savings plan regularly. Mombo can help you track your progress and make adjustments as needed. This could include increasing your savings goals, finding ways to cut expenses, or exploring new savings options.
Creating a savings plan can be challenging, but working with Mombo sacco can help you achieve your goals. With our expertise and guidance, you can create a personalized plan that meets your needs and helps you reach your financial goals. So, take the first step today and start building your savings plan with our 5 savings plans tailor made to suit all your needs
Bronze Plan |
Silver Plan |
Gold Plan |
Platinum Plan |
Emareld Plan |
|---|---|---|---|---|
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Registration fee of Ksh 200 |
Registration fee of Ksh 1,000 |
Registration fee of Ksh 1,500 |
Registration fee of Ksh 2,000 |
Registration fee of Ksh 2,000 |
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Minimum monthly deposit of Ksh 500 |
Minimum monthly deposit of Ksh 2,500 |
Minimum monthly deposit of Ksh 5,000 |
Minimum monthly deposit of Ksh 10,000 |
Minimum monthly deposit of Ksh 30,000 |
|
4% annual interest on savings |
4.5% annual interest on savings |
5% annual interest on savings |
6% annual interest on savings |
8% annual interest on savings |
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Self account/Opt-in opening straight through Process via Mombo app |
Self account/Opt-in opening straight through Process via Mombo app |
Self account/Opt-in opening straight through Process via Mombo app |
Self account/Opt-in opening straight through Process via Mombo app |
Self account/Opt-in opening straight through Process via Mombo app |
|
Borrowing power limit- 0.1M |
Borrowing power limit- 0.5M |
Borrowing power limit- 1.5M |
Borrowing power limit- 5M |
Borrowing power limit- 8M |
Benefits of saving with the sacco is that members pool their savings together and use them to provide loans to other members. There are many advantages to taking a loan with us, including:
- Low-Interest Rates: Mombo Sacco offers lower interest rates on loans than traditional banks. This is because t are not-for-profit organizations and are not motivated by the desire to make a profit. This means that members can save money on interest charges over the life of the loan.
- Flexible Repayment Terms: We at Mombo understand that their members may have unique financial situations and may not be able to make loan payments on the same schedule as a traditional bank. We offer flexible repayment terms, such as bi-weekly or monthly payments, to accommodate members’ financial needs.
- Collateral-Free Loans: We also offer collateral-free loans, which means that members do not have to provide any collateral in order to qualify for a loan. This can be especially beneficial for members who may not have assets to use as collateral.
- Quick Approval and Funding: We are heavily focused on customer satisfaction, hence more nimble than traditional banks, which means we can make loan decisions and provide funding more quickly than traditional banks. This can be especially helpful for members who need money quickly.
5. Personalized Service: We are made up of members who live and work in the same community. This means that members can receive personalized service and attention from loan officers who understand the community and its unique financial needs.
6. Community Support: Mombo sacco was formed with the goal of promoting economic development in the community. Taking a loan with the Sacco can help support the local economy and promote the growth and development of the community.
7. Building Credit: We may report loan payments to credit bureaus, which can help members build or improve their credit score. This can be especially beneficial for members who may have struggled with credit in the past.
8. Educational and Financial Support: We offer educational programs and financial counseling to our members. These programs can help members learn about budgeting, credit management, and other financial topics, which can help them make better financial decisions in the future.
Overall, taking a loan with Mombo Sacco can be a great option for members who are looking for a more affordable and flexible loan option.