MOMBO Sacco is a digital savings and credit co-operative in Kenya that is empowering individuals with the currency and confidence to reach their aspirations.
MOMBO App is the customer-facing platform for MOMBO Sacco, and it ensures a seamless and frictionless customer experience to all its customers.
The App has embraced a ‘mobile-first approach’ that has made onboarding and saving easier by making the process intuitive and quick.
What MOMBO App Offers
- No Monthly Fees Saving Accounts: MOMBO App offers its customers no monthly fees saving accounts, which means that customers can save money without worrying about additional fees.
- Savings are 100% Insured: MOMBO App ensures that customers’ savings are 100% insured, which provides peace of mind to customers who are looking to save money.
- 100% Digital Sign Up: With MOMBO App, customers can sign up digitally, which makes the process fast and straightforward.
- Loans of Up to 5X Your Savings: MOMBO App provides loans of up to 5X your savings, which can help customers achieve their financial goals.
- Share Capital and Savings Fully Refundable Upon Exit: MOMBO App allows customers to exit the co-operative at any time, and their share capital and savings are fully refundable.
- Access to Salary Advance Without Saving: MOMBO App provides customers with access to salary advance without requiring them to save.
- Assured Access to Guarantors: MOMBO App provides customers with assured access to guarantors, which can help customers obtain loans.
- 4 Flexible Saving Accounts – Bronze, Silver, Gold, and Platinum: MOMBO App offers customers four flexible saving accounts that they can choose from based on their financial goals.
- Secure Loans Using Own Savings, Guarantors, Logbook or Title Deeds: MOMBO App offers secure loans using various forms of collateral, including own savings, guarantors, logbook, or title deeds.
- Up to 10% Interest on Savings: MOMBO App provides customers with up to 10% interest on their savings, which can help customers grow their money.
- Sharia Compliant Products: MOMBO App offers Sharia compliant products for customers who want to save money in accordance with Islamic principles.
- Refer a Friend and Win a Referral Bonus Incentive: MOMBO App provides customers with referral bonuses when they refer friends and family to join the co-operative.
- Minimum Period is 90 Days, and the Maximum Period is 48 Months: MOMBO App provides customers with flexible loan terms, with a minimum period of 90 days and a maximum period of 48 months.
- Maximum Annual Percentage Rate 17%: MOMBO App ensures that customers are not charged excessive interest rates, with a maximum annual percentage rate of 17%.
- Total Cost of Credit = Service Charge + Interest: MOMBO App calculates the total cost of credit using the formula Total Cost of Credit = Service Charge + Interest.
How to Join MOMBO Sacco
- Install MOMBO App: Customers can install MOMBO App from their respective app stores.
- Follow the Simple Registration Prompts: Once installed, customers can follow the simple registration prompts to sign up for the co-operative.
- Login and Choose a Service of Your Choice: After signing up, customers can log in and choose a service that suits their financial goals.
Features of Mombo Loan App
One of the standout features of MOMBO App is its flexible loan terms, which allow customers to choose a loan period that suits their financial situation.
The maximum annual percentage rate of 17% ensures that customers are not charged excessive interest rates.
The assurance of 100% insurance on savings and the full refund of share capital and savings upon exit gives customers peace of mind, knowing that their money is safe and secure.
Another feature that makes MOMBO App stand out is its four flexible saving accounts. Customers can choose a savings account that aligns with their financial goals and objectives.
The option of Sharia compliant products is also noteworthy, as it caters to a specific group of customers who want to save money in accordance with Islamic principles.
MOMBO App’s referral bonus incentive is also a great way to incentivize customers to refer their friends and family to join the co-operative. This helps grow the community and expand its reach.
Overall, MOMBO App is an excellent digital savings and credit co-operative that is making a significant impact in Kenya. Its focus on financial education, community-driven approach, and commitment to providing flexible financial services that cater to individual needs are commendable.
For anyone looking to save money and achieve their financial goals, MOMBO App is a great platform to consider.
Conclusion
In conclusion, MOMBO App is an excellent digital savings and credit co-operative that offers customers a range of financial services that cater to their individual needs.
With its mobile-first approach and user-friendly interface, customers can quickly and easily access the services they need to save and achieve their financial goals.
With its focus on financial education and a community-driven approach, MOMBO Sacco is actively growing a financially savvy community in Kenya.