This is a mobile banking facility that allows members the opportunity to access loans via their phones
Product Features
➢ Interest rate of 5% per month on reducing balance
➢ Repayment period up to a maximum of 3 months
➢ The monthly repayment is deducted from the salary payouts.
➢ The member can access up to 80% of his net pay
➢ Top ups charge: of 2.5% of the Loan balance
➢ Member can access a maximum of Kshs 500,000 or 80% of his member deposit whichever is lower
➢ Interest is charged upfront but recovered monthly
➢ The member signs irrevocable instructions to have their salary pass through FOSA
➢ In case of default the loan balance is recovered from member deposit
M-Kimisitu App and USSD Code Procedure