This is a mobile banking facility that allows members the opportunity to access loans via their phones
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