With President
How does the
a) Provides a digital platform with the best deals on financial products
b) Provides digital tools to help customers understand and manage their finances better
How will the
Through a USSD code and mobile app platforms of the mobile network operators ie
What products are available under the
a) Personal Finance.
b)
c) SMEs Loan
d) Start Up
What are the features of Personal Finance product?
a) Loan is between Sh500 and Sh50,000 depending on credit scoring determined by various parameters.
b) The repayment period is 14 days
c) The interest on loan is 8 per cent a year calculated per day
d) The repayment period is 14 days. If a customer borrows Sh500 at 8 per cent interest a year, in 14 days the interest will be Sh1.53. The customer will repay Sh501.53
How much will borrowers access?
This will be determined by consistent borrowing and repayment on schedule
What happens when a customer borrows?
a) Approved loan is sent to your mobile money account: 95 per cent is deposited in your money wallet and 5 per cent in your savings account scheme of the
b) The 5 per cent that goes to the savings scheme is split into two: 70 per cent of this goes to long term savings (pension) and 30 per cent to short-term savings
c) If a customer borrows Sh1,000 for example, 5 per cent (Sh50) will go to the savings account
d) Of the Sh50, 70 per cent (Sh35) will go to the borrower's pension account and 30 per cent (Sh15) to the savings account
What if a loan is borrowed erroneously?
It cannot be reversed and must be repaid
How is the loan repaid?
Through the mobile money account.
Can a customer transfer the loan to another mobile phone number?
No
Eligibility
a. Be a
b. Valid ID card
c. Registered mobile phone number with
d. Have a mobile money account: Mpesa, Airtel Money or T/Kash
e. The sim card must have been in use for more than 90 days
Can one customer use than one phone number to borrow?
No.
What happens if the phone is lost?
The savings are safe because the
Default?
a) If the loan is not repaid in 14 days, the customer's credit rating is affected
b) A customer is given 15 more days and if the loan is not repaid, the interest rises to 9.5 per cent a year
c) After more than 30 days of default, the borrower loses all the credit scores accumulated and the
NB: There is no CRB and this default does not affect the person's credit rating with other creditors.
The defaulter can repay the loan at once or in instalments and begin borrowing again after full repayment
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