This a mobile phone loan issued by the Sacco to her members.

Eligibility

• One must be a Sacco member who has finished at least two months.
• Advance is issued via mobile phone (M-PESA)
• Advance issued should be within a member’s deposits and/or 3 times of 80% of the monthly net salary for Members whose salaries are processed through TRAMOM WALLET.
• Maximum amount for this product is KES 75,000
• Repayment period is 3 months (90 days)
• Interest rate is 5% per month reducing balance.
• Penalty chargeable for the product is 5% with max of 10%.
• Advances unpaid for 90 days will be recovered from a member’s deposits and the member will be required to reinstate the amount deducted from deposits to access the product – even any other loan (System flag the a/c).
• In the event of repeated default member will be denied access to the product.