Kimisitu Money 69

This review provides a comprehensive overview of the functionalities available to members of the platform, focusing on efficiency and user-friendliness.

Withdrawal to MPESA - Members have the ability to withdraw funds from their FOSA account directly to their MPESA, streamlining access to cash.

My Account - This feature allows members to view detailed information regarding their FOSA, BOSA, loan balance, and savings accounts, promoting transparency and monitoring of funds.

Loans - Upon selecting the Loans option, customers will encounter a menu featuring four key subcategories:

• Loan Enquiries
• Loan Requests
• Loan Application Status
• Loan Repayment

Loan Types:

1. Dividend Discounting Loan
   • A one-time interest charge of 7.5% is applied upfront on the approved loan amount.
   • The maximum loan amount is capped at 60% of the member’s interest on deposits from the previous year.
   • Members with an arrears, dormant status, or defaults are ineligible for mobile loan access but may apply online to facilitate recovery from dividends.
   • Guarantors whose deposits were utilized to offset a defaulted loan can qualify for a reduced amount.
2. M-Kimisitu Loan
   • The interest rate stands at 5% per month on a reducing balance.
   • The repayment period can extend up to a maximum of 5 months.
   • Monthly repayments are deducted directly from salary payouts.
   • A top-up charge of 2.5% applies based on the loan balance.
   • The maximum loan access is capped at Kshs.100,000 or 80% of the member's deposit, whichever is lower.
   • Interest is charged upfront, but recovery occurs monthly.
   • In cases of default, the outstanding loan balance is recovered from the member’s deposit.

Fund Transfer - When customers initiate a fund transfer, they can choose between:

• Swift Transfer (RTGS)
• Electronic Funds Transfer (EFT)

The fund transfer options are categorized as follows:

1. Internal Transfer
   • My Account: Members can transfer to any savings account they hold, including shares.
   • Other Accounts: Members have the option to transfer to other members’ savings accounts within the platform.
2. External Transfers: Members can view a list of banks and enter beneficiary bank details for external transfers.

Deposits - Selecting the Deposits option allows customers to view available accounts for depositing funds:

• FOSA
• Savings Account
• LUMPSUM

PAYBILL Functionality - Customers are provided with an option to make payments using the Paybill feature, enhancing flexibility in transactions.

Password Management - Members can easily change their passwords through an accessible functionality, ensuring account security.

Logout Functionality - Members may log out of the application after completing their tasks, contributing to a secure user experience.