MOMO SAVING
MOMO Saving at your convenience
Our Mobile Money Savings Platform?
Its a USSD based system that enables clients to use their Mobile Money Wallets to save money both as individuals or in groups.
Can work with any Mobile Technologies provided by carrier networks
How it works?
- Each member can register for a box which costs a small fee using their
Mobile Money number (phone number). - Members can form a group which is given a name and registered in the
system. This is done by an administrator after collecting KYC data. - On creating a group, a saving period is attached upon which interest shall
be applied. For example, you can select 90days, 120 days, etc - Members can contribute money to the group through initiating mobile
money transactions from their phones to the Group box. - Members can view balance, other members and statements using their
mobile phones. Members can also withdraw to their Mobile Money
numbers provided the group signatories approve the transaction.
How it works?
- Well as members can use the platform for group saving, they can also use it for individual savings. Upon creating a box, a saving period should be attached.
- At the end of saving period, the system automatically calculates the interest amount based on the agreed rate and adds it to the box balance.
- Each box is divided into 2 sections, i.e. The limited and unlimited sections.
- The a member can only be allowed to withdraw from the unlimited section before the end of savings period. At the end of saving period, this person can withdraw from all sections or decide to start a new savings period.
Reports
It provides a well designed report criteria for school administrators and payment channels.
