What is M-KOBA?
How many accounts do operate under M-KOBA?
M-KOBA has two accounts that Includes
This account is designed for small groups that can either be Family or friends who intends to save money over a period of time and share it after saving.
This product will focus on providing enabling environment for small micro-based groups (VICOBA) to operate in real-time to ensure cost effective, security and transparency among members and a group in general. Through M-KOBA VICOBA customers will be able to do all VICOBA operations in real-time which include, saving money, Buy Shares, Get loans and enjoy profitable returns on their savings through viable interest.
Who can open M-KOBA?
All M-Pesa customers will be able to open and use M-KOBA product.
Who are these signatories?
Chairperson: He is the owner and administrator of the group. He has the mandate to add any member and
Secretary: He is added by administrator and he is the one to initiate all payments and Loan to other members.
Treasurer: He is added by Administrator, He has the mandate to verify the Payments and Loans offered to members.
Are there any fees upon using M-KOBA
Are there any fees sending money from my M-Pesa wallet to M-KOBA group saving account?
There are no any fees incurred by the customer sending money from his/her M-Pesa wallet to M-KOBA group saving account.
How do we move funds from M-KOBA group account to customer M-Pesa wallet?
Funds will be moved through three phases, Secretary will initiate funds movement from group account to customer M-Pesa wallet then Treasurer will verify the transaction and lastly group Chairman will approve transaction and money will be moved from Group account to M-Pesa customer wallet. No money will be disbursed to any customer without approval by these three signatories.