M-Koba FAQS

What is M-KOBA?

M-KOBA is Vodacom and TPB initiative that aims on digitizing group savings in Tanzania to operate real-time and enjoy financial inclusion. 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. This service will be available through M-Pesa USSD menu. Customers will dial *150*00# then click Financial Service then select M-KOBA

How many accounts do operate under M-KOBA?

M-KOBA has two accounts that Includes

  • FAMILY/FRIENDS:
  • VICOBA/VSLA

FAMILY/FRIENDS:
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.

VICOBA/VSLA:
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?

Upon using M-KOBA there will be 3 signatories which include:

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.

Katibu
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

There are no fees or fees upon opening and using M-KOBA. Applicable fees are only on balance request.

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.

Who do I Contact in case of complaint, queries, recommendation or request?

Customer will be able to contact Vodacom Customer care for any complains this include calling 100.

What should be done in case of group conflict?

If it happens group members are in conflict over the group funds they will be required to report to the police. After reporting to the police they will be given a permit to present to Vodacom to block the group funds. Prior on receiving Police permit Vodacom will block the group account funds and group members will be required to re-solve their differences to the police and get a another permit to allow Vodacom to unblock their group funds.
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