A Day in The Life of a CEO

Advice for milenials

Being the CEO of a company is about more than monitoring business growth and taking home a large pay cheque. In this article we’re going to cover what it really means to be a successful business professional and CEO, giving advice for millennials that aspire to reach the top of the corporate ladder. Learning where to invest money, save money and manage employees is just the start of it!

Millennials are those hard-working, money making business people born anywhere from the early 80s up to the mid 90s. If you’re somewhere in your mid 20s to late 30s, you are a millennial and this business article is for you.

Do You Have What It Takes?

At this point in your life, you’ve probably already faced the decade old dilemma. Do you focus on having a family or furthering your career? You can try and do both, but most ultra successful CEOs will focus on their career before starting a family.

A day in the life of a CEO usually contains:

  • Making huge corporate decisions to shape the future of your business.
  • Setting long and short term goals (financial goals, ethical goals, productivity goals etc.)
  • Deciding where to invest money, where to save money and how to put funds to good use.
  • Creating business connection with other CEOs.
  • Maintaining the company image publicly at all times, often putting their private life in the public eye.

As you can imagine, this is very draining but ultimately worth it. The pay cheque, the power, the prestige and the feeling that you’re really making a difference to the world are the driving forces behind many great CEOs.

You can say goodbye to conventional working hours and weekends where thoughts of work don’t even cross your mind. Being a CEO means putting your life into the business and its future.

Advice for Millennials

Whether you’re just starting to venture into the market as a new start-up, or slowly working your way up the corporate ladder as an employee, you need to take this advice for millennials!

Firstly, knowing when to invest and when to take a loan is essential. You need to be on top of your finances at all times, but more on that below.

You also need to create a board of directors and learn to delegate. Being CEO doesn’t mean you know everything – it means you know when something falls outside of your expertise and would be better off managed by an expert.

You may be in charge, but you can’t do every task that comes your way.

You also need to find a balance. As a millennial, you’re going to have grown up in an era of financial crisis in one way or another, but you’re also going to be far more competent with technology compared to previous generations. Use this to your advantage! Focus your business growth in a sustainable way, always creating a back up plan for if the markets crash. Use your technological savviness to your advantage and use it to beat the old-time business giants at their own game.

No two CEOs are the same. If you want to follow in the steps of Richard Branson, Mark Zucherberg and Elon Musk, you need to be have a unique edge that puts you and your company in front of the rest.

How to Manage Your Finances Like a CEO

It really doesn’t matter how revolutionary your start-up idea is if you can’t manage your finances properly. That doesn’t just mean managing your income and expenses.

Knowing when to invest money is important. You’ll also be faced with difficult decisions – firing people and even making entire departments redundant. Focus on the overall financial health of the business to make those tough choices.

Knowing when to merge companies, when to squash competitors and when to create strategic alliances isn’t going to happen over-night. Take advice from experts and make wise, informed decisions.

Loaning money out, taking loans yourself and knowing where to invest money for optimum business growth is a full time occupation.

Here at Mombo, our financial app allows you to do all of that in one place. Read more about our services for aspiring millennials here.


SACCOs in Kenya: The Benefits of Borrowing

Saccos in Kenya

Besides the best saving plans they offer, registered SACCOs in Kenya offer plenty of borrowing opportunities too. In this article, we’re going to cover all the benefits of borrowing from SACCOs in Kenya and how to get the most from your money with Mombo!

What are SACCOs?

In case you didn’t already know, SACCO stands for savings and credit cooperative organization. So, you can already tell that they’re all about best savings plans, savings accounts and finance. But in this article, we’re going to focus on the credit side of SACCOs in Kenya.

SACCO societies are organizations of savers, investors and finance professionals, so you often have a lot of opportunities to make the most of your money. From higher interest rates on your savings, to lower fees compared to what the traditional banks charge.

The Benefits of FOSA and BOSA

There are 2 types of SACCOs in Kenya, both with unique benefits.

FOSA stands for Front Office Services Activity. It basically means that they offer similar products to the traditional banks in Kenya, and you can access your savings over the counter. You can withdraw from your SACCO account when you like, but there may be small fees and reduced interest rates as a result. These aren’t the best saving plan if you want to get the most interest from your savings. FOSAs are regulated by SASRA (SACCO Societies Regulatory Authority) while BOSAs are not.

Benefits of a FOSA SACCO:

  • You can withdraw money when you like, as you would a bank savings account.
  • As a member of the SACCO you may have access to their loans too.
  • Clearinghouse process also allows you to process your salary and cheques through the FOSA.

BOSA stands for Back Office Services Activity. That sounds shady, and although they aren’t regulated by SASRA, there are very reputable, trusted and regulated SACCOs in Kenya that are BOSAs. The money you put into the BOSA can’t be touched until you leave the SACCO altogether – this usually allows for higher interest rates on your savings and comes with other benefits, as you’re locking your money in. Take Mombo SACCO for example and read more about why we’re so great below.

Benefits of a BOSA SACCO:

  • Higher interest rates compared to banks and FOSA SACCOs on your savings.
  • Money tied into the BOSA can be used to get you a higher loan – 5x your savings in the case of Mombo!

Solely focused on your savings and loans – a BOSA SACCO is dedicated to managing these finances alone.

The Benefits of Borrowing from a SACCO

Here are the key benefits of borrowing from a registered SACCO in Kenya. Can your bank offer you these features?

  • Better credit facilities and more flexibility than the banks.
  • A much smaller chance you’ll be declined a loan from a SACCO you’re part of, compared to traditional lenders!
  • You may be entitled to dividends as a key member, depending on the SACCO.
  • It’s much easier to save large amounts of money without the temptation to spend it – especially with a BOSA.

Extra benefits from Mombo:

  • A completely digital process – from signing up to applying for loans to repaying them.
  • Access and monitor your SACCO activities from anywhere via smartphone.
  • Access to Mombo iCapital for larger loans and investments.
  • Dedicated 24/7 customer support via our innovative Mombo app.
  • Life insurance guarantee – if you pass away while holding savings with Mombo, your loved ones will receive twice the amount you saved.

    Discover Mombo SACCO

Mombo SACCO is a BOSA, meaning we are registered, licensed and regulated by the commissioner of cooperatives under the ministry of industry, trade and cooperatives. As far as we know, we are the leading SACCO in Kenya in terms of FinTech and forward thinking! Not only is our entire application process digital but we’ve gone to lengths to make sure it’s user-friendly and easy to understand.

When it comes to borrowing from Mombo SACCO, you can access up to 5 times your savings, at an affordable repayment rate. And if you need more for a shorter period of time, you can also access Mombo iCapital from the app.

Discover more about Mombo SACCO, one of the leading SACCOs in Kenya here.

Should I Pay Off My Debts or Start Saving?

Pay Off Debt or Save?

Whether you’re always struggling to pay off those small cash loans, or just despairing at the thought of spending hours hunting for the best online savings account, you really need to find a better financial balance.

Instead of going to open a savings account with the biggest or nearest bank, carefully consider how to better manage your borrowings, loans and savings by reading this article!

How Debt Cycles Get Out of Hand

Not only do debt cycles cost you a lot of money and stress, but they also stop you from saving money for the future.

Typically, there are 3 ways that a debt will grow from small cash loans.

  • Interest Rates. A debt will grow naturally over time because a lender will charge you interest on the amount of money that remains outstanding. Banks can charge you interest as high as 15% in some cases – money you could be saving is spent on high interest rates instead.
  • Borrowing to Repay Existing Debt. If your savings are all tied up in a strict savings account (read more about the limits to these below) you might find yourself borrowing more from a different lender just to repay your original debt. Moving debt around like this can ruin your credit score.
  • Fixed Fees. Some lenders will charge you fees if you don’t pay back the loan on time, adding even more to your debt.

As you can see, having debts can often mean that there’s no room to open a savings account or even be accepted for future small cash loans. This is unbalanced and something we at Mombo want to change.

Saving Money

Saving money sounds like a wise financial move, but sometimes the wrong savings plan can be as bad as debt! Take education plans for example:

There are specific bank savings accounts and investment schemes where you open a savings account and pay in a set amount each month for your child’s education. These are generally for around 10 years, but sometimes can be for much longer. Each month you pay in a set amount that you won’t get back until your child needs it for education – this is very limiting and often the interest rate you receive is poor.

What if you were to pass away before you finish paying for your child’s education? What if you or your child are in a serious accident and need that money to pay for healthcare? You may need to result to small cash loans despite having saved money for years.

When you open a savings account with a SACCO however, you can withdraw the money when you need it with little hassle. You can even borrow against those savings for long tenors.

Picking the best online savings account means being wise about how you tie down your money.

Finding A Balance

At Mombo, our vision is to provide customers with full control over their financial situation. Having a balance of finances allows you to be in a better situation.

Furthermore, we believe that you shouldn’t have to be dipping into savings before you’ve saved up for the real reason: a wedding or education fees, for example.

Everyone should have the freedom to borrow, pay off loans and save at the same time. Small cash loans are great for small emergencies while having savings should allow you to borrow for longer periods of time – having a balance of savings and loans allows you to do more with your money.

How Mombo Can Help

When you open a savings account with Mombo SACCO, you can borrow up to 5 times your savings for up to 48 months. Your savings stay where they are, and you get the funds you need in the meantime. When you open a savings account with a bank, you’re often required to provide collateral and charge per annum – sometimes as much as 15%. Mombo SACCO offer you credit based on your savings – and you repay at a cheaper interest rate than banks.

And then there’s Mombo iCapital for borrowing larger amounts and investments. You can borrow up to 50% of your net salary for 6 months, rather than rely on small cash loans. Save with Mombo SACCO for access to big loans and use Mombo iCapital for emergency loans: a great way to avoid the debt cycle and manage all your finances in one place!

All of this is available via the Mombo app, so why not check that out instead of hunting for the best online savings account?

How to Apply for Small Loans in 3 Simple Steps

apply for small loans

A small loan could be all you need to ease financial strain, buy a vehicle, get married or just make some home improvements. But you need to be responsible with your loan. You need to find the best rate, the right term length and a reputable Kenyan lender.

Follow these 3 steps to apply for small loans with success.


Step 1 – Planning

There are many different types of small loans available for you to apply for: you need to find those that are suitable for your needs.

Payday loans offer you money against your salary – you accept the small loan and pay it back on your next pay day. Apply for small loans like this if you need a small amount of money in advance of your pay day, and you’re certain you’ll be able to pay back the loan from your salary.

You can also apply for small loans against your savings – different lenders will offer you different loan amounts. You could use this money for things like celebrations, home renovations or even emergencies.

Many lenders will also offer different kinds of small loans to apply for. The factors you need to pay particular attention to are: interest rates, added fees and restrictions when it comes to paying back the loan or the actual term of the loan.

Work out how much you need and how long you need to loan for. For example, Mombo App lends from ksh.2,000 to ksh.3,000,000 for terms of 1 week to 48 months.


Step 2 – Check Your Credit Score

Lenders will want to see your credit score as part of the application process, so it’s a good idea to take a look at your credit score in advance. If your credit score is poor, you might want to wait before you apply for small loans. It is wise to get your credit score to a good level before applying, to increase your chances of being accepted.

In Kenya, you can obtain your credit score from bank transactions or M-Pesa transactions.

  • Bank Transactions: you can obtain your credit score from the 3 credit reference bureaus (CRBs) in Kenya. These credit scores will have details about your transactions through banks and microfinance institutions. A score can be anywhere from 100 to 900: a good score is considered to be 700 or above. This credit score is better if you’re looking for large loans of ksh.200,000 or more.
  • M-Pesa Transactions: these are great for when you apply for small loans. Mobile lenders, like Mombo App, prefer these credit scores for small amounts between ksh.2,000 and ksh.200,000. The M-Pesa credit score has more details about your overall financial status as it covers mobile money transactions, while the bank credit scores do not.


Step 3 – Apply for Small Loans

Once you’ve got your score in good shape and you’ve planned out carefully how much money you need when you apply, it’s time to start searching for lenders.

The most popular or newest lender might not always be the best. Whether they’re a bank or a mobile app, there are a few things you should look for:

  • Bad reviews or good reviews?
  • Small print details – is the lender transparent about lending fees and conditions?
  • Does their website look reliable? Do they have a permanent address that checks out?
  • Can you call them and speak with an adviser to ask questions?


When you apply for a loan you’ll undoubtedly have to provide personal details as well as your credit score and other requirements. These will vary from lender to lender – some may require that you provide ID, others may just need a phone call or physical meeting to verify your identity.

When you come to apply for small loans just remember these 3 steps and be sensible! If you have any questions or concerns, why not get in touch with us at Mombo? We’d love to help you work out what loans are suitable for you and how much you could borrow. Find out more about Mombo App and apply for small loans here.

Mombo Sacco Savings Account.

Mombo Sacco Savings Account.

Experience endless possibilities with Mombo Sacco.Unlike many other savings accounts in Kenya, Mombo Sacco savings account is simple. Our focus is purely on providing savers with real and predictable value for money. We take care of all process, costs and risk management meaning that any savings with us is without hassle and its fee free too.

How to open a savings account

  • 1) You can make a request to open a Mombo Sacco savings account from your smartphone, tablet or laptop anytime of the day via the Mombo App or the Mombo web portal.
  • 2) We use a series of advanced checks to ensure people admitted to our membership are creditworthy and of integrity. Therefore,membership requests can take a minimum of 4 hours to a maximum of 3 working days to be processed.
  • 3) There’s a minimum monthly contribution of kshs. 3,000 into your Mombo Sacco savings account. Your savings will attract an interest of 6% per annum throughout the lifetime of your membership.You can access your accrued interest twice every year – January and July.
  • 4) Your savings account will enable you to access up to 5 times your savings in loan facilities at affordable rates of 12% per annum.

How to access my Mombo Sacco savings?

  • 1) You can easily access your savings in the course of your membership through our affordable loan facilities – your access is open to up to five-fold your savings. The process is simple and completely digital. Turn-around time is between 15 minutes to a week.
  • 2) In case you are looking to withdraw your membership and as a result recoup all your contributions and interest accrued; you will be required to give a 60-day notice of your intent to withdraw.After which, Mombo Sacco will pay back your contributions and interest less any liabilities.

Enroll with Mombo App today and open your Mombo Sacco savings account.