Tips on Choosing the Best Sacco in Kenya

sacco in kenya

Finding the right Sacco in Kenya – one that aligns with your goals – is essential for your financial growth and the safety of your money. It is, therefore, vital to do your homework beforehand to ensure you’re settling for the best deal.

But of the many options available, how do you find the best Sacco in Kenya?

There are no hard and fast rules for this, but the right Sacco for you is the one whose products and services resonate with your needs.

Here are some tips on choosing the best Sacco in Kenya:

Fees and rates

If you’re keen on getting a one-stop-shop, take the time check the interest rates that you would earn on deposit accounts and the rates you would pay on loans. Use this information to filter the options that you have. Trusted Saccos in Kenya publish the fee schedules and rates on their websites, so it shouldn’t be hard to compare. If you can’t find the information online, you may call their offices.

Saccos tend to have higher annual percentage rates on savings accounts and lower fee schedules than traditional banks. Those that operate virtually offer even better terms since they do not incur overhead charges that come with having numerous physical branches.

Related: How to Open a Savings Account that Enables You to Borrow against Your Savings

Must-have technology

With the busy lifestyle, you may not have time to step into a branch, let alone wait on the long queues to make deposits or withdraw money. Therefore, you may want to consider a Sacco that integrates technology into their systems so you can do your transactions on the go. Checking for must-have features – like the automatic savings plans, budgeting tools, security measures, and the ability to transfer funds quickly to family or friends – can assist in narrowing down your list.

Physical location

The simple fact that you’re looking for convenience doesn’t mean it’s okay to work with a virtual Sacco that has no physical office. Remote banking is an added advantage. So, before you join a Sacco, conduct extensive research about them. Check how reliable they are – you can do so by visiting their premises and verifying their licensing and registration documentation. Any reputable Sacco will offer or display their certificates.

Note that there are two kinds of Saccos in Kenya: the Front Office Services Activity (FOSA), and the Back Office Service Activity (BOSA) Saccos. Whichever type of Sacco you settle for, you should ensure that it’s registered, licensed, and regulated. The Sacco Societies Regulatory Authority (SARSA) governs all FOSA Saccos. The Commissioner of Cooperatives under the Ministry of Industry, Trade, and Cooperatives on the other hand, controls the BOSA Saccos.

Read reviews

In the internet era, it’s impossible for an institution to get away with bad practices. People will flock online to express their frustrations and anger in case they have a bad experience with a provider. They’ll show gratitude if they’re pleased with the services too. So before you sign in to a Sacco, spare some time to browse online for customer reviews and find out what the past clients are saying about them.  Here, you’ll see the good and the bad side of the institution. The information will help you in making an informed decision.

Websites which are committed to customer reviews in the banking and financial industry can also offer incredible insights. Since the Sacco doesn’t influence the reviews, you can be sure that the information is accurate and true.

The safety of your money

You want to have insurance for your money, the same way you do for your home, your car, and your health. It is, therefore, crucial to find a reliable Sacco in Kenya that’s registered, insured, and regulated. This way, you’ll be sure that your money is safe and that your investment is worth the while. You don’t want to wake up one morning, only to find out that the institution is bankrupt.

Ask for referrals

The easiest way to find the best Sacco in Kenya is to ask the people within your circles – like your family, friends, neighbours, and colleagues. You’ll be surprised by how many people are saving their money and applying for loans with Saccos. People in your cycles will give you an unbiased opinion regarding a Sacco, which is what you need.

Friends Want You to Spend More? Beat FOMO and Stay on Budget with SACCOs in Kenya

saccos in kenya

Your financial situation changed, and you have to be thriftier now. But what if your friends don’t plan to cut back on pleasures and invite you to join? How to keep up with friends if you are on a budget and don’t suffer from a fear of missing out (also known as ‘FOMO’)? Without an automated saving plan, it will be hard to resist the temptation to overspend and stay within your budget limits. We will tell you how SACCOs in Kenya can help you to keep up with both your friends and savings goals. And, what is more, without feeling upset that you miss something important in life.

Mary’s story… before she knew about SACCOS in Kenya

Mary Nket, 24, just graduated from college and landed her first job in the translation agency. She dreams of spending her vacation in Europe polishing her language skills. With her modest salary, she realizes that she should cut back on certain expensive frills to set aside a portion of her every paycheck for her dream.

Everything would be great, but here is a concern. Amy and Joy, her close childhood friends she was studying in the college with are well-off. They love shopping and fine dining in expensive restaurants and going out. Mary feels torn between her desire to be with friends and her worries. She sees that such lifestyle makes a huge dent in her savings and drives her further and further from her dream. Frequent impulse overspending makes it impossible to be consistent in saving up.

Mary wonders if it is possible to have fun and save up at the same time without a depressive feeling like she is missing: either a dream or friends. How can people like Mary retain a balance between friends and financial stability? Here are our

Tips how to tame FOMO and stick to your savings goals

Detect FOMO in you. Do you tend to transcend your budget limits? Have no healthy saving practices? Can’t say no to friends? Beware, you are in the FOMO zone. The ‘fear of missing out’ is nourished by social media and their cult of a successful life. It is a quite real thing that gets real people into enormous debts that are unreal to get out of.  If you don’t tame FOMO, it is capable of bringing havoc and even devastation to your financial life.

Talk to your friends honestly about your financial situation. Saying no is important. However, explaining what this ‘no’ means for you will help your friends respect your position, find a compromise and eventually save the friendship. Real friends will understand. After all, none of them is going to repay your debts. So stick to what you know is important to you.

Track your budget and prioritize savings. Trace where your money usually goes and define your priorities. After you get a paycheck, pay your bills, set some money aside for your emergency fund or a savings account. Then define and set aside the portion for your regular needs. What is left is your ‘fun budget’.

Yes, the ‘fun budget’ is important. Let it be small, but it’s crucial to have extra money for pleasures. Absolutely legal pleasures you won’t feel guilty about.

Open a savings account at one of the registered SACCOs in Kenya. Why are savings and credit cooperative societies better than banks? If you open an account at a regular brick-and-mortar bank, you get a low yield rate and a big set of fees that suck up from your saving efforts. Registered SACCOs in Kenya set no maintenance fees and offer unparalleled interest rate as high as 6%.

How to save up for your dream with SACCOs in Kenya?

Mary was wondering if there was an opportunity to deposit small portions of money and grow them at a high-interest rate and keep it automated. Her colleague told her about savings and credit cooperative societies. She enrolled with MOMBO App a year ago. Since then, she has already saved up almost KES 40,000 (3,000 monthly plus 6% yield annually) without even noticing it and without any harm to her social life. She keeps saving and considers getting a 5-fold low-interest loan to fulfil her amazing dream.

Easter: 5 Tips to Save When Everybody’s Spending + 1 Tip on Savings Account in Kenya

savings account in kenya

Easter is almost here! Not all of us have already recovered from Christmas overspending, and now another one is around the corner! Weekend trips, entertainment, gifts, chocolates, pricey food and drinks… Is it possible to have a great Easter fun with family and friends without breaking the bank? We will tell you how to save while everybody’s spending during this Easter. And even more, how to build up a fund for things that really matter – with a savings account in Kenya.

Tips for saving during Easter

1. Set your budget. Many of us anticipate Easter to officially indulge our cravings for chocolate and fun. But beware, this time is tricky. Small things like coffee, taxi, expensive treats, Easter-style décor and accessories stack up into a significant sum of money.

Marketers agitate the spending culture during religious holidays making a huge dent in our wallets. Can you resist this mania? Yes, if you stick to your budget. Before Easter rolls in, define your budget limits and stay within them.

We don’t recommend relying too much on credit cards and putting yourself in the red. Credit cards are bad for long-term loans.

2. Shop wisely – before and after. While grocery shopping before Easter, always have a shopping list with you and stick to it. You know, deals here, deals there… It is always a big temptation to spend lots of money on things you don’t actually need (at least now).

 The best time to look for deals is after the holiday – on Easter clearance. On post-Easter sales, you can buy gifts or Easter-related things you’ll need the next year.

 

3. Home-made treats and entertainment. Treats, food and drinks stretch the budget if you buy them. Consider looking for recipes online and preparing dishes on your own. You’ll save a TON. Inviting friends and relatives to your place instead of dining out will also save you lots of cash. Especially, if you guests will bring a plate.

 

4. Get creative on entertainment, and the fun won’t cost you big money. Color real eggs (boil them hard first) and make Easter-themed crafts with kids instead of pricey chocolate egg mania.

 

5. Staycation instead of expensive travels. Maybe you want some new sensations, but prefer to keep your money for a BIGGER trip in the future. Here are some Easter getaway options for you. Consider exploring your city’s surroundings, renting a cottage, going on a camping trip or just taking your family for a walk in the park. You’ll be able to spend some great time with your beloved people without flushing your savings down the drain.

A savings account in Kenya: how to save when everybody’s spending?

When Easter rolls into your city, it is easy to get carried away with expensive frills and forget about your saving goals. If you want to have more than chocolate eggs in your pockets as Easter rolls by, you need to start saving now and do it wisely.

Opening a savings account in Kenya will help you devote a bearable amount of money from your every paycheck to your dream. And what is more, do it automatically. This ensures that your savings grow regardless of the time of a year and holidays that come and go.

Opening a savings account with MOMBO: benefits and terms

Savings accounts differ a lot in terms of benefits and requirements. Registered SACCOs in Kenya are the best option for savings accounts. As a member, you get access to the credit facility. Most of the registered SACCOs in Kenya offer loans equal to 2 or 3 times your savings.

MOMBO not only increases this credit limit to 5-fold your savings but also offers 6% interest on savings. The last feature is unparalleled among registered SACCOS in Kenya. As a member, you also earn dividends on your shares.

To start saving with MOMBO Sacco, download the app and enroll. After paying the nominal entrance fee, you can start growing your account with monthly instalments.

Devoting as little as KES 3,000 monthly, you’ll be able to survive any holiday without losing the saving perspective.

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 Save Fast and Automatically With a High-interest Savings Account?

free-savings-account-hight-interest-mombo

Let us admit: not all of us are savings gurus. We visualize the goal, figure out the amount of money needed, and make a resolution to set aside some cash for it every month… But then, our determination gradually dies down, we lose consistency and soon find ourselves far behind our saving goal. You know the story.

Does it mean you are doomed to yield your goals to your inconsistency every time? No! All you need is to get your savings automated. Opening a savings account will keep you on track until you reach your goal. But the good news is that you can get there even faster if you choose a high-interest savings account. Follow us to find out how you benefit from automating your saving habit and a higher interest rate.

Why is automating savings so important?

Making savings for a long-awaited event, emergencies or, say, a retirement is a wise strategy. It helps us to always be ahead of the game. But when we are looking to cover the distance from point A (zero money) to point B, it’s crucial to decide what speed we are going to move at. A high and steady speed wins the race.

Your saving challenge is like a race. Are you moving at a steady speed or make deposits randomly, when you “feel like making a deposit”? A volatile mood is not the only hindrance on our way. Our everyday needs can eat up most of our earnings. So if you don’t secure a certain amount of money right after the payday, you have near-zero chances to cut through those needs and make a decent deposit later.

If you belong to those who easily fall into the trap of inconsistency, automating savings is your best saving plan.
mombo-free-saving-account

Benefits of automated savings

  • Official means mandatory. When you automate your monthly deposits, you “officially” refer them to your monthly expenses. This commitment greatly reduces your temptation to skip the payment.

Still unconvinced? How about

  • Peace of mind. Once you step into a monthly contribution program, you no longer ask yourself questions like “How much do I have to deposit this month?” or “When do I reach my final goal?” Because you know the answers.
  • Lots of time saved. Once automated, “making a deposit” can be struck off your to-do list. You can focus on other tasks.
  • More money saved. Making a deposit from your paycheck, not your leftovers, guarantees that more money hits your savings account every month.
  • Reaching goals faster. When you decide to automate your savings through a savings account in Kenya, you can always go for the one with a higher interest rate. This means your money is not just being accumulated but also growing.

While developing your best saving plan, it’s important to define the pace that will be comfortable for you and your family. It’s up to you to decide how aggressive you want to be on your way to your savings goal.

There are several ways how your savings can be automated

  • You can stay with your current bank and set up a deposit or a savings account there. Be aware of the bank fees (maintenance fees and minimum balance fees) and ensure the interest rate isn’t too low.
  • Leverage your employer’s deposit (if any): this way, a pre-defined fraction of your salary goes directly to your deposit.
  • Open a savings account at one of your local savings and credit cooperatives (SACCOs). The benefits here include higher-interest rates and a superior fee-free service.

How to open a savings account with a high-interest rate?

The rule of a thumb says that you find higher-interest rates online. So if you are looking for a real speed-up for your savings plan, consider opening an online-only account. MOMBO SACCO offers the most competitive interest rate of 6% on your monthly deposits of minimum KES 3,000. No maintenance fee is applied, so you can be sure no shilling is lost from your savings. Enrollment is simple using the MOMBO App or through the website.

Automating your finances, start with modest feasible monthly deposits. Later on, you can increase your monthly commitment once you are doing well. Usually, 10% of your paycheck is a comfortable and efficient pace of saving.

Big Wedding or a New House? Here Is How High interest Savings Account Helps You Have Both!

High interest Savings Account

Starting a new family in an own, new house sounds like a dream. However, many couples are far from this dream financially. The wedding theoretically comes before a new house. But it often eats up tons of money, and newly-weds start to save for a house from scratch. Such scenario makes these two important events quite separate in time. Does it mean there’s no chance for a dream to come true? Of course not! If you both dare to be so wise and calculating, you can have both a wedding and a house and fast! We’ll tell you how to save up for two events simultaneously with a high interest savings account.

Are you ready for the adventure? Great! But first, you’ll need to stop and do some heart-searching to check if you both are on the same page.

Analyse your Dreams and Means

You both have to be honest about your goals and financial means with each other. It’s one of the pillars of harmony in the family. So start practising it early. Have a sincere talk about your goals and priorities. Which event do you want first? What kind of property fits you both? Do you want to have a honeymoon and how lavish you want to be on your first trip as a family? Discussing it now prevents you from unpleasant arguments down the road.

Even if you decide to save up for both a wedding and a house, it’s important to agree on your top priorities. Sometimes life makes its amendments to your saving plans. If circumstances change and you have to pause one of two saving activities, which one would it be?

Some Ideas How You Can Save on a Wedding

Both a wedding and a house can be as expensive as you want them to be. It’s up to you to decide what your upper limit would be. There will always be a temptation to overspend. But you don’t want to get into a big debt and start a new life completely broken. Here is how to reduce the wedding cost.

  • Make a wedding list. Include things or activities you want to have on that big day. Then strike out unimportant things you added just to impress others. Isn’t it better to use this money for your new house instead of blowing the budget? Don’t look at other people, but think what will work best for you two.
  • Shortlist guests. Invite only the closest relatives and friends. Don’t be afraid to insult others as long as you honestly explain why you keep your wedding smaller.
  • Ask friends and relatives for help. Such things as a wedding cake, photography and video can be handled much cheaper by somebody you know well.
  • Postpone your honeymoon. There is no crime in having it later, after you become house owners. The vacation will be even sweeter after that.

How to Open a Savings Account for a Wedding and a House?

Start with defining your budgets for both. The time you need to save up for these 2 events can differ a lot depending on the saving account you choose. The point is in the interest rate. You need a high interest savings account to reach your goals faster. Next, if you opt for a no-fee savings account, you also avoid maintenance fees. It means everything you save up goes towards your future family pocket. With Mombo App, you can open a savings account in Kenya that will be both high interest and no-fee. You get 6% annual yield on your monthly instalments (minimum 3,000 KES). But the biggest benefit is that after 3 months you can take a loan worth 5-fold your savings. What does it mean? You can have the wedding and buy a new house 5 times faster! Then you just pay off comfortably at lowest possible 12% interest rate.

Tip 1: We recommend opening two separate accounts. One for a wedding and another for a new house. This way you can take loans separately and decide how fast you want one or another event to happen.

Tip 2: Another idea how to speed up your saving for a house. Consider creating a fund to which your relatives and friends can contribute money instead of bringing a wedding gift. Use money from this fund to grow your “house” savings account.

What’s Your Travel of a Lifetime? Open a Savings Account to Make It Come True

Everyone has a place they dream of appearing in one day. Or maybe you belong to those nomads who buy a one-way ticket and roam the world farther and farther… until they come back home from another side of the globe. You may imagine yourself hitting Australian waves with your surfboard. Or starring at Mona Lisa in Louvre. But you are still far, far away from your dream… without a budget. Travels cost a pretty penny, and you need a realistic saving plan to fulfil your travel of a lifetime. (Something more realistic than winning the lottery or inheriting a fortune from an uncle you didn’t even know existed.) We’ll show you how to open a savings account that helps you save up for your dream adventure 5 times faster. But first,

Where to take money to save up for a trip?

Tip number one: become an ascetic. We don’t mean giving up pleasures of civilization totally and living in a tent. In our situation, it means understanding the real value of things and buying sensibly.

Every single day, we fork out lots of money on things marketers impose on us. For example, you are going to buy one more pair of fancy flip-flops or jeans… Measure how much it costs in terms of travel. Maybe you are just going to blow a day trip budget of your future journey.

Everyone has their own cash suckers. Car, nights out, smoking, impulse buys, dining out, services like washing, taxis and so on. We don’t suggest you must cut them out totally… But limiting your pleasures can save you lots of cash. Do your own washing and walk or cycle instead of driving. Take meals and snacks from home or take a roommate to reduce your rent and bills. You can continue the list.

The blogger Rebecca Foster (who is a marketer herself) suggests giving up a pricey “coffee habit”. In a monthly perspective, it may cost us a plane ticket.

You don’t have to stint yourself forever. Think of these limitations as like you just postpone them until you get to your destination. Your efforts will pay back powerfully when you will be savouring your cup of coffee at the gourmet coffee house in, say, Vienna. Or enjoy a crazy night out in Thailand. Or bring a pair of exclusive flip-flops from, say, Hong Kong.

Of course, such measures won’t make the whole trip budget. You will need a sound saving plan and probably even financing to reach your travel budget. But it’s still an opportunity to save up for more entertainments out there.

Tell others about your dream

Saving up for a trip will be easier if your family and friends know about your goal. Real friends will understand why you refuse to have a night out in an expensive club and maybe even compromise choosing a cheaper option. Or perhaps your parents or friends will consider giving you money for your next birthday instead of presents.

Open a savings account with a loan feature

Savings accounts aren’t all the same. The interest rate differs from bank to bank and so do other features. Your most winning option would be to open a savings account that features no maintenance fees and offers a high-interest rate. Also, check out an opportunity to borrow against savings while searching for your best online savings account. You can find all these features in MOMBO’s savings account in Kenya.

How to open a savings account with MOMBO?

Download the MOMBO App from your OS store and become a member in minutes. After enrolling, you start growing your monthly deposits at the 6% annual percentage yield. We ensure you never lose a penny on maintenance fees and other hidden discharges. After three months of saving, you can request a loan worth 5-fold your accumulated savings. With the MOMBO’s high-interest savings account, you don’t have to wait until you gather the whole amount needed for your trip. You can set off once your savings reach one-fifth of your travel budget.