Frequently Asked Questions

The secret word is a security feature used to authenticate a user during either a pin reset process or device switch process. In case you don’t remember your secret word, click on the Reset secret word button and system admin will reset it for you. The secret word has to be a 5 letter word in your local dialect so as to make it simple and reduce probability of any other person getting it right.

a. Share capital is the unit of ownership in a company or co-operative. A Sacco is a public entity and all members are expected to own a piece of the entity hence the requirement for members to purchase share capital. Share capital earns dividends for members annually and is refundable when a member exits a Sacco. Currently the Government of Kenya requires all Saccos to have at least 10% of their total deposits as shares.
b. Deposits (savings) is the regular contribution made by members towards their savings which in turn earn interest and members borrow from. Deposits are refundable when a member exits from a Sacco

Your Mscore (Mombo Score) is an algorithm formulated score based on various factors such CRB, loan repayments, Sacco contribution payments and mpesa transactions.Your Mscore is used to determine the amount, interest and duration of the credit facility. To improve your Mscore maintain a good CRB score, pay your loan and contributions on time.

Our objective is to enable borrowers who settle their instalments within the first half period of their installments save on interest cost. A borrower is reminded by email about the dates and can also track from Mombo app on the view instalments link. Now you have reason to settle your installments in advance.

Savings are only recorded for the current period to ensure financial discipline of putting aside some money monthly. Therefore, you can only save for the current month.

Loans can be secured by either:
i. self-guarantee;
ii. self-guarantee and guarantors;
iii. self-guarantee and collateral
iv. self-guarantee, guarantors and collateral.

The payday loan is unsecured and based on your salary income. Therefore, your due dates will always coincide with your salary date. In case your salary date has changed kindly furnish us with your new employment letter and bank statement to confirm the same.

The documents enable make sense of your financial position thus advise you appropriately.

I am afraid not. Access to our services is limited to the Mombo mobile application platform.

Access to affordable credit facilities is one of the benefits of saving, however, here are a few others.
i. Satisfaction of paying yourself – a sense of self- appreciation.
ii. Generation of passive income – interest on saving and dividends (let your money work for you)
iii. Financial discipline – develop skills to better conform your spending and saving to the plans that you have set to achieve your monetary goals.
iv. Success is when preparation meets opportunity- be prepared for an opportune investment with money set aside.
v. Giving back to society – as much as your savings will earn interest and never get depleted, they will be used to uplift fellow members financial position thus contributing to the society’s and national well- being. Currently Saccos contribute to 45% of Kenya’s GDP.

Access to loans, interest rate and period is dependent on your Mscore. The calculation is dynamic, and can be checked from the Mscore menu in Mombo app.

Borrow money from a friend settle the loan then borrow again instantly. This will ensure your Mscore doesn’t get negatively affected. You may also settle the interest first, then settle the remaining balance plus penalty in the next two days. Be advised we value repayments on time.

If you want to save, money will be found. Here is how you can spare some cash for savings
i. Establish a budget and track your spending with the objective to reduce it.
ii. Consolidate debt and save on interest
iii. Set savings goals – visualize what you are saving for motivation
iv. Pay yourself first every month then save
v. Map out major purchases to coincide with annual sales
vi. Cut down on your biggest expenses – rent, high interest debt
vii. Don’t just save money, save – don’t just spend less, put the saved money into a high interest earning savings account
viii. Increase your income
ix. Get free entertainment – audiobooks, e-books, movies, presentations
x. Order smaller servings at restaurants
xi. Make your own gifts – Go DIY route and save money
xii. Restrict online shopping
xiii. Save your loose change – empty your pockets every evening and put the loose change into savings
xiv. Bundle Tv and internet subscription
xv. Cancel unnecessary subscriptions –streaming
xvi. Use the 24hour rule – think over every non-essential purchase for at least 24 hours to avoid impulse purchases.
xvii. Treat yourself, but use it as an opportunity to save – if you can’t afford to save the matching amount, you can’t afford the treat either.
xviii. Calculate purchases by hours worked instead of cost –is a pair of shoes worth 5 hours long of work?
xix. Unsubscribe – avoid temptation by unsubscribing from marketing emails to the stores you spend most money at.
xx. Save your windfalls
xxi. Aim for short term saving goals – make a goal like saving 10k a month rather than long term savings goal.
xxii. Work out online – burn your calories without burning your income
xxiii. Plan creative dates – you can have fun and fall in love and still be thrifty
xxiv. Buy used – save money and inherit instant character by purchasing gently used items instead of new (car, baby clothes, video games,)
xxv. Drink more water –using refillable water bottle it helps dehydration and save you the cost of beverages.
xxvi. Buy generic – you don’t need brand-name everything
xxvii. Avoid a poverty mentality – while thrift is an obvious way to save, we need to guard against being too frugal. Don’t entertain self- limiting beliefs and make decisions based on fear of loss or failure. Instead base your decisions on what the possible benefits are.