Kimisitu Money +4

a. Withdrawal to MPESA- members can make withdrawal from FOSA account to their MPESA.
b. MY Account- members can view details of their FOSA, BOSA, Loan Balance and Savings accounts
Loans- When customer selects Loans, they will be taken to a menu with four items namely.
Loan Enquiries
Loan requests
Loan Application Status
Loan repayment

Loan Types -:
i. Dividend discounting loan
• A one-off interest of 7.5 % shall be charged upfront on the loan approved.
• The amount applied shall not exceed 60% of the member’s previous year’s interest on deposits (dividends).
• A member whose account is arrears/dormant/defaulter will not qualify for the loan through mobile however they can access only through applying online so that the arrears can be recovered from the dividends.
• Guarantors whose deposits were offset during the year to reduce a defaulted loan shall qualify for a lesser amount.
ii. M-Kimisitu Loan
• Interest rate of 5% per month on reducing balance
• Repayment period up to a maximum of 5 months
• The monthly repayment is deducted from the salary payouts.
• Top ups charge: of 2.5% of the Loan balance
• Member can access a maximum of Kshs.100,000 or 80% of his member deposit whichever is lower
• Interest is charged upfront but recovered monthly
• In case of default the loan balance is recovered from member deposit

c. Fund Transfer
i. When a customer selects Fund transfers, they will be required to select from
Swift transfer (RTGS)
Electronic Funds Transfer (EFT)
ii. The Fund transfer is segregated as follows:
a. Internal Transfer
• My Account – Member should be able to transfer to any savings account they have including shares.
• Other Account – member can transfer to other members savings account internally.
b. External – Member should see list of banks and enter beneficiary bank details.
• Member should be able to select beneficiary.
d. Deposits
When a customer selects Deposits, the Applications displays accounts options for the customer to deposit to
• FOSA
• Savings Account
• LUMPSUM
•
e. PAYBILL - Customers have an option to pay using Pay bill functionality.
f. Change Password functionality-members can change their respective passwords.
g. Logout functionality-members have an option of logging out once they are done with using the App.