Product Name
Msika Savings Account
Product Category
A small business savings account
Product Description
It’s an active small business savings account with daily business transactions. Deposits can be made through Mpamba and Airtel money by quoting the Msika Savings Account as the customer sends the money. Since this a business account, those that open this account qualify to obtain a business loan after going through standard Nyasa Capital Finance loan assessment
Product Objective
To raise non-interest income through ledger fees
Boosting liquidity through the deposits
To raise interest income through investments of custome deposits
Book Balance: K5,000
Initial deposit: K10,000
Interest Rate:
2.5 % per Annum (on credit balances bellow K100,000,
3% p.a. (on credit minimum monthly balances above K100,000 but below K500,000
3.5 % p.a. on credit balances above K500,000 but below K1,000,000
4 % p.a. on credit balance above K1,000,000.00
Ledger fees:
Personal K500.
Clubs K1,000
Target Market
Individuals, clubs, farmer groups, and small businesses,
Other services
Customer will be able to deposit from their Mpamba and Airtel money accounts, quoting their NCF Lero Savings account number as they send the money, .SMS alert for any transaction, funds transfer through standing orders, Debit cards, Access to funds 24/7 through National Switch participating ATMs.
Account opening requirements:
Individuals:
A valid National ID, passport or valid driving license, pay slip or income statement from another Bank Utility bill, and letter from agriculture Extension services, chief or DC.
Farmer Clubs and Groups;
Farmer Club registration certificate and ID documents for officer bearers – National IDs, passports or driving license for signatories. Utility bills, and letter from off takers, chiefs, DC etc
Corporates:
Certificate of incorporation, Memorandum and articles of association, Board resolution to open an account, ID documents – National ID, passports or driving license for signatories.
Utility bill, certificate for the premises where the business is transacted and business location map