Mombo Sacco

Mombo Sacco is a digital savings and credit cooperative society based in Nairobi, Kenya. Established in February 2015 as a Back-Office Services Activity (BOSA), it aims to serve the rapidly growing urban population in Kenya .

Key Features:

• Digital Platform: Mombo Sacco operates primarily through its mobile application, allowing users to open accounts, save, and apply for loans conveniently.

• Savings Options: Members can choose from various savings plans, including:

  • Flexible Savings Accounts: Bronze, Silver, Gold, Platinum, and Emerald tiers, each with different minimum monthly savings and annual profit rates.

  • Goal Savings Accounts: Sprint and Marathon accounts designed for short-term and long-term savings goals, offering competitive interest rates.

  • Group Savings Accounts: Tailored for corporates, chamas, and groups, with options like Stawi, Shaba, Fedha, Dhahabu, and Sumaridi .

• Loan Services: Members have access to various loan products, including asset financing up to 115% and the ability to access loans 24/7. Early loan repayments can attract interest discounts.

• Insurance: All savings are 100% insured, providing members with financial security

• Financial Literacy: The Mombo app includes resources for financial education, with features like “Stadi,” an AI assistant to help members make informed financial decisions .

Location and Contact:

• Head Office: Westpark Towers, 1st Floor, Suite 107, Westlands, Nairobi, Kenya .

• Phone: +254 706 503230

• Email: support@mombo.africa

Considerations:

While Mombo Sacco offers various digital financial services, it’s important to note that some users have raised concerns about its operations. For instance, discussions on platforms like Reddit have questioned its legitimacy, pointing out that it may not be listed among the licensed and authorized Sacco societies in Kenya as per the Sacco Societies Regulatory Authority (SASRA) . Potential members are advised to conduct thorough due diligence and consult official regulatory bodies before engaging.