Sometimes the hardest thing about saving money is just getting started.
This is why Metropolitan National Sacco makes it easy to access their banking services through your mobile phone.
The first step to start saving money is to figure out how much you spend. Keep track of all your expenses—that means every coffee, household item and cash tip. Once you have an idea of what you spend in a month, you can begin to organize your recorded expenses into a workable budget. If your expenses are so high that you can’t save as much as you’d like, it might be time to cut back. Identify nonessentials that you can spend less on, such as entertainment and dining out.
One of the best ways to save money is to set a goal. Start by thinking of what you might want to save for—perhaps you’re getting married, planning a vacation or saving for retirement. Then figure out how much money you’ll need and how long it might take you to save it.
Metropolitan National Sacco has products and services suitable for people from all walks of life.
For convenience, the Sacco has the Metro Cash mobile banking system where its members can do transactions at the pal of their hands. One can apply for a loan using Metro Cash at a small interest of 10% per month.
Salary Account: Metropolitan Sacco offers salary account product to its members. The benefit of having a salary account with the Sacco is that loan processing is faster as one doesn’t waste time looking for bank statements, which can be printed from the Sacco’s system if one is passes their salaries through the Sacco.
A FOSA Personal loan is charged at 1.5 per cent per month.
There’s also the FOSA School Fees loan, and Salary/Pension Advance Loan.
The FOSA School fees loans is for members who require to cater for school fees and have their salaries passing through FOSA. The interest rate is 1.5 per cent per month.
As for the Salary/Pension Advance Loan, members who require urgent need for money in case of an emergency can take a loan and repay at 10 per cent interest rate per month for a maximum repayment period of 6 months.
Application forms for the above products can be easily downloaded from the Sacco’s website.
The Sacco has a myriad of savings services geared towards the welfare of its members.
Fixed Deposit Account: The interest payable is negotiable on this product. FDAs are a good savings tool for people who want to keep their money untouched for some long time.
There’s also Group Chama Account for table banking groups, and children too are catered for in the FOSA Junior Account where one can save for their kids education etc.
Dhahabu Investment Plan if a hybrid fixed deposit account with high returns. Interest rate is negotiable depending on the amount deposited on this account.
Bishara Account is tailored for the entrepreneurs and members of the Sacco who have active businesses.
In the above saving plan, members can access normal and emergency loans. The effective interest rates for these two products is 6.5 per cent per month with a maximum repayment period of 3 years and 1 year respectively.
The loan products are two, Normal and Emergency loan. The two loans can be accessed by filling forms in the branch.
In line with its new strategy that encompasses IT into the transformation, the Sacco has a loan product that is dispensed from a member’s mobile phone.
Through M-Metro Cash, members of the Sacco can access up to Sh20,000 loan. However, they must have their salaries channelled through FOSA section and have been active members of the Sacco for the last three months.
However, the M-Metro Cash service does not serve joint account or accounts which require more than one signatory.
The Mobile banking solution service works for 24 hours.
- News2023.01.30Njeri Thorne Baby daddy Joseph Sitati sacked by KenGen
- Politics2023.01.28KEMSA thief Sabina Chege joins Ruto; uses church to sanitize name
- Lifestyle2022.12.07Charlene Ruto told to shut her irrelevant mouth – VIDEO
- featured2022.11.16Climate Change Mitigation: Kenya Forest Service intensifies tree planting