Maisha Microfinance Bank, in conjunction with Airtel Money, yesterday launched a mobile money service called M-Fanisi in Kenya.
Only available to Airtel Money registered customers, M-Fanisi is a mobile based bank account that gives you access to instant loans. You can also save money and transfer money
Through this account, customers can
- Access loans repayable within 7 days, 14 days and 30 days at attractive one-off facility fees of 3%, 5% and 7.5% respectively with excise duty applicable on the fees.
- Open a fixed deposit account for a period of 1 to 12 months and earn attractive interest of between 8.50% p.a to 11.25% p.a. depending on period.
- Open a savings account and earn interest of 7% p.a.
- Transfer money in and out of the M-Fanisi to Airtel Money for FREE.
The CEO of Maisha Microfinance Bank, Mr. Ireneus Gichana, said over 50,000 M-Fanisi accounts were opened and 20,000 loans accessed during the 45- day pilot period.
