M-ASCA is a virtual microfinance registered as a SACCO that uses the m-asca platform for all operations.
Key Features
- Targets the unbanked and lesser off in society who may not have collateral for loans but have friends in different parts of the country
- Interest rates are affordable as low as 1%
- paperless and virtual hence no wasting time in meetings and signing
- Convenient saving for low income earners and in outlets near their sources of income
- Savings of amounts as low as Ksh 50 anytime and as many times as one wishes
- Loan repayment in instalments provided that the whole instalment is in by the month.
Key Features
- Platform on both USSD for low end phones and an app for smartphones
- Simplified menu that is easy to navigate
- Inbuilt features - no paybill numbers but a seamless process
M-ASCAs Aim
M-ASCAs aim is to dignify the Base of the Pyramid populations through a credit and loan association that unleashes the potential of members through their active participation, freedom associated with convenience and transparency occasioned by real-time update of transactions; hence the slogan: Financial Inclusion with Dignity.
The Difference
Open to all Kenyans of adult age, anytime anywhere mobile based transactions, Paperless association, no meetings, no groups of 10 -15, no fines for late coming to meetings, no absenteeism, can submit any amount even as little as Kshs 50, friendly guarantor system, creates a Kenyan virtual community, registration fee of Kshs 200, Interest of 1% per month.