Frequently Asked Questions | View
Personal Banking 's Menu
Personal Banking
Kudi Nkosuo Account
Posted:
Monday, 5th January, 2009
Kudi Nkosuo is a hybrid of savings and credit account designed for the informal sector. This account helps the customer cultivate the habit of saving and also be eligible for a loan to expand one's business.
A fixed amount (determined by the customer) is contributed on daily, weekly or on monthly basis. Contributions will have to be consistent without any withdrawal for a minimum of six months to make the customer eligible to apply for a loan.
For purposes of reconciliation, a Passbook will be given to the contributor whiles the Bank maintains its copy.
Who Qualifies
Kudi Nkosuo is targeted at all categories of self-employed persons: Small-Scale Businessmen/ women, Traders, Artisans etc.
Your Benefits
When your loan is approved, the amount you get will be determined by the regular amounts of contribution you have been making.
Your six months (or more) contribution can be used as a partial or total collateral depending on the loan amount granted.
Account Opening Requirements
A fixed amount (determined by the customer) is contributed on daily, weekly or on monthly basis. Contributions will have to be consistent without any withdrawal for a minimum of six months to make the customer eligible to apply for a loan.
For purposes of reconciliation, a Passbook will be given to the contributor whiles the Bank maintains its copy.
Who Qualifies
Kudi Nkosuo is targeted at all categories of self-employed persons: Small-Scale Businessmen/ women, Traders, Artisans etc.
Your Benefits
- The Bank's agent collects your contribution at your convenience in your shop, office, at the market or any appropriate location
- Your savings balance earns interest when it gets to the interest-bearing threshold.
- No deduction is made to your contribution at the end of the month
- You can apply for a loan if you contributed consistently for six months
- The repayment of the loan will not exceed your regular contribution.
- After you have been granted the loan, you have the flexibility of making withdrawals as you continue to repay the loan.
When your loan is approved, the amount you get will be determined by the regular amounts of contribution you have been making.
Your six months (or more) contribution can be used as a partial or total collateral depending on the loan amount granted.
Account Opening Requirements
- Three passport sized photographs
- A copy of any one of these (Passport/Driver's License/ Voter ID Card)
- A copy of any one of these (Utility Bill/ Tenancy Agreement/ Income Tax Certificate/ Reference Letter/ Employer's Ref, Letter/ Other Bank's statement)
- Residential/ Postal addresses
- Initial Deposit
- Flexsave
A flexible means of opening & operating your savings account with any of the bank's networked branches. You may obtain a Readycash card for convenience access to your funds. Read More
- Save & Prosper
A specially designed product for salaried workers who want to set aside part of their regular salaries as savings. Read More
