This article is about Muungano Microfinance Bank’s products and branches. Muungano is one of Kenya’s 14 licensed microfinance banks. On October 30, 2019, Muungano Microfinance Bank was granted a license to run a community-based microfinance banking operation.
Muungano Microfinance Bank is headquartered in Kangari, Murang’a County, on the ground level of EastEnd Mall. It is the first microfinance institution to establish its headquarters and operations outside of Nairobi.
Through value chain financing, the agri-focused microfinance bank targets rural small-scale farmers in Kigumo Sub County. Their goods are intended to assist farmers in purchasing assets in the dairy and tea industries.
This article explores the Muungano Microfinance Bank products, highlighting the loan terms and repayment procedures.
List Of Muungano Microfinance Bank Products
a) Agri-business Loans (Kilimo Kisasa)
1. Muungano Maziwa Boost Loan.
This credit product assists farmers in increasing milk output by financing dairy cows, zero-grazing units, quality animal diets, household milk coolers, water tanks, motorcycles, and motor vehicles.
2. Muungano Majani Boost Loan.
This product maximizes tea production through the financing of:
- Labor – Tea Picking
- Pickers housing improvement
- Water Tanks
- Development Loans – Bonus based
b) Business Loans
1. Muungano Boresha Biashara Loan
This product attempts to finance your company’s day-to-day operations through LPO Financing, business asset financing, and the supply of working capital loans.
2. Muungano Mradi Loan
This is a community project finance initiative aimed towards dairy societies, churches, schools, chamas, and families, among others. It covers up to 70% of the project’s cost.
3. Muungano Vijana Boost Loan
This is a youth-focused product that empowers adolescents and employers through LPO Financing and working capital loans.
c) Personal Loans
1. Muungano Jijenge Loan
This is a product for regular earners. It finances:
- Acquisition of household assets
- House Improvement
- Purchase of Land
- Holidays, Medical, Education, etc
2. Muungano Okoa Loan
This is a short-term loan and salary advance meant to handle emergencies.
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d) Savings Accounts
1. Haba Savings Account
Features
- Minimum Balance Ksh.400
- Unlimited withdrawals
- Interest earning
2. Baraka Junior Savings Account
This product is designed for kids.
Features
- Opening Balance Kshs. 400
- Interest earning
- Quarterly free withdrawal
3. Muungano Investment Account
It targets groups, chamas, and associations.
Features
- Deposit & Withdrawal at will
- Minimum balance Kshs.1000
- Interest earning
e) High Interest-Earning Accounts
1. Jiinue Fixed Deposit Account
Features:
- Fixed-term deposit
- From as low as Ksh 5,000
- Attractive interest rates
2. Timiza Flexi Savings account
High-interest-earning account to realize your dreams with contractual Flexi-savings, such as school expenses, maternity, vacation, wedding, assets, and so on.
Features:
- The minimum balance is Kshs. 1000.
- Enables additional deposits
- Interest rates that are appealing
- Unsecured loan against deposit available
f) Current Accounts
- No minimum balance
- Cheque book issued
- Unlimited number of deposits and withdraws
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List Of Muungano Microfinance Bank Branches
1. Muungano Microfinance Bank Head Office
Location: Ground Floor, EastEnd Mall, Kangari, Murang’a County
Phone: 0706974747 / 0706974343 / 020-4404173
Email: info@muunganomfbank.co.ke
2. Nairobi Liason Office
Location: 7th Floor, Ngara Heights, Musindi Road
Contact: 0706974747, 0716 604 453
