Q: What is M-Koba?
A: M-Koba is a financial service run by M-Pesa Limited in partnership with TCB Bank that allows you to run savings accounts for groups of friends / family or VICOBA. This product will focus on providing enabling environment for small micro-based groups (VICOBA) to operate in real-time to ensure cost effective, security and transparency among members and a group in general. This service will be available through M-Pesa USSD menu. Customers will dial *150*00# then click Financial Services then select M-KOBA
Q:What kind of customers can access M-Koba service?
A: This service is for all Vodacom customers registered on M-Pesa.
Q: How is the M-Koba service accessible?
A: Dial *150*00# Select Financial Services then M-Koba. Choose to start a group or view invitations from other groups.
Q: What are the costs of M-Koba service?
A: The Customer / Group member will be charged a small fee of only Tshs.100 from his or her M-Pesa account when checking the balance of his or her individual Contributions or contributions to the respective group. There is no further cost to the customer by withdrawing money from his M-Pesa Account to the Group account or withdrawing money from the group account to a member.
Q: Are there any fees sending money from my M-PESA wallet to M-KOBA group saving account?
A: There are no any fees incurred by the customer sending money from his/her M-Pesa wallet to M-KOBA group saving account.
Q: What information will Vodacom provide to TCB Bank when I open or join the M-KOBA Group Account?
A: When the Customer opens or joins the M-KOBA Account Customer information will be sent from Vodacom to TCB bank. This information is Client Name, Telephone Number, Gender and Age of Client and all others that will support to open and process the request, Thus before opening or joining an M-KOBA Account the customer will be required to accept the Terms and Conditions.
Q: Can Group members from other network Join M-KOBA?
A: Yes, Group members from other network can Join M-Koba as well and get informed on basic activities of the group like share purchase, Loan repayment, Punishment payment among others. However, for more visibility and access to approvals they should join with their Vodacom number.
Q: Why should the Customer use the M-Koba service?
a) It is a simple service that enables group members to run digitally by allowing the group electronic transactions via M-Pesa completely free of charge.
b) It reduces operating costs, is safe and brings transparency between members and the group as a whole
c) Setting up a group is very easy through the M-Pesa menu without visiting any bank branch or Voda stores
Q: How many accounts are there in the M-KOBA service?
A: M-KOBA consists of two Accounts which are;
a) Friends / Family:
This is a special account for small groups, it could be family or friends who intend to donate money and later share it over time. For example, a puppet.
YOUR FRIENDS / FAMILY
Group 1> 1. Contribute> 2. Balance > 3. Requests > 4. Members> 5. Transfer> 6. Verify> 7. Approve funds> 8. Regulation
b) VICOBA / VSLA:
This is a special account for groups with a wide range of members and with a system for selling and buying shares, savings, Social Contributions and Loans.
These groups include VICOBA / Village Saving and Loans Associations (VSLA) / Community Banks (CB) / Savings and Investment Community (SILC)
Group 1> 1. Buy Shares> 2. Return Loan> 3. Community> 4. Penalty> 5. Balance> 6. Transfer / Verify / Approve Money> 7. Membership // Regulation> 8. Requests
c) How can I contribute directly to the group through M-PESA Agent?
Any group member can contribute directly to his/her group via M-Pesa Agent by using Group ID or Group account number that is provided on the menu.
To get your Group ID, simply Dial *150*00#>Financial Services> M-KOBA>Choose your Group>Select Buy share / Contribute> Choose > Request Group account number.
Q: How many leaders should the group have?
A: Each group in M-KOBA must have three leaders who are:
a) CHAIRMAN: He is the founder and moderator of the group. He has the power to add any member and to elect other leaders, he is the one who sets the level of buying shares, interest, penalties. He is also the last person to approve the transfer of payment to any member through the Approval funds option from the M-Koba menu.
b) SECRETARY: Added by the group chairman and initiates all payments and Loans to other members by selecting Transfer money from the M-Koba menu. He/she can also add members to the group.
c) TREASURER: Added by the group chairman, he has the authority to verify Payments and Loans offered to members through the Verification of money options on the M-Koba menu. He/she can also add members to the group.
Q: How do we transfer money from an M-KOBA group account to a personal M-Pesa Account?
A: Funds will be transferred through three phases in the M-Koba menu
a) The Secretary shall initiate the payment process from the group account to the member
b) The Treasurer shall verify the Payment and the Group Chairman shall approve the Payment and the funds will be transferred from the Group Account to the intended member.
c) In addition to these three leaders, group can decide when need be to involve other members into approving group transfers and to change this mode they will go to Group Menu> Settings > Way of approving request > Choose Leaders with Members and then members will vote for this new mode of approval via option 3/8.Requests for it to be updated.
Q: What happens during a group conflict?
A: In the event of a dispute with the group members due to a disagreement over the group’s finances the group members will be required to report to the police where they will be given a special permit from the police and submit to Vodacom to prevent the group’s funds from flowing.
Upon receipt of Police clearance Vodacom will restrict group account funds and group members will be required to reconsider their police differences and obtain another permit to allow Vodacom to open their group funds.
Q: Is there a limit on transactions or the amount of money in a group or member account?
A: In the group account there will be no limit to receiving transactions, but in the case of a group member he will be allowed to receive or make transactions according to his or her (Tier) M-Pesa transaction limits.
Q: What are the minimum terms and conditions of the M-Koba service?
a) The M-KOBA group must have at least five members.
b) To create an M-KOBA account Each group should have three leaders.
c) Group Leaders or signatories must be Vodacom network customers and M-Pesa Registered.
Q: Who do I contact in case of complaints, queries, recommendation or request?
A: Customer will be able to contact Vodacom Customer care for any complains this include calling 100 or channel their query through our social media pages.
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