Safely manage your Group Funds with M-Pesa
What is M-Pesa Mokhatlo Savings Account?
It is a savings account for groups of people saving towards a common goal, where multiple M-Pesa registered customers can have access, in a controlled manner to a shared account where they can:
• Gather /save funds together
• Use the funds to buy/pay for goods/bills to the benefit of the entire group
How do you open a Mokhatlo Savings Account?
1. Visit the nearest Vodacom Shop or Vodacom website for an Application form: At least 5 committee members will be needed on the application form: 2 group leaders, 2 approvers & 1 regular member.
2. Submit application form to your nearest Vodacom shop
3. Immediately your Mokhatlo Group Savings account will be created and Group leader will be notified by SMS requiring them to confirm group account.
4. Group leader can then start adding members
What are Benefits of M-Pesa Mokhatlo Savings Account?
1. Easy to Open
- All groups can open an account by filling a simple form
- Only one authorised person is needed to initiate the application
2. Increased security & transparency
- Visibility: All members can view account transactions
- (Deposits & Withdrawals), balances & statements
- Control: multiple group members approvals process
- No cash withdrawals without approval by approvers
- safe storage of funds
3. Increased convenience
- Real time transactions
- No transaction limits
- Unlimited number of group members can join account
4. No fees in the Mokhatlo Savings account
Important Customer Information
1. Only Standard M-Pesa customers are eligible for Mokhatlo Savings Account. Unregistered & entry level customers invited to join a group will be informed to upgrade their M-Pesa account.
2. A Maximum number of accounts a customer that can join is 5
3. Only added members will be able to transfer funds to Mokhatlo Savings Account
4. Each Mokhatlo Savings Account will have its unique code
5. Each Mokhatlo Savings account will need at least 2 group leaders, 2 group Approvers & 1 regular member
6. All Group Members will be notified in case of transactions
How to use Mokhatlo Savings Account?