Latest Features On The Moni App
Cluster Purse
A community that saves together, thrives together.
We’re introducing the Moni Cluster Purse to enable you to save a small portion of your weekly float and to earn an interest on it.
Saving is one of the smart things you can do with your money and since helping you prosper is our goal at Moni, it’s only right that we encourage smart money moves.
In addition to being a great way to save and earn interest, it serves as a buffer to fall back on when any member of your cluster is unable to repay their loan on their repayment day.
Contributing to your Cluster Purse is simply saving for a rainy day with other members of your community. And when there are no rainy days, you can withdraw your contributions from the purse to your wallet, and then to your personal bank account. Ultimately, your contributions are yours to spend as you wish.
The Process
Here are a few things to note before we get into how the Cluster Purse works:
The contributions won’t be deducted from your loans. Before you take a loan, ensure that your wallet or the card linked to your profile is funded with money so your contribution can be seamless.
To use the Cluster Purse to quickly help a member of your Cluster running into issues with their repayments, Cluster members can vote to temporarily use their Cluster purse to clear repayments.
Voting is initiated on the app by the Cluster head and at least one-third (1/3) of the members in a Cluster must agree before funds from the community purse can be used to clear the outstanding amount.
Benefits
- You no longer have to pause your access to float when a cluster member is facing issues with repayments.
- Accrue interest on your contributions to the community purse and withdraw it annually. Your community purse contributions are your own savings and you can earn up to 15% interest on them per annum.
Moni Insure
Everyone is at risk of getting robbed and the risk is higher for mobile money agents because the nature of your business requires you to always carry cash.
While we hope that this never happens, getting an insurance policy against theft gives you a safety net in the unfortunate event of loss of funds due to theft that occurs at your place of business (cash in safe), or in your commute to or from the bank (cash in transit).
To do this, we have partnered with a third-party insurance provider to bring you the new feature you can’t do without Moni Insure! With Moni Insure, you are able to purchase monthly insurance cover for your eligible loan amount right on your Moni app.
How it works
To make accessing insurance easy and fast, we’ve automated the process so you don’t even have to take any extra steps.
The first time you take a loan d a one-month period, you’ll be automatically charged an additional 1% of your eligible loan amount. This will be deducted from the loan disbursed to you and is valid for a period of 4 weeks. You won’t be charged for insurance again until after one month.
Benefits
- Protect your business capital and credibility against unforeseen misfortunes.
- Ensure business continuity in the event of theft.
Claims
The process of reporting a robbery incident in order to get reimbursed for lost cash is referred to as claims filing and can easily be done from the app. Simply log in, go to your insurance section from the menu bar, and select “file a claim.”
You’ll need to provide some information about the occurrence as well as supporting documents to back up your application for an insurance payout.
This is then sent to the third-party insurance provider, and when approved, the cash is released.
