It is a saving 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 that allows for:
Gathering/saving of funds together
Use of funds to buy/pay for good/bills to the benefit of the entire group
At least 5 committee/group members will be needed on the application form
2 group leaders
2 approvers
1 regular member
Submit application form to your nearest Vodashop
Immediately your Mokhatlo Group Savings account will be created and Group Leader will be notified by SMS requesting them to confirm group account
Group Leader can then start adding members.
What are the benefits of M-Pesa Mokhatlo Savings Account?
Easy to Open
All groups can open an account by filling a simple form
Only one authorised person is needed to initiate the application
Increased security & transparency
Visibility: All members can view account transactions
Deposits
Withdrawal
Balances
Statements
Control: multiple group members will be needed for any approval process
No cash withdrawals without the approval of the assigned approvers
Safe storage of funds
Increased convenience
Real time transactions
No transaction limits
Unlimited number of group members can join account
No fees with the Mokhatlo Savings account
Important Customer Information
Only standards 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
A maximum number of accounts a customer can join is 5
Only added members will be able to transfer funds to Mokhatlo Savings Account
Each Mokhatlo Savings Account will have its unique code
Each Mokhatlo Savings account will need at least 2 group leaders, 2 group Approvers & 1 regular member
All Group Members will be notified in case of transactions