FAQs

This defines the type of account the customer is opening. They are classified as Tier1, Tier2, Tier3. The Tier1 requires least documentation

This is the wallet that is opened for customer, this serves as an operating account for the customer to transact with. In other words, it is the account that customer can do deposit with or withdraw from.

These are savings-based accounts, they allow customers to be able to save towards a particular goal. Savings period ranges from how long the customer want to save for. Customers earn interest on these accounts for the term saved for.

Product account are three types, DMI, QueensStash, and MyKolo.

DMI which means Daily Micro Investment is the same as TargetSavings by product definitions and functionalities.

Products accounts are not breakable until maturity of the savings based on the term agreed on. However, MyKolo is breakable, but the customer would lose the accrued interest if the box is broken before the due date.

YES. Customer can have more than one product accounts, each of these would be defined with the goal the customer is saving for.

YES. Group savings allow some people to come together and contribute. Each contributors have date and time they would redeem there savings based on the agreed laid rules and regulations guiding the operating procedure.

You can fund your easy wallet from other financial institutions, the received funds can now be deposited into your product accounts. You can also subscribe that the organization auto debit your account, so you don't have to do this manually every now and then.

A mandate is a service subscribed to by a customer that allows their account to be deb-ited recurringly. The reason for this is to save towards a goal into one of the described products accounts.

An outward transaction is the money transfer from your wallet to other accounts/wallet in other financial institutions.

This is fund transferred to you from other financial institutions into your wallet.