FAQ'S
MAMA is the first ever instant reward savings account powered by Maisha Microfinance Bank. It is aimed at promoting and encouraging people to have a savings culture.
The name MAMA stands for Million a Month Account and is eligible for all both men and women aged 18 and above.
Anyone with a phone and ID is able to enroll following simple steps.
- Dial *834#
- Follow the prompt to register as shown below
Anyone with savings retained within a 30-day period stands a chance to win exciting cash prizes as a reward for this discipline
- Grand Prizes of Kshs 1M
Savers who follow the steps below will be automatically entered into the draw
- Register for the MAMA account (see above)
- Accumulate deposit of Kshs 1,000
- Retain the savings for 30 days
- Accumulate points by regular deposits to increase your chances of winning the Grand Prize of Kshs. 1M.
The MAMA Draw will be done on a daily and monthly basis.
- A client can win more than once on the daily prizes of Kshs 1000 each
- A client cannot win more than one mini grand prize of Kshs 100,000
- A client cannot win more than one grand prize of Kshs 1 Million within a three-month period.
Any amount from Kshs 1 can be deposited into your MAMA account. However, to start earning points the minimum deposit is Kshs 100.
No. Anyone with a mobile money wallet can benefit from the MAMA account.
MAMA is a savings account whereby every deposit is automatically locked for at least 30 days.
The product was developed with the intention of instilling a savings culture and borrows from the principle that it takes 21-days to form a habit.
Yes. One is able to withdraw their locked savings especially in case of an emergency; however, they lose the chance to participate in the draw for that month.
- To deposit Money
- Dial *834#
- Select Deposit
- Select Deposit from MPESA
- To withdraw Money
- Dial *834#
- Select withdraw
- Select withdraw to MPESA
- Dial *834#
- Select Check balance
- Enter PIN
- Minimum charges apply as follows.
Withdrawal fees | Kshs 50 |
Balance Enquiry | Kshs 5 |
Mini statement enquiry | Kshs 5 |
All charges attract a mandatory 20% Excise duty as per Government Regulations