This app enables you to send money to anyone in Uganda, as mobile money. You can send the money to Uganda from another country. You can also use it to send the money within Uganda itself. The app supports both Airtel and MTN networks.You can also get a mobile loan in the app. Payment of the loan is also done in the app, as well as following up with statements.You can also use the app to pay your bills for example electricity, water, Tv.You can also use the app to create a Digital Saving Group. In the app, You get interest free loans from saving groups! You also earn 15% interest per annum on your savings in a Long Term Group. You can also open a Fixed Deposit Account in the app and still earn 18% interest per annum on your personal savings. Terms for personal loans-Minimum period for repayment:60 days- Maximum Repayment Period: 180 days-Maximum Annual Percentage Rate (APR):30% Example Loan-Loan Principle: UgX 300000-Interest rate: 2.5% per month-Repayment period: 60 days-Loan interest = 7500-Processing Fee: 1% of loan principle=UgX 3000-Total cost of loan: 7500 + 3000 = UgX 10500-Total Payback = (300000 + 10500) =UgX 310500-Expected monthly Payment: UgX 155250You can signup on the app using either your phone number or email address.Endeavour to provide your right phone number or email address because it will be verified with an otp. To signup, you will be asked to provide your name, phone number or email address, and password. It will take you approximately one minute to signup. In the app, you can apply for a loan in approximately 2 minutes and your loan can be processed in 24 hours. You can also join a saving group in the app alongside your friends and enjoy sweet cash rounds with your friends depending on the amount of payout you have set out for your group. The app also enables you to deposit money into your account with mobile money, and at the same time allows you to make withdrawals through mobile money still. The app apparently supports mobile money transactions for only MTN and Airtel Uganda customers. This app gives ultimate convenience in paying your loan installments allowing you to pay any amount at any time. Group saving accounts are also easy to manage with open notifications to all group members when group transactions occur like deposits or withdraws, and open access to group statements at all times to all the members. All user information is encrypted and secure.
Sambax: Money Transfers &Loans
