At First Microfinance Centre, every action we take is grounded in our core values. Integrity, honesty, and transparency shape how we interact with clients, partners, and employees. We are committed to excellence, continual improvement, and mutual respect, ensuring that every decision supports our mission to empower communities and provide reliable, impactful microfinance services.
Katapila and Banki Mkhondes are the order of the day at most work places in the recent times. Katapila or money sharks would charge up to 100% interest per month while Banki Mkhondes demand between 25% - 50%. While formal banks offering pay day loans are charging between 20% - 30% per month, FMC pay day loan is designed and meant to rescue employees from this trap.
The facility is available to permanently employed staff. The emergency advance is available for all emergencies including medical bills short falls, funerals, school fees etc. Employee is legible to get a one-month salary recoverable in 3 months at 10% per month calculated on declining balance. There is no processing fees or any other charges on this facility. Debt Service capacity is not considered on submission of this application.
The facility is available to all employees and the method of application is the equivalent or multiples of the House Allowance an organization pays to the employee ie staff are getting the House Allowance in Advance under House Rental Advances. The House Rental Advances attract 10% per month calculated on declining balance.
The facility is designed to assist working class at whatever level to help themselves improve their living standards in a such a manner that they can acquire necessary consumer durables enabling them lead a descent and comfortable life. On the part of the employer, the facility’s is meant to entirely relieve him of the cash flow and management burden of Personal Loans or staff loans generally. It is ideally designed for consumer durables purchase like Sofa sets, dining sets, Display Cabinets, Fridges, Cookers, TV screens and decorders, motor vehicles etc. Personal loans are recoverable in maximum period of 72 months.
The facility is designed to assist serving civil servants help themselves improve their living standards in a such a manner that they can acquire necessary consumer durables enabling them lead a descent and comfortable life. It is ideally designed for purchased of consumer durables like Sofa sets, dining sets, Display Cabinets, Fridges, Cookers, TV screens and decorders, motor vehicles etc. Civil Servants loans are recoverable in maximum period of 72 months.
The facility is designed to assist public servants own a decent home of their own. The public servant must own the requisite land demarcated and approved by local authorities for residential purposes. The public servant must have valid title to the land. First Microfinance Centre will construct the house and hand it over to the public servant. The recovery period is maximum 20 years or period chosen by the borrower depending upon affordability. The employer must guarantee the facility and undertake to deduct and remit monthly loan repayments to First Microfinance Centre Ltd designated bank account.
