Power

Power Financial Wellness helps customers access affordable and appropriate financial services. Customers are able to access a percent of their earnings to help manage expenses. The percent access ranges from 5% to 50% of their net earnings (gross earnings less statutory and non-statutory deductions) and always complies with the labor laws of Kenya requiring take home of 1/3 of earnings. Customers are able to save a portion of their earnings every pay cycle to help plan for the future. Savings are managed by regulated Asset Managers in Kenya and Power is a participant in the Capital Markets Regulatory Sandbox. https://www.cma.or.ke/cma-admits-frictionless-enterprises-limited-to-the-regulatory-sandbox/ Customers are able to access affordable longer term loans for productive purposes. Customers are able to enroll in insurance to protect them from risks. Further, customers can receive financing for insurance premiums if required. Terms of Loans: a. Minimum repayment period: 2 Months (61 days) b. Maximum repayment period: 24 Months c. Repayment grace period (moratorium): up to 2 months d. Borrow limit: up to KES 1,000,000 (subject to affordability) e. Interest rate: 1% - 7% per month on reducing balance (risk-based pricing) f. Processing fee: 3.5%-7% of the loan amount g. Grace period interest: Prorated at an interest rate based on the risk profile h. Excise duty: 20% on Processing fee - In accordance with The Excise Duty Act, you will be charged 20% Excise Duty as applicable. i. Credit Life: 0.5% of Principal j. Minimum APR: 15.03% k. Maximum APR: 90% Example of a Loan: a. Requested loan amount: 20,000 b. Repayment period: 10 months c. Interest rate: 20% p.a. (based on the risk profile of the customer) d. Processing fee: 350 e. Excise duty: 70 f. Credit Life: 83.33 g. Monthly repayment: 2,339.96 h. Total loan repayment: 23,399.63 All amounts payable by you for any credit facility will be displayed prior to you accepting the credit facility. Data Privacy and Protection: We prioritize your privacy and adhere to strict data protection regulations to ensure your personal information is secure. Our app is compliant with applicable privacy laws and we are licensed as both a Data Processer and Data Controller by the Office of the Data Protection Commissioner. We implement robust security measures to safeguard your data and do not share your personal information with third parties without your explicit consent. For more details, please refer to our comprehensive Privacy Policy. Contact: We're always excited to hear from you! If you have any feedback, questions, or concerns, please e-mail us at [email protected]. Follow us on Social Media Twitter: https://twitter.com/yourpowerapp Facebook: https://www.facebook.com/YourPowerApp Instagram: https://www.instagram.com/yourpower_app LinkedIn: https://www.linkedin.com/company/power-financial-wellness-inc Visit our website: www.yourpower.io Our Office Address: Power House, Kyuna Road Spring Valley, Nairobi Kenya