Frequently Asked Questions
Does CUMO have branches across Malawi?
CUMOs business model is branchless, it does not have branches but it has staff in all the 23 districts in which CUMO operates. CUMO has 2 offices, the head office is in Lilongwe and the regional office is in Zomba.
How long does it take for someone to access a loan with CUMO?
Approximately 2- 3 weeks
Can one get an individual loan from CUMO?
Yes, CUMO offers SME loans to individuals of up to K5 Million kwacha.
What is CUMOs average interest rate on loans?
3 % per month
Does CUMO refund Cash collateral?
Yes, cash collateral is refunded at the prevailing rate of interest.
Why doesn’t CUMO give loans to urban People?
CUMO’s mission is to bring financial services to the hard to reach areas, targeting rural people.
How are CUMO groups formed?
CUMO targets existing self-formed VSL groups certified by the Group Village Head
Does CUMO offer express loans?
Yes, it does to abwenzi a CUMO clients only. Abwenzi a CUMO are CUMO loyal clients with good repayment history.
What are CUMOs collateral requirements?
Physical collateral: CUMO does not collect collateral from clients.
Cash collateral: -5% of the loan amount
Cash collateral: -5% of the loan amount
Why does CUMO target mostly women?
Basically, the CUMO program empowers women.