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Savings

Annual Percentage Yield

Your annual percentage yield, also known as APY, is the amount of interest your account earns in a year. When you sign up for a new savings account, it's important to know the APY offered since it can have a big impact on how much money your savings earn.

Balance:

Your balance is the amount of money you have in your savings account. It will change depending on if you withdraw cash, make additional contributions or accrue interest on what's in the account
Appnomu often requires a minimum opening deposit, which acts as your balance for the length of the saving term with no additional contributions.
Most brick-and-mortar savings accounts require making a minimum deposit to open an account. Some high-yield savings accounts may require that you make a minimum deposit to open, as well as maintain a minimum balance to earn interest.

Appnomu ladder

When you put your money in Appnomu, you earn a fixed interest rate for a specific amount of time on that initial deposit. You can't withdraw your money or make additional contributions (without penalty) until that time is up, so your money is essentially locked away.

Saving term length

The amount of time your money sits in a savings account before you can touch it. Savings term lengths range between, one month, three months, six months and one year, and usually the longer the term, the higher the APY you earn.

Early withdrawal penalty

Typically, you can't access your money before your savings term ends, or you'll get hit with an early withdrawal penalty. The penalty fees can vary depending on your savings and your savings term length, but it's usually the interest earned, or the interest that you would have earned, over a certain number of days or months.

Fixed APY

A fixed APY does not change. Whereas brick-and-mortar and high-yield savings offer variable APYs, Appnomu offer account holders a fixed APY that they are locked into for the duration of their saving term.

Grace period

A grace period is the amount of days after a saving term ends where users can either withdraw their funds or deposit more money into their account penalty-free.

Maturity date

The maturity date is the date that your Savings term ends. At this point when the term length is over, savers can withdraw their funds penalty-free. The money they get back includes their initial deposit, plus the interest earned over time. If you don't need the money, you can also renew the saving term for the same amount of time or transfer it to a new saving plan

Mobile deposit

Instead of going to the bank to deposit a check, you can use your mobile app to save and have the funds immediately deposited into your account. It can sometimes take a day or two for the funds to be accessible.

Appnomu loans

Micro Loans with Mobile Banking - Appnomu Microfinance Uganda

Welcome to Appnomu Microfinance. We offer micro loans for mobile banking customers. This Terms of Service (“Agreement”) is a contract between Appnomu and you (“you”) and governs your access and use of the Appnomu website, including all transactions conducted on this website and all additional services provided in connection with this website.
By accessing or using the Appnomu website, you acknowledge that you have read all the terms of service in and linked to this Agreement, and you agree to be bound by this Agreement, whether or not you utilize the services you can access or use on this website. If you do not agree with the terms of service, please do not utilize any of the services available on this website.
This Agreement may be modified by
Appnomu in its sole discretion over time, and any modifications will automatically become a part of this Agreement, effective once they are posted by Appnomu on the website. Your access to our services will be subject to any such modifications. You should review the website and this Agreement periodically so you are aware of any modifications. If you do not agree with any of the modifications, immediately terminate your registered Appnomu account and desist from using our services.
This Agreement is binding and can be enforced against both parties. Appnomu reserves the right to delegate, assign or otherwise transfer any or all the rights and duties under this Agreement. All rights not expressly granted herein are hereby reserved. The headings within this Agreement are for reference purposes only and do not define, limit, construe or describe the scope or extent of each section.

Getting Access to Appnomu Services

In order to get access to Appnomu Services, you must have a registered Mobile account which bears your original name as per your identification card (or Passport / Voting Card or National ID). If your names do not match exactly, then you will be unable to use our services.

Processing Fees

All our micro-loans are processed with a loan processing fee which varies upon increment in loans.

Loan Amounts and Duration

The minimum loan you can borrow is Ugshs3500, Once you have proven that you can complete the repayments on time, and at the correct amounts, you become eligible to access loans of higher value. The duration period for repayment of each loan is carried.
If for any reason, the principal loan amount is lost or stolen from your mobile device, as long as a confirmation message shows that you have accessed the funds, then you are liable to fully repay the loan as outlined in your repayment plan.

Repayment

If you take out a loan, the repayment amount will increase as your loan values increase. Loans are to be repaid directly from the borrower to Appnomu. As a borrower repays the loan, Appnomu will keep a record of all repayments and shall provide a summary at the end of the loan period.

Credit Score and Fines

Failure to complete or meet your repayment deadline on time will result in a debt and a reduction of your credit score. If following 5 weeks, you have not been able to fulfill your debt, then you are required to pay $7 + a nominal fine pf $2.
Credit Score records for each loan you take are kept by Appnomu, and if you have a registered account with Appnomu, upon your written request, they can be availed to you at any time during the term of a loan.

Applicability Criteria

Appnomu services are currently available to customers who access postpaid services from their mobile banking providers. We are unable to release credit to prepaid customers.

Proprietary Rights

“Appnomu”, the “Appnomu” logo and other Appnomu graphics, designs, page headers, button icons, logos, scripts, branding and names are trademarks. They may not be used, including, without limitation, as part of trademarks or domain names, in connection with any product or service to cause confusion, and should not be copied, imitated or used, partly or as a whole, without the prior written consent of Appnomu.

Disclaimers

APPNOMU is not responsible, and will have no liability, for any incorrect or inaccurate content posted on this website. Appnomu will not be responsible for any loss or damage, including but not limited to personal injury or death, resulting from the use of this website or services from our related partners. Any and all decisions made by you with respect to this website and services available are yours alone.
ANY ATTEMPT TO DELIBERATELY DEFRAUD APPNOMU OR OTHERWISE UNDERMINE THE LEGITIMATE OPERATION AND PROCESS OF THE MICRO LOAN SERVICE IS A VIOLATION OF THIS AGREEMENT AND ANY APPLICABLE LAWS.
THIS WEBSITE, INCLUDING, WITHOUT LIMITATION, ANY CONTENT OR INFORMATION CONTAINED WITHIN IT OR ANY SERVICE OR ADVICE PROVIDED IN CONNECTION WITH MICRO-LOANS, IS PROVIDED "AS IS" WITH NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. YOU ASSUME TOTAL RESPONSIBILITY AND RISK FOR YOUR USE OF THE WEBSITE AND ACCESSING THE SERVICES.