WIMA COMMUNITY SACCO SOCIETY LTD

[Pages:2]WIMA COMMUNITY SACCO SOCIETY

LTD

WIMA COMMUNITY SACCO SOCIETY LTD A ROAD TO SUCCES SAVE FOR THE FUTURE

WIMA Community Sacco is a registered society under the cooperatives Societies Act (CAP 490) of the laws of Kenya. Its main objective is to empower the community on development activities. Its members are community members engaging on farming, small business people dealing on various categories of business i.e. fish dealers, cereals, hardware, etc and those employed by government agencies, NGOS and private sectors within the community. Its main office is at Kalandin market center along Ndori-Lwanda Kotieno road.

Services offered

? Give loans to its members. ? Pay dividends to members at the end of the year. ? Provide financial literacy to members.

Loan requirements

? Active membership for a minimum of 6 months. ? Members are entitle to serve one loan at a time unless it is an emergency loan. ? Dully filled loan application form. ? Guarantors/ other collaterals. ? Good credit history. ? Loans should not exceed 3 times individual/ group savings. ? Consistency on loan repayment and monthly savings contributions.

Payment options (NO CASH PAYMENT)

M-pesa pay bill No. ..............

Bank deposit: WIMA Community Sacco Society LTD.

Co-operative bank- Bondo Branch.

Account No. 01120850308400.

N/B WIMA community Sacco society will not be liable for any money paid in cash to any of its staffs.

 WIMA COMMUNITY SACCO SOCIETY LTD

A ROAD TO SUCCES

SACCO MEMBERSHIP

Open to registered groups, farmers, business people and employees.

Must be 18 years and above.

REGISTRATION

Groups to pay ksh. 1,000 nonrefundable fee.

Individual members to pay ksh. 300 non-refundable fee.

Each member to pay ksh. 100 for Sacco passbook.

Dully filled membership form

DEPOSITS/ SAVINGS

Minimum monthly savings of ksh. 250 for group members and ksh500 for individuals.

Higher deposits/ savings gives you higher borrowing power.

Used as security for loans. Earn rebates. Refundable upon termination of

membership as per the Sacco by-laws

SHARE CAPITAL

Minimum share capital of 50 shares @ ksh 20.

Earn dividends every year. Transferable to other members upon

termination of membership. Give a member a right to enjoy all the

products and services offered by the Sacco.

LOAN PRODUCTS

MAIN/ DEVELOPMENT LOAN

Repayment period is up to a maximum of 6 months for first loan and 12 months for subsequent loans.

EMERGENCY LOAN

Repayment period is 6 months

SCHOOL FEE LOAN

Repayment period is 12 months Attach stumped fee structure and fee

balance from school.

Motor cycle loan

Here the Sacco supplies the assets directly to its members.

Repayment period is up to a maximum of 18 months.

Construction loans

The Sacco supplies various building materials to its members like mabati, cement, tiles, nails and etc.

Repayment period is 12months

Fertilizer and seeds loans

The Sacco supplies the actual fertilizer and seeds to its members to boost the food security.

Repayment period is 6 months.

Motor vehicle loan

The Sacco supplies the vehicle to its members directly.

The repayment period is 24 months.

Solar lamp loans

The Sacco supplies the actual asset to the members.

The loans are short term of maximum period of 4 months.

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