Kenya Re Sacco Ltd Together We Prosper Kenya Re Sacco Ltd Reinsurance Plaza, 15th Floor P. O. Box 30271-00100 Nairobi, Kenya Tel: (254 20) 2240188 Background Information Kenya Re SACCO society limited was established in 1976 and was fully operational in 1981 with the aim of enabling the employees of Kenya Reinsurance Corporation Ltd to improve their welfare through regular savings cheap credits. The Sacco is registered under the Ministry of Co-operatives under Certificate Number CS/2552. The operations of the Sacco are under the Cooperative Societies Act. The Ministry of Co-operatives Development and Marketing oversees the Society activities. All the members’ contributions and all the loans advanced to members are fully insured. This means that if a member passes on or becomes permanently disabled, the insurance company will pay off the loan balance. The total share contributions belonging to the member will also be refunded in full to such a member or to the surviving nominated beneficiaries in case of death. VISION • ‘To be the leading SACCO society in Kenya providing quality and innovative products and services to our customers’ MISSION STATMENT • ‘To mobilize savings, provide competitive credit facilities and other innovative products to create more wealth for our customers within a dynamic financial environment.’ VALUES • Integrity • Professionalism • Commitment • Innovation • Teamwork SLOGAN/MOTTO • ‘Together We Prosper’. MEMBERSHIP • Though started as a society of Kenya Re Corporation, the Sacco has grown to accommodate members of Shelter Afrique, Africa Reinsurance Corporation, House of Hearing Ltd, First Re and other individual members all of whom share the same vision • Registration fee is non- refundable amount of Kshs. 500/= MONTHLY CONTRIBUTIONS Upon being admitted into the membership of the Sacco, the member must make monthly contributions as stipulated in the society’s by-laws and currently the minimum monthly contributions is Kshs 2,000/= (Kenya shillings two thousand) per month. In addition to the monthly contribution as above, a member may also wish to join School fees Savings Scheme or Holiday/Christmas savings scheme or both at additional contributions. In addition to the savings products, the members are eligible for loans from the Sacco. The Savings and Loan products are defined as below: SAVINGS PRODUCTS a) School Fees Savings Scheme • Optional to members of the Sacco. The Minimum monthly contribution is KShs 500/=. The product is designed to help members save for school fees which are mostly in high demands in January, May and September of each year. However, all or part of the amount saved can be withdrawn at any time of the month or year as needs arise. b) Holiday Savings Scheme • Optional to members of the Sacco Minimum monthly contribution is Kshs 1,000/=. This scheme is designed to help members save for Christmas and New Year holidays. All or part of the amounts saved plus interest earned can only be withdrawn once in a year by 21st December. LOAN PRODUCTS • A member must have made monthly contributions for at least 6 consecutive months to be eligible to apply and be given a loan by the Sacco. • The Minimum monthly contributions is Kshs 2,000/= per month. There is no maximum limit which means a member can contribute any amount he or she can afford as long as it’s not less than Kshs 2,000/= • All loans granted must be fully guaranteed by members of the Sacco only. The Sacco does not accept any other form of collateral apart from guarantors from other members • A loan application form, which has all the details, must be filled and submitted to the office. TYPES OF LOANS 1. Types of loans and maximum repayment periods: Loan 1 Development Loan - 48 months (4 Years) Loan 2 Normal Emergency Loan - 12 months (1 year) Loan 3 Salary Advance Loan - 3 months Loan 4 Education Loan - 24 months (2 years) Loan 5 Products Loan – 12 months (1 year) Loan 6 Express Emergency Loan – 12 months (1 year) Maximum loan amounts and interests rates per month: - Loan 1 Development Loan – Kshs 1,500,000/= @ 1.0% per month Loan 2 Normal Emergency Loan – Kshs 100,000/= @ 1.0% per month Loan 3 Salary Advance Loan – Kshs 20,000/= @ 2.5% per month Loan 4 Education Loan – Kshs 200,000/= @ 1.0% per month Loan 5 Products Loan – Kshs 60,000/= @ 1.25% per month Loan 6 Express Emergency Loan – Kshs 50,000/= @ 1.2% per month A member can apply and be granted all the loans as described above but the total of all the loans that a member can be granted shall not exceed three times of such a member’s total deposit contributions. ************************************************
Posted on: Mon, 15 Jul 2013 12:44:22 +0000