Simba Chai Sacco Membership Eligibility & Requirements

Simba Chai Sacco

A Sacco is not merely a financial institution; it is a lifeline, a community, and an instrument of empowerment. With deep roots in Kenyan society, Saccos have emerged as a beacon of hope for individuals and communities, offering a path to financial stability and prosperity. So, let’s talk about Simba Chai Sacco, how you can be a member, and the different services and products you can get.

Simba Chai Sacco was established on 17th May, 1977 by the Accounts personnel of Unilever Tea Kenya Limited (Currently Ekatera Tea). The Sacco was registered as Kericho Hesabu. During that year it had only 35 members. In 2008 the delegates of the Sacco passed a resolution to change the name of the SACCO to Simba Chai SACCO. The SACCO has currently opened bonds to include farmers, Business people, Co-operate clients, Schools, Microcredit groups, and Chamas. In addition, the SACCO is regulated by the Sacco Society Regulatory Authority (SASRA).

Awards

1. USHIRIKA AWARD 2017 NATIONAL

1. Simba chai SACCO was ranked the best Sacco in Credit Management 2. Simba Chai SACCO also was ranked the Best Sacco in Capitalization

2. Champions Of Governance 2016 Overall Winners

Simba Chai Sacco won position one overall and Nationally in Champions of Governance 2016 held in Nairobi

3. Champions Of Governance 2016 Winners

Simba Chai Sacco won the 2016 COG award in the corporate sector.

4. USHIRIKA AWARD 2016 NATIONAL

2016 Best managed Sacco Nationally

5. Champions Of Governance

In the year 2015, Simba Chai Sacco was the 2nd runners-up Champion of Governance.

6. Fire Award 2015

Simba Chai Sacco participated in the Fire Award 2015

7. Champions of Governance

In the year 2014, Simba Chai Sacco defended their 1st runners-up Champion of governance.

8. Champions of Governance

In the year 2013 Simba Chai Sacco 1st runners-up Champion of governance.

9. Kericho County Ushirika Awards

The best overall gender balance 2012

10. Kericho County Ushirika Awards

The highest growth rate in 2012

11. Kericho County Ushirika Awards

Third Best Managed 2012 Kericho county

12. Champions of Governance

In the year 2011, Simba Chai Sacco 1st runners-up Champion of Governance.

13. Champions of Governance

In the year 2012, Simba Chai Sacco Ltd was the winner of the Champion of Governance.

What loan products are offered by Simba Chai Sacco?

The loan products provided by the Sacco are as follows:

1. Normal Loans

The main purpose of this type of loan is to enable the member to develop him/herself and improve his/her standard of living. This is the main type of loan the society offers.

  • The normal loan is given to any member who is eligible as per his/her deposits (issued three times the deposits), 2/3rd rule, and has no other normal loan.
  • The maximum repayment period for this type of loan is 60 months (5 years).
  • It takes one month for this loan to mature on application. However in circumstances where funds are limited it is issued on a first come first serve basis.
  • Normal loan interest rates at 1.21% pm

2. School Fees Loan

The purpose of the loan is to enable our members to educate themselves and their children with ease.

  • School fee loans can be given to a member as the 1st, 2nd, or 3rd loan.
  • Proof of the required academic funds from an institution of learning locally and/or abroad will be submitted with the duly filled loan application form.
  • The maximum repayment period is 12 months.
  • School fees loan interest rates at 1.5% per month

3. Loan Difference

This is a special arrangement with the Sacco where a member who has taken the maximum number of loans and would like to apply for more funds, is allowed to apply for a higher amount to offset the outstanding loans and take home the difference.

  • Upon qualification based on shares and the 2/3 rule, the loan can be awarded as per the applicant’s request on the repayment period.
  • There is a 5% loan commission charge on the outstanding balance. The rate is reviewed annually based on the market rate.
  • Loan difference interest rates at 1.5% pm

4. Salary advances

Advances will be offered through the FOSA on condition that salary is channeled through the society.

  • A 10% per month interest is charged on the outstanding amount on advance taken and is deducted upfront.
  • The maximum period of recovery of the advance is one month applicable to employees who channel their salaries through the FOSA account.
  • Maximum advance is 50% of the salary repayable in one month.

5. Instant Loan

  • Instant loan is given to any member who is eligible as per his/her deposits
  • The maximum repayment period for this type of loan is 6 months
  • It takes one day for this loan to mature on application.
  • Instant loan interest rates at 3% pm

6. Laptop Loan

  • Only Simba Chai Sacco members are eligible to apply.
  • Members apply for a loan equivalent to the cost of the product for a maximum period of 24 months.
  • 10% interest will be charged on the loan applied for 24 months.

7. Flex salary advance

Flex Advance -The product is designed for sorting short-term emergency needs.

Features

  1. The maximum amount is based on the average net pay in the past 3 months.
  2. The interest charged will be 10 % upfront
  3. The loan shall be repayable within 3 months
  4. Must remit salary through the Sacco

8. Solar products

The SACCO recently established under its product portfolio, a solar product for the benefit of its members who rely mainly on Kerosene lamps which are dangerous, polluting, and uneconomical. The Sacco is partnering with the company to ensure that members access modernized and cheap solar lighting products in a campaign referred to as “Lighting Africa”

  • Only Simba Chai Sacco members are eligible to apply
  • Members apply for a loan equivalent to the cost of the product for a maximum period of 12 months.
  • A 5 % handling fee will be charged on the loan applied.

What savings products does Simba Chai Sacco Offer?

The savings products by the Sacco are as follows:

1. FOSA savings

  • Members save and withdraw at any time.
  • The minimum account balance is KShs 500

2. Simba Junior account

  • The minimum contribution is 250
  • A minimum balance of sh.500 should be maintained in this account unless the member is withdrawing from membership
  • That the interest-earning balance amount will be Kshs. 3000
  • The interest rate for this account will be 5% on an amount above 3000/- p.a on a proration basis.
  • The account closing charge will be Kshs. 500

3. Holiday Savings

This savings plan is designed for individual savers who need to save and access these savings at the end of the year for the purpose of paying holiday expenses such as Christmas.

  • The saver declares the amount to be deducted from his account and agrees that this will be withdrawn at the date specified by the society.
  • The minimum balance is Kshs 500.
  • The balance of the account for each member will be transferred to his / her Fosa Account on maturity less the minimum balance unless the member notifies the office otherwise at least one month before the maturity date.
  • A minimum of kshs 500 should be retained in the account unless the member is withdrawing from membership.
  • No other withdrawal will be allowed after the maturity period unless a member is withdrawing membership from the cooperative society, in which case notice of two months is required.
  • Interest will be paid at 3% p.a. and may be reviewed from time to time by the management committee
  • Members of Simba Chai Sacco and employees of Unilever are eligible to join the Scheme. This savings plan is not affected by the 2/3 rule, as this is a flexible voluntary plan.

4. School fees savings

This savings plan is designed for individual savers who need to save and access these savings at the end of the year for the purpose of paying school fees.

  • The saver declares the amount to be deducted from his account and agrees that this will be withdrawn at the date specified by the society.
  • The minimum balance is Kshs 500.
  • This savings scheme runs from 1st January and matures on 10th January of the following year.
  • The balance of the account for each member will be transferred to his / her Fosa Account on maturity less the minimum balance unless the member notifies the office otherwise at least one month before the maturity date.
  • A minimum of kshs 500 should be retained in the account unless the member is withdrawing from membership.
  • No other withdrawal will be allowed after the maturity period unless a member is withdrawing membership from the cooperative society, in which case notice of two months is required.
  • Interest will be paid at 3% p.a and may be reviewed from time to time by the management committee.
  • Members of Simba Chai Sacco are eligible to join the Scheme. This savings plan is not affected by the 2/3 rule, as this is a flexible voluntary plan.

5. Salary processing

Salary processing through Fosa account

ALSO CHECK: Wevarsity Sacco Membership Eligibility & Requirements

What M-Simba Mobile Banking and App

M-Simba is a mobile service that provides mobile banking services to all M-Simba registered members of Simba Chai Sacco. By Dialling *879# (Safaricom line) on your phone, you are prompted to put your secret PIN and a step-by-step guideline.

If you are NOT registered to M-Simba you can make Direct Deposit Through our Paybill No 166586 using these Guidelines

  • Go to MPESA MENU
  • LIPA NA M-PESA
  • GO TO PAY BILL
  • Enter Business No. 166 586
  • Enter Account No. Short CODE plus your ID NO. 235978s01
  • Enter Amount 1000
  • PIN No. 1234

Also, you can use the M-Simba app which provides the following services

  • Balance inquiry
  • Withdrawal from Account to M-Pesa
  • Deposit money to Shares / Deposits / Savings account and Pay loans directly
  • Loan application allows one to check loan limit for advance, Borrow, and repay M-Simba advance.
  • You can make utility payments like KPLC, DSTV, NHIF, and Buy Goods
  • Change/Reset PIN for the M-Simba service and allow the Stopping of Channel
  • Purchase Safaricom Airtime
  • Check Mini-statements and loan guarantors
  • The mobile app is available on Google Playstore
  • M-Simba service is convenient, Cost-effective, Easy, User-friendly, Secure, and Efficient

What Investments does Simba Chai Sacco have?

The Sacco has the following investments: Shares in KUSCCO Limited, investments in Safaricom SIMEX, Shares in KCB LTD, Shares in CIC LTD, and Shares in Cooperative Bank LTD.

Frequently Asked Questions

1. Where is SIMBA CHAI SACCO located?

The SACCO is situated in Kericho town a centre called Brooke.

2. Who is eligible to join the SACCO and how can one join?

The eligible member is any permanent UNILIVER TEA LIMITED COMPANY (UTKL). To join, one fills out a membership form and indicates the amount of deposits one wishes to contribute not below sh,800.

3. What forms the basis of loan qualification?

A member’s deposit is tripled and one’s deductions should not exceed two-thirds of the salary. Third parties (those who were once members but have retired from UTKL and retained membership) can access three-quarters of their deposits.

4. How long do the various categories of loans take to mature?

Emergency loans take three days to mature Solar loans matures after a week Normal loans take a month to mature Loan difference loan take a month to mature

Simba Chai Sacco contacts

  • Address: Kericho|Simba Chai Sacco Plaza|Opposite Central Hospital Along Kericho-Nakuru Highway
  • P. O. Box 977, KERICHO
  • Website: www.simbachaisacco.co.ke
  • Email:  info@simbachaisacco.co.ke
  • Phone: 0708005555/0722232507

Simba Chai Sacco Charity

1. Trees planting at Kapngetuny Primary School. The Sacco donated trees to the school and participated in the planting of trees in water catchment areas.

2. Simba Chai Sacco Ltd donated school bags to lower primary in order to discourage the use of polythene bags.

3. Simba Chai Sacco Ltd donated sanitary towels to Kapngetung Primary School.

4. Simba Chai Sacco Ltd Chairman opening safety training.

5. Traffic Base Commander and C.E.O Simba Chai Sacco Ltd Donate Jackets.