Last updated on January 1st, 2024 at 10:28 pm

Stima Sacco was founded in 1974 to address the needs of the then East African Power & Lighting Company’s employees, but it now includes workers from all industries, business organizations, and corporations among its membership.

The goal was and still is to offer members a safe shelter for savings, make available credit at reasonable rates, and pay exceptional dividends. With a sizable asset base, membership, innovative products, and exceptional dividends, the Sacco has developed into one of the nation’s top financial partners. Membership in Stima Sacco is available to all Kenyans in every country, including residents and non-residents. Upon meeting the prerequisites for membership opening, the Sacco allows eligible individuals, groups, or corporations to join the society.

ALSO CHECK: List of Stima Sacco Branches and Contacts

Who is the Board of Directors of Stima Sacco?

1. Osman Khatolwa was elected director of Stima Sacco in 2015 and honorary secretary on April 5, 2017.

2. Eng. Albert Mugo was elected to the Board of Stima Sacco in 2014. He served as Board Vice-Chairman from April 2016, National Chairman from January 2017 to April 2018, and Vice-Chairman from April 2019 to April 2021. He was re-appointed as the National Chairman on March 7, 2023.

3. Eng. Jared Othieno, Director

4. Eng. Geoffrey Wasua Muli was elected to the Board of Stima Sacco on March 3, 2023.

5. Imelda Bore, General Manager, Corporate Affairs, and Company Secretary of Kenya Power, was elected to the Board of Stima Sacco on July 12, 2019.

6. CPA Lwanga Erambo Viketi was elected to the Board of Stima SACCO on March 3, 2023.

7. Eng. Rosemary Oduor was elected to the Board of Stima Sacco on February 25, 2022, and thereafter as the National Vice Chairperson.

8. Mrs. Mary Maalu: She was elected to the Stima Sacco Board on March 3, 2023, and consequently elected as the National Treasurer of the Sacco on March 7, 2023

9. Ms. Cecilia Kalungu-Uvyun, DIRECTOR

Who can Join Stima Sacco? What are the charges?

Stima Sacco is a member-owned business, and membership is open to all resident and non-resident Kenyans worldwide. The Sacco admits eligible individuals, groups, or corporations for membership in the Society upon fulfillment of membership opening requirements. Here is a brief breakdown in a table for membership requirements:

N/B: Upon successful completion of membership registration, three mandatory accounts are created:

• Prime Account: Transactional/Current Account
• Alpha Deposit is a non-withdrawable savings account and a multiplier account for loans.
• Share Capital: Amount of shares available

1. Individual Membership requirements

Required membership registration documents for an individual

1. Fill out the application for membership and include:
2. A copy of the passport or national ID card
3. A recent image
4. A certified copy of the KRA PIN

2. Joint Membership Application requirements

To join the Sacco, one needs to:

1. Complete the Membership Application Form 
2. Attach a copy of the Kenyan National Identity Card or valid passport for both applicants.
3. Attach a colored passport-size photograph for both applicants.
4. Copy of KRA PIN Numbers

3. Group Membership Application requirements

This includes chamas, self-help groups, etc., of at least four members. To join the Sacco, one needs to:

1. Complete the corporate membership application form and attach:
2. A photocopy of the registration certificate
3. Minutes of the group’s meeting resolving to join Stima Sacco
4. Constitution of the group
5. Copies of national identification cards, KRA PIN, and photos of authorized signatories
6. List of group members

4. Corporate Membership Application requirements

To join the Sacco as a corporation, you will need:

1. Complete the corporate membership application form and attach:
2. Directors’ resolution to open the account
3. A copy of the certificate of incorporation
4. ID/passport copies and photos of signatories
5. Memorandum and Articles of Association
6. A photocopy of the KRA corporate PIN certificate

What are the requirements for rejoining Stima Sacco?

Pay the rejoining fee of Ksh 2,500.

What are the benefits of joining Stima Sacco?

The benefit of joining Stima Sacco is that the savings account earns interest rebates and dividends annually. In addition, you will have access to loans at affordable rates.

Stima Sacco Loan Calculator

This tool is for illustration purposes only. It does not reflect the actual terms and conditions of Stima Sacco loans.

Types of Savings Accounts from Stima Sacco

Savings accounts give both people and businesses the chance to make regular savings. Members of the society may open both medium-term and long-term savings accounts.

The person requesting the account must be accepted as a member of society before the savings account may be opened. Check-off, standing orders, mobile banking, direct deposits, and bank transfers are all acceptable donation methods.

Stima Sacco offers three types of savings accounts, which include non-withdrawable savings accounts, withdrawable savings accounts, and term deposit accounts. Let’s discuss and break down these savings accounts based on their features and terms.

1. Non-Withdrawable Savings Accounts

Non-withdrawable savings accounts consist of two accounts: the shares capital account and the alpha deposits savings account.

1. Shares Capital Account

1. This is the members’ stake or ownership of equity in the Sacco.

2. It is non-withdrawable but transferable upon a member’s exit.

3. The investment attracts an average annual return in dividends payable.

4. The payback period to recoup the investment is seven years.

5. The shareholding in Stima Sacco is according to the membership graduation model as below:

a. Individual Membership

b. Corporate Membership

c. Chama Membership

2. Alpha Deposits Savings Account

1. These are the continuous monthly savings members make to the Sacco throughout their membership.

2. Alpha Savings earns interest annually and allows members to access deposit-based loans.

      Minimum monthly contributions

      • Individuals Kes. 1,000/=

      • Groups Kes. 5,000/=

      • Corporates Kes 10,000/=

3. Can be contributed through standing order, check-off, mobile banking, bank transfer, or direct deposit.

4. It can only be accessed upon membership withdrawal.

5. Interest rebates shall be automatically capitalized for any member holding less than the minimum share capital.

2. Withdrawable Savings Accounts

Withdrawable savings accounts are comprised of the following accounts: Twiga Savings, Junior Star, Msingi Bora, Mustard account, and Prime account.

1. Twiga savings

1. This is an excellent savings facility where members build up savings for school fees, holidays, weddings, and the festive season.

• Minimum monthly savings: Kes 1000/=

• Minimum monthly balance: Kes 500/=

• Balance above Kes 6,000/= earns interest of 3% p.a.

• No monthly charges.

2. First withdrawal can be done after six months, after which it can be made every three months.

3. Early withdrawal charges:

a) Kes 500/= for amounts less than Kes 10,000/=

b)5% for amounts greater than Kes 10,000/= or capped at Kes 2000/=, whichever is lesser.

c) Not to be considered when the amount is utilized to pay off an outstanding loan.

d) Not to be considered when the amount is being transferred internally to any of the member’s savings accounts with the exemption of Prime Account

4. Dormancy after six months

2. Junior Star

1. This is a children’s savings account for short-term future financial needs.

• Minimum monthly savings of Kes 500/=

• Minimum account balance: Kes 500/=

• Minimum interest-earnings balance is Ksh.5,000

2. Withdrawals can be done once every three (3) months

3. Withdrawals before the three months is over are permissible, but there is a charge of Ksh. 500 per withdrawal unless the amounts are transferred for loan payoff or to another savings account except the Prime account.

4. There are no ledger fees or account maintenance fees.

5. Dormancy is after six months

3. Msingi Bora

1. This is a long-term contractual savings plan for children to help members accumulate savings for paying secondary, college, or university fees.

• Minimum monthly savings of Kes 500/=

• Account minimum balance of Kes 500/=

• A contract term between 5 and 18 years

2. Projected savings are insured against the principal member’s death and permanent disability.

3. After three years, the member qualifies for a self-guarantee school fee loan of up to 75% of the Msingi Bora savings.

4. On premature termination of the contract, the member will:

• Forfeit the interest earned and pay 2% early withdrawal charges.

• Refund all premiums paid to the insurance.

Dormancy after six months

Interest of 5% p.a. paid at the end of the contract

4. Mustard Account

1. This is a long-term savings account specially designed for members’ preparation for retirement:

• Minimum monthly savings: Kes 600/=

• Minimum monthly balance: Kes 500/=

• Earn interest of 5% p.a

• No monthly charges.

• Partial withdrawal of up to 25% of the annual savings is allowed.

2. Early withdrawal charges:

a) Kes 500/= for amounts less than Kes 10,000/=

b)5% for amounts greater than Kes 10,000/= or capped at Kes 2000/=, whichever is lesser.

c) Not to be considered when the amount is utilized to pay off an outstanding loan.

d) Not to be considered when the amount is being transferred internally to any of the member’s savings accounts with the exemption of Prime Account

3. Dormancy after six months

5. Prime Account

1. This is a current transactional account for members.

2. Allows salary processing, check clearing, loans, and external and internal transfers.

3. No ledger fees or monthly charges:

• Minimum balance: Kes 500/=

• The minimum interest-earning balance is Ksh. 20,000, and the interest is calculated
daily and credited at the end of the month.

• The annual interest rate is 2%, or as may be determined occasionally.

• Maximum of Kes 400,000/= per day over-the-counter withdrawal.

4. Fund access channels include SACCO LINK ATMs, Stima Sacco checkbooks, and mobile banking.

5. Statements can be viewed online via the web portal.

6. Maintaining an active Prime account enables members to access an M-Pawa Loan.

3. Term Deposits Accounts

Term deposits accounts comprise the following: Call deposit accounts, Fixed deposit accounts,

1. Call  Deposit Account

1. Funds can be recalled at any time without losing interest.

2. Guaranteed return on Investment

3. The minimum is Kes 5,000

2. Fixed Deposit Account

1. A fixed deposit account is a withdrawable deposit account where depositors can place short-term deposits for a specified period, usually between three to twelve months.

2. The account targets members who wish to put aside funds for investment. They are certain of the period in which they can commit the funds.

3. A minimum deposit amount is KES 5,000.

4. Funds can be fixed either for 3, 6, or 12

5. Interest is computed daily and credited at the maturity of the contract period, subject to a withholding tax of 5%.

6. Accrued interest is forfeited if a depositor withdraws the funds before maturity.

7. Upon depositing the money, The customer is issued a Certificate of Deposit.

8. The Certificate of Deposit details the amount deposited, date deposited, interest rate applicable, contract period, and maturity date.

9. Upon maturity, the depositor can roll over the principal with the interest or collect interest and roll over the principal or collect both principal and interest.

3. Golden Savings Account

1. This investment option account guarantees a monthly minimum monthly return subject to the amount invested.

2. Amounts fixed for one year.

3. The minimum deposit is Ks. 5,000.

4. Kes. 5,000. returns can be wired to the beneficiaries upon request

ALSO CHECK: Hazina Sacco Membership Eligibility and Requirements

Stima Sacco loan products

Loan Application Eligibility

1. The general requirement is that one must have been a member of the Sacco for period of three months for individual members and six months for corporate members.
2. One must fulfill all requirements of a specific loan product.

1. Working capital loan

Features

• Max Loan Amount: 4X members Alpha deposits
• Repayment Up to 36 Months

2. Asset finance school loan

Features

• Max Loan Amount: Ksh. 10 million
• Repayment Up to 36 Months

3. LOCAL PURCHASE ORDER (LPO) FINANCING

Features

• Max Loan Amount: 70% of the cost of goods up to Ksh. 10 million.
• Repayment Not exceeding 90 days.

4. Invoice discounting loan

Features

• Max Loan Amount: 3 X Alpha deposits
• Maximum loan: 80% of Invoice value
• Loan Term: As per Invoice specifications, Not exceeding 90 days

5. Investor loan

Its features include:

• Max Loan Amount: Upto 90% of the fixed deposit
• Repayment is the same as the FDR period.

6. Plot financing loan

Features

• Max Loan Amount: 3X members Alpha deposits
• Repayment up to 24 months

7. Makaazi poa loan

Features

• Max Loan Amount: 15M
• Repayment up to 144 months

8. Mpawa loan

Features

• Max Loan Amount: Kshs 120,000
• Repayment up to 6 months

9. Prime advance loan

Features

• Max Loan Amount: Ksh 200,000
• Repayment up to 12 months

10. Emergency school fees loan

Features

• Max Loan Amount: 3X members Alpha deposits
• Repayment up to 12 months

11. Msingi Bora loan

Features

• Max Loan Amount: Up to 75% of Msingi Bora deposits
• Repayment up to 12 months

12. Salary advance loan

Features

• Max Loan Amount: Kshs 100,000
• Repayment up to 1 month

13. Makeover loan

Features

• Max Loan Amount: Ksh. 1,000,000 (subject to the value of the item)
• Repayment up to 48 months

14. Normal loan 1

Features

• Max Loan Amount: 4X members Alpha deposits
• Repayment: up to 60 months

15. Super loan

Features

• Max Loan Amount: 4X members Alpha deposits
• Repayment up to 85 months

Stima DT Sacco contacts

• 254 703 024 000
• 254 703 024 001