Kimisitu Sacco is one of the best Saccos in Kenya.Below we provide important details about the Sacco in one article.

How to become a member of Kimisitu Sacco

Individual membership

Requirements for Individual Membership

• Completed online registration form – www.kimisitusacco.or.ke
• Copy of National ID
• Copy of KRA PIN certificate
• Passport size photo
• Membership entrance fee of Ksh.1,000 or Ksh.1,022(via M-PESA)
• Minimum monthly contribution of Ksh.2,000
• Initial Minimum share capital of Ksh.5,000

Corporates Membership

Corporate membership shall comprise of: Reputable firms, companies or other registered institutions and registered businesses.

Requirements for Corporate Membership

• Completed Corporate membership application form – www.kimisitusacco.or.ke
• Certificate of incorporation
• IDs, PIN certificates and passport size photo of signatories
• Company profile
• Membership entrance fee of Ksh.2,000 or Ksh.2,022 (via M-PESA)
• Minimum Monthly contributions of Ksh.10,000
• Initial Minimum share capital of Ksh.10,000
• Resolutions of Directors to join Kimisitu Sacco Limited

Chama Membership

Chama Membership comprise of:

1. REGISTERED GROUPS

i. Self Help Groups/ Women Groups/ Youth Groups

• Completed Chama membership application form – www.kimisitusacco.or.ke
• Certificate of registration
• Signatories copy of ID’s & Passport size photo
• Membership entrance fee of Ksh.2,000 or Ksh.2,022 (via M-PESA)
• Minimum Monthly contributions of Ksh.10,000
• Initial Minimum share capital of Ksh.10,000
• Group Constitution
• Letter of Introduction from the Ministry of Social Services
• Resolution by the group members to join Kimisitu Sacco

ii. Investment Groups Registered as Companies

• Completed Chama membership application form – www.kimisitusacco.or.ke
• Certificate of incorporation
• Directors copy of ID’s & Passport size photo
• Membership entrance fee of Ksh.2,000 or Ksh.2,022 (via M-PESA)
• Minimum Monthly contributions of Ksh.10,000
• Initial Minimum share capital of Ksh.10,000
• Company & Directors KRA PIN certificates
• Original Memorandum & Articles of association
• Resolution to join Kimisitu Sacco

2. UNREGISTERED GROUPS

• Completed Chama membership application form – www.kimisitusacco.or.ke
• IDs & PIN certificates of 3 signatories
• Passport size photo of signatories
• Membership entrance fee of Ksh.2,000 or Ksh.2,022 (via M-PESA)
• Minimum Monthly contributions of Ksh.10,000
• Initial Minimum share capital of Ksh.10,000

Kimisitu Sacco Saving Products

Member Deposit

Members Deposits provides a solution for members seeking to save securely and earn dividends at premium rates. Members deposits also enable members access our affordable credit products by using their deposits as guarantees.

Product Features:

• Individual membership – minimum monthly contribution is Ksh.2,000
• Corporate & Chama membership – minimum monthly contribution is Ksh.10,000
• Earn interest at the end of every financial year
• Act as security for the loan

Share capital

Product Features:

• Individual membership – share capital of Ksh.5,000 to be grown gradually to Ksh.30,000 in 25 months
• Corporate & Chama membership – share capital of Ksh. 10,000 to be grown gradually to Ksh.30,000 in 20 months
• Earn dividends at the end of financial year
• Non-refundable upon exit from Sacco but can be transferred to another member

Kimisitu Fosa Account

Product Features:

• Salaries are processed through this account
• Access to affordable bankers’ cheque
• Free Internal transfers for the first 3 months
• No minimum operating balance
• Process external Standing orders
• Minimum Interest earning balance Ksh.10,000
• No ledger fees

Holiday Savings Account

This account allow any member to plan for their holiday at any time by saving and getting a loan that is pocket friendly.

Product Features:

• Minimum operating balance Ksh.1,000
• No ledger fees
• Savings are withdrawable after 6 months
• Competitive market interest rates

Little Angels Savings Account

Product Features:

• The account will be operated by the member
• Minimum monthly contribution Ksh.500
• Savings are withdrawable after 6 months
• Competitive market interest rates

Miradi Savings Account

This account enables members to save for a short period and get a competitive return, as withdrawal from the account is twice a year, at intervals of 6 months.

Product Features:

• Project savings account
• Biannual withdrawal
• Competitive annual interest rates
• No fees for closing the account

N/B: All FOSA savings can be used as loan collateral provided a dully signed lien by the member is marked on the savings. (The savings will be locked during the loan tenure)

Wekeza Fixed Deposit Account

A withdrawable deposit account where depositors can place short term deposits for specified periods of time usually between three to twelve months. The account targets members with large sums of money that they have put aside for investment and they are fairly certain of the period that they can commit the funds.

Product Features:

• Fixed for a specific period of time
• Minimum Ksh.50,000
• Can be used to secure loans at 95%
• Interest on maturity
• Competitive market interest rates

What can a member do on maturity?

• Re-invest the whole amount (Principle plus interest) and Withdraw part and re-invest the balance

M-wallet

Product Features:

• Fixed from 1month to 12 months
• The member to lock the deposit on USSD
• The interest to compute on end of maturity
• Option to withdraw locked deposit before maturity will lead to loss of interest

Kimisitu Biashara Account

This is a Savings Account for Corporates and SME members of Kimisitu SACCO. Members with Businesses can open the account and better manage their Finances and enable track the performance of their Businesses.

Product Features:

• Minimum monthly contribution Ksh.10,000
• Can set standing orders
• Minimum account balance Ksh.1,000
• Access to bankers’ cheques
• Free internal transfers

Joint Account

This account can be opened by TWO or more people for the purposes of savings or business transactions

Product Features:

• Jointly operated account
• Ksh.1,000 minimum account balance
• Access to affordable bankers’ cheques
• Free internal transfers
• Access to internet banking
• Signing mandate as per account holders instructions
• No operating balance

Chama Account

his is a savings account for groups. Members can pool funds together, little by little, day by day to create vast resources that can be invested in various investment vehicles/options. It offers your chama an opportunity to see their investment grow as well with being served with progressive savings services through multiple-delivery channels

Product Features:

• Minimum monthly contributions of Ksh.10,000
• Free internal transfers
• Free monthly statements
• One free banker’s cheque per quarter
• Minimum of 3 signatories (Maximum of 7)
• No ledger fees

Kimisitu Sacco loans

Karibu Loan

• Are you a new member with three months of contribution and wondering how to get a loan of up to Kshs. 500,000?

Product Features:

• Loan limit of Ksh.500,000
• Multiplier of X4 member deposits
• Interest rate of 1% per month on reducing balance
• Repayable in 24 months
• Must have contributed deposits for 3 months

Makao Halisi Loan

The SACCO has in the past facilitated its members to buy land, build houses & buy ready houses. In line with the Agenda 4, the Sacco has revamped Makao Halisi product to make it attractive to the members through provision of affordable housing to its members. Kimisitu SACCO shall deepen further buying of land, construction and buying of homes for all its’ members.

Product Features:

• Must be a member of Kimisitu Sacco Ltd
• Must have contributed consistently for at least 6 Months.
• All borrowers must have attained the minimum Kes.30,000 requirements for share capital.
• Loan multiplier- X7 of deposits
• Interest rate: 12% p.a. Reducing Balance
• Top Up of Makao Halisi allowed for any of the sub-categories, at 2.5% one-off
• Mortgage Bank buy offs are also allowed
• Off plan shall ONLY be done through Sacco certified and credible partners. (Have partners who handle projects and accept payments after completion of the houses)
• Member buying rental houses with existing proven income, the income to be considered on appraisal.
• Provide 3 months moratorium with only interest payable to allow the member ample time to finish their house/building construction.
• N/B: This is applicable only to members undertaking construction.

Makao Subcategories

Product sub-type	Financing Percentage	Loan Limit	Mortgage Tenure	Interest Rate	Eligible Customers
Land Purchase	100%	30M	60 Months	12% p.a. Reducing Balance	Kimisitu Sacco Members
House Purchase – First Mortgage	105%	30M	144 Months	12% p.a. Reducing Balance	Kimisitu Sacco Members
Construction Loan	105%	30M	144 Months	12% p.a. Reducing Balance	Kimisitu Sacco Members
Commercial Housing	100%	30M	180 Months	12% p.a. Reducing Balance	Kimisitu Sacco Members
Incremental housing	105%	30M	144 Months	12% p.a. Reducing Balance	Kimisitu Sacco Members
National Cooperative Housing Union (NACHU) Off Plan Personal Housing	90%	30M	144 Months	12% p.a. Reducing Balance	Kimisitu Sacco Members

N/B: **Bank Buy offs for mortgages will be facilitated at 100% based on above qualifications depending on the sub type of the loan being bought off as per above features.

** Incremental housing: This is where the construction is done in phases depending on ability to pay and stages. Member can be financed for the specific section of the house that is pending.

APPLICATION REQUIREMENTS

1. Duly filled loan application form
2. Current certified pay-slips/ 6 Months certified bank statements, Copy of ID
3. Copy of signed sale agreement between the borrower and vendor to be submitted to the Sacco Most current copy of title deed.
4. The borrower must have clear and proven source of repayment – already existing income streams that are sufficient to meet expected repayment.
5. Security to be by way of first legal charge on the property being financed and/or another property by legal firm on the Sacco panel
6. Loan secured by the plot 30% and house structure 70% (For construction mortgages)
7. Property to be valued by a valuer on the Sacco’s panel
8. Profile of the contractor.
9. Approved architectural and structural drawings of the proposed project.
10. Evidence of up to date land, rent & rates payment (i.e. receipts where applicable)
11. Original Bills of Quantities prepared by a registered quantity Surveyor
12. Project Implementation Schedule (Contractor’s work plan) detailing all activities and scheduled time frames.
13. Building contract agreement between borrower and contractor.

COLLATERAL REQUIREMENTS

1. Land & Building Security Matrix

LOCATION	PERCENTAGE MATRIX
Nairobi Metropolitan area	80% of forced sale value
Other County Headquarters and Towns with at least 2 banks. (It is known that presence of banks is indications of improved economic activities)	75% of forced sale value

** Applies for all mortgages.

1. Process charges incurred during mortgage processing
2. Valuation
3. Legal fees on charging of title

• Project managers fees

1. Property Insurance: – 100% of Mortgage Value
2. Loan Insurance: – Value of mortgage

N/B: The Valuation, Legal fees (Consents, transfer and charge) and project management charges to be paid by the member. (Sacco can finance depending on the collateral and ability of member).

Emergency Loan

Product Features:

• Loan limit of Ksh.30,000,000
• Multiplier of X4 member deposits
• Interest rate is 1% per month on reducing balance
• Repayable in 18 months
• Loan top up at one off fee of 5% on the balance

Education Loan

Members can finance their various education needs by applying for this loan.

Product Features:

• Loan limit of Ksh.30,000,000
• Multiplier of X4 member deposits
• Interest rate is 1% per month on reducing balance
• Repayable in 24 months
• Loan top up at one off fee of 5% on the balance

Premier Loan

Product Features:

• Loan limit of Ksh.30,000,000
• Multiplier of X5 member deposits
• Interest rate is 1.3% per month on reducing balance
• Repayable in 84 months
• Loan top up at one off fee of 5% on the balances
• Buy off bank and other Saccos loans at no charge

Asset Finance Loan

This loan enables you to purchase Motor vehicle, Machinery and household goods

Motor vehicles Features:

• Loan limit of Ksh.10,000,000
• Multiplier of X5 member deposits
• Interest rate is 1.21% per month on reducing balance
• Repayable in 48 months
• All Motor vehicles financed at 100%

PARAMETERS		NEW FEATURES
Loan Limit		Upto 5 times deposits Max: Kshs: 10 million
Repayment period		48 months
Interest Rate		1.21% per month
Age of the Vehicle		8 years
Security Value (Car)	Toyota Make	70%
	Other Make	60%
Guarantorship/ Other Security	Toyota Make	30%
	Other Make	40%

Household Features:

• Loan limit of Ksh.10,000,000
• Multiplier of X4 member deposits
• Interest rate is 1% per month on reducing balance
• Repayable in 24 months

Development Loan

Are you looking for funds to purchase and develop your assets? We shall partner with you and transform your life. Through our Development loan, a Kimisitu member can access funds required at the most affordable interest rates.

Product Features:

• Loan limit of Ksh.30,000,000
• Multiplier of X4 member deposits
• Interest rate 1% per month on reducing balance
• Repayable in 60 months
• Loan top up at one off fee of 5% on the balance

Mega Loan

Product Features:

• Loan limit of Ksh.30,000,000
• Multiplier of X4 member deposits
• Interest rate 1.2% per month on reducing balance
• Repayable in 72 months
• Loan top up at one off fee of 3.5% on the balance
• Offsets Mega, Development, Emergency, Education & Karibu Loans

Instant Loan

Product Features:

• Loan limit of Ksh.400,000
• Qualify 100% of net pay
• Interest rate 5% per month on reducing balance
• Repayable in 6 months

Insurance Loan

Caters for Medical insurance, Agriculture insurance, Last expense, Mortgage loans and other insurance services

Product Features:

• Loan repayment period 9 months
• Unsecured loan
• Interest Rate 0.5% per month on reducing balance
• Must be a member for 3 months

Agricultural Loan

A new Loan product to support members access affordable capital for their Agri-business ventures

Product Features:

• Loan limit of Ksh.10,000,000
• Repayment period dependent on the farming type, up to a maximum of 1 year
• Interest Rate of 1.04% per month on reducing balance
• Must have contributed deposits for 6 months
• Fully insured products/produce through Kimisitu Insurance Agency
• Loan application fees of 1%
• Security – money paid directly to Kimisitu Holding Account
• Farming contract from a credible institution
• Disbursement – In tranches upon certification reports from the contracting firm

Kimisitu Personal Loan

This facility enables salary account holders to access loans

Product Features:

• Interest rate of 1% per month on reducing balance
• Repayable in 60 months
• Based on 80% of members’ gross pay
• Irrevocable instructions to have salary pass through FOSA
• Salary should have passed through FOSA for at least 3 months

M-Kimisitu Loan

The M-Kimisitu loan is a mobile based facility that enables members to access funds instantly on their mobile device. This can be accessed through USSD *503# or downloading ‘Kimisitu Money’ from App Store or Google Store.

Product Features:

• Maximum of Ksh.300,000 or 80% of member deposit whichever is lower
• 1st borrower Loan Ksh.100,000, subsequent loans Graduated with steps of Ksh.50,000
• Interest rate of 7% per month on reducing balance
• Repayable per month for 6 months

Salary Advance Loan

Salary Advance is a special cash advance facility based on salary. It is available to all members who channel their pay via FOSA. The product is designed to meet one’s short-term financial needs. Whereas one had to apply for the advance and submit together with a current pay slip, the facility is now a mobile based loan applied and disbursed through the Kimisitu mobile banking platform.

Product Features:

• 80% of net salary graduated to loan limit of Ksh.500,000
• One off interest rate of 6% charged upfront
• Repayable in 4 months
• Available to all members who channel their pay via FOSA
• Salary acts as security

Requirements

• Salary is processed through the FOSA Savings account

Business Loan

This product assists Kimisitu Sacco Corporate Members finance their business or trade needs.

Product Features:

• Multiplier of X4 member deposits
• Interest rate 1.08% per month on reducing balance
• Repayable in 36 months
• FOSA deposits to be held in lien as additional collateral for the loan

Requirements

• 3 years audited financial statements
• Demonstrated business records/working business plan
• Business licenses and permits
• Member MUST have operated account for 6 Months

Chama Loans

Tusonge Mbele

For organized groups and Chamas to undertake long term land and housing projects for its members, for their Individual, Residential or Investment purposes

Product Features:

• Financing upto 100% for buying of land
• For housing projects, we offer up to 105% financing
• Repayments period 60 months for land
• 144 – 180 Months for Housing
• Interest Rate 1.2% per month on reducing balance
• Monthly loan repayments (ability to pay) pegged on chama monthly contributions
• Loan MUST be fully secured
• Chama deposits to be held in lien as additional collateral for the loan

Requirements

• Consistency in contributions to be observed i.e. 6 months average monthly contribution
• Duly filled loan application form signed and SEALED by the Chama
• Memorandum and Articles of Association (SEALED copy)
• SEALED resolution to borrow by the directors of the chama in Kimisitu Sacco Format
• Contribution schedule (Monthly)
• Copy of title and sale agreement if the Chama is buying property or bill of quantities if doing construction

Chama Chapchap Loan

This is an advance designed to enable members of the Chama, who are also members of the Sacco to get a quick loan for their individual personal development/projects.

Chama chapchap appreciates that as members save together, they also excel individually to enhance their economic and social well being.

Product Features:

• Loan limit Maximum of Ksh.500,000
• Repayments period 24 months
• Interest Rate 1% per month on reducing balance
• Personal and Chama guarantee
• Cash cover(Chama deposits held in lien)
• Chama deposits can secure 50% – 95% of the loan

Requirements

• Registration certificate
• Must contribute for 6 months
• Chama must have contributed for 6 months

N/B:

A chama must be registered as a company to access a loan

How to apply for a loan at Kimisitu Sacco and documents required

• Fully completed loan application form
• Minimum three guarantors who must be active members and have contributed deposits for at least six months. Guarantors’ and applicants shares MUST be equal to or more than the loan applied for.
• Employer MUST sign and rubber stamp the application form.
• Outstanding loan by the applicant, MUST be cleared before a loan of the same kind is approved.
• A most current pay slip certified by the applicant’s employer’s payroll officer, MUST be attached to the application.
• Attach copy of an acceptable form of identification (National ID/Valid Passport
• Must have been an active member for at least six months.

Must I have guarantors when applying for a loan?

All loans granted by the society must be guaranteed. Loans below a 1,000,000 can be guaranteed by 1 guarantor of the society and loans above 1,000,000 ought to be guaranteed  by at least three members of the society. Guarantors’ and applicants shares MUST be equal to or more than the loan applied for. In special cases when loan is less/equal to shares one could self guarantee up to 95 percent of their free deposits but have to state in writing and will need to be approved by full committee.  

How much loan can I qualify for?

The maximum loan amount a member can be given at any one time is three times the member’s savings subject to a maximum of Kshs 30 million less any outstanding loan balance. A member must take home at least a third of his/her pay after all deductions.

Can I apply for more than one loan?

A member is allowed to take all the loan products on offer so long as total loans repayments do not exceed two thirds of the member’s salary and three times the member’s savings. However, a member cannot apply for the same loan facility that they are servicing unless they clear it, that is, if a member has a current running Normal Development he/she is not eligible to apply for another normal development until he/she clears the loan balance to enjoy the same facility.

Can I apply for a top up of an existing loan?

A member with an existing emergency loan is allowed to apply for a new emergency loan from which the society will recover the balance of the existing loan and give the member difference subject to maximum of Kshs 500, 000.

What is the interest Charged on Loans?

All loans except Premier Loan, Mega Loan, Dividend Discount, and Car Loan, attract an interest of 1% on reducing balance. Insurance Loan does not attract any interest.

How long does it take for one to get a loan?

The turn around time is between 3 and 7 working days with an exception of emergency, instant and education loans that take a maximum of 12 working hours. 

What do I need to do when withdrawing from the society?

• A member needs to inform the society by filling in a withdrawal form giving the society 60 days’ notice.
• The process can however, take two weeks at a commission 10% of the current deposits.

When Am I eligible for a loan?

After being a member for at least six months and have contributed for a minimum of kshs.18, 000 with an exception of Karibu loan whereby members qualify after 3 months of contribution to a maximum of Ksh. 100,000

Can I boost my deposits and take a loan immediately?

Yes, You can boost your deposits by 100 percent of your deposits to a maximum of ksh. 500,00 and apply for a loan immediately

Kimisitu Sacco Customer Care Contacts

 Nairobi: AEA Plaza, Valley Road

Kisumu: Reinsurance Plaza, Shop Unit, Block B, 1st Floor, Oginga Odinga Street

+254 709 136 000

customercare@kimisitusacco.or.ke

Kimisitu Sacco working hours

Monday – Friday 08.00 am – 05.00 pm

Kimisitu Sacco paybill Number

Paybill Number: 911200

How to transfer money from your Mpesa to Kimisitu Sacco

• Go to Mpesa
• Select Lipa Na Mpesa
• Select Paybill
• Enter Business Number (911200)
• Enter Account Number(Kimisitu Sacco account number to send money to)
• Enter Amount
• Enter Mpesa pin and send

Kimisitu Sacco Dividends

Kimisitu Sacco pays dividends of 13% to 18% of the shares in the Sacco.If your shares are worth Ksh 1 million.You will earn up to Ksh 180,000 per year