Below are important details about Boresha Sacco: The dividends range between 12% and 15% per year for the total shares in the Sacco.

Boresha Sacco Membership Requirements

Membership is open to All, Salaried Members comprising of Teachers under Teachers Service Commission (TSC), Civil Servants employed by Public Service Commission, County Governments Staff, Institutions’ Pensionable Employees, KNUT and NGOs Staff, SACCO and its subsidiaries Staff, Retired Members continue being Members, Companies and Parastatals Pensionable Staff.

Non-Salaried Members – Membership expanded to Spouses, Children and Relatives of Members, Individual business persons, Small and Micro Enterprises (SMEs), The General Members of the Community, Micro-Credit Members, Farmers (Individuals and Groups), Jua Kali business persons, Youth and Women Groups and Chamas. They access business training, exchange programmes and capacity building, then savings Accounts, Fixed Deposits Accounts and Credit facilities.

To be a member of Boresha Sacco, the following requirements have to be met:

• Fill the membership application form
• Attach recent passport photo
• Copy of ID
• Payment of a membership fee

Diaspora Members – Kenyans in the Diaspora qualify to be members of Boresha SACCO. Click Here to register.

• KRA PIN Certificate
• ID Copy
• Image Passport Copy
• Recent Passport Photo

BOSA Products

Savings Products

Share Capital

• Salaried Members are principal owners of the Society. Should purchase minimum of 300 shares (each Ksh.100) worth Ksh.30,000/=
• Non salaried Members purchase minimum of 30 Shares (each Ksh. 100/=) worth Ksh.3,000/=
  COSA Deposits
• Minimum monthly Shares/Savings contribution 10% of basic salary /minimum of Ksh.2,000/=
  Equity Shares

• Equity shares is for investment in the SACCO Buildings, FOSA and Entire Business expansion.
• Owned by Salaried Members – New Members buy Equity Shares by soft loans
• Minimum of 25 shares each Kshs. 1,000/= amounting to Kshs. 25,000/=
• Maximum shares is (200) shares each 1,000/= amounting to Kshs. 200,000/=

Loan Products

Karibu Member Loan

• Targets Newly recruited Salaried Members
• Granted once first shares/savings installment has been deducted by employer
• Loan approved as per pay slip qualification.
• 1/5 of approved loan is retained as Savings.
• Allows Members to get loan as they build Shares & Saving
• New Members can qualify subject to ability to repay up to 96 monthsDevelopment Loan

• For Members personal development
• Loan multiplier Savings x4 (times four)
• Repayment period is 84 Months.
• Member must have cleared all previous loans (Nil loan balance)
  Maximum loan amount as per pay slip qualificationSchool /College Fees Loan

• Payment of College/school fees.
• Total COSA should not exceed four times the Sacco Deposits held.
• Repayment Method – separate for each Loan.
• Weekly loans disbursement

• Caters for emergency cases
• Total COSA should not exceed four times the Sacco Deposits held.
• Repayment Period – 18 Months.
• Loan consideration and disbursement is daily
• Separate repayment rate on the payslipRefinance/Top Up Loan

• Granted on top of other loans
• The existing loan balance will be cleared by the new loan
• Loan multiplier is x4 times the savings held.
• Repayment Period 84 Months of total loans.Sacco Quick Loan

• Purpose – Buy off of loans from other institutions
• Loan multiplier is x4 times the savings held.
• Loan repayment period 84 months
• Existing Loan balance can be cleared in FOSA

Legacy Loan

• Targets Retired Members from Service to continue enjoying Membership
• Advance on pension Maximum 200,000=, subject to letter from Treasury.
• Retain Savings/Deposits in Account after Retirement.
• Lump sum benefits to fixed deposit at FOSA earns competitive interest
• Save monthly Deposits Kshs. 1,000/= and MWF Ksh.500 per month.
• Retirees are covered for MWF benefits up to 24 Months upon retirement
• Deductions Effected by standing order at FOSA Sections.

FOSA Products

Front Office Service Activity (FOSA) are financial services that enable Boresha SACCO members to have affordable and convenient savings. These saving in turn provide convinient avenues for cash transfers, depositing and withdrawing money without having to carry cash. Simply walk in to the Sacco, give instructions and your payment is done.

Savings Products

SASA Account

• Minimum operating balance is Ksh.500/= only.
• 2 Passport photos taken at FOSA.
• I.D copy and PIN Certificate attached to entrance form.
• Fill next of Kin Nominee form.
• Salary account qualifies for FOSA advances and loans.
• Alerts on Account transaction by SMS – Mobile phone.
• Can withdraw money any time anywhere using SACCO Link ATM, M-banking service M-PESA and POS.

Group/Joint Account

• Copies of signatories Identify cards.
• Passport size photo(s) of signatories taken at FOSA.
• Fill specimen signature card
• Certified copy of minutes resolving to open an account in FOSA.
• Copy of registration certificate and PIN, tax compliance and VAT certificate.
  Fixed Deposit Account

• Any amount above Ksh.20,000/= can be fixed
• No ledger fees, No transactional charges.
• Fixed Deposit Certificate issued, which can be used as lien for loans and Advances
• Revoking of FDR before maturity leads to loss of interest.
• Interest Rates range from 10% -12% depending on Amount Fixed.
  Boresha Mzinga Juniour Account

• Opening is free of charge – operating Balance ksh. 1,000/=
• Minimum Savings – Kshs.500/= per month – Attractive interest rate per year
• Withdrawals restricted to three (3) in a year.
• Account managed by parents/guardians with full identification.
• Home Banks/ piggy Banks is given on opening Account.
• Gives parents an opportunity to save for their children any amount at any time
• Savings culture is imparted to the children at an early age
• Boresha mZinga Junior Fun days provide an opportunity for children to learn more from each other and sponsored lectures/events
  Seasons Savings Account

• Requirements to operate; Fill application form, Id copy and 2 passport photos.
• Savings can be done though cash deposits ot Standing Orders
• Minimum Account balance to earn interest Kshs. 3,000/=
• No withdrawal until maturity of the season/time set for event
• Achievement of intended Purpose e.g. going on holiday, celebrations or
• Seasonal obligations is achieved without straining or going for loan
• Flexible savings plan with attractive interest
• Savings can be used to secure credit facility.

Loan Products

Salary Advance

• Target – salaried Members whose salary passes through FOSA.
• The quickest way to meet small emergency needs
• Salary be paid through FOSA for at least 2 Months.
• Up to 75% of previous monthly salary is advanced
• Fully recovered at end of the month
• Guaranteed by active Account Holders
  Mobile Advance

• Salaried Members whose salary passes through FOSA
• Member must have channeled salary for at least 4 months
• Member must have COSA Deposits
• Advance granted 75% of Net after all deductions in FOSA
• Recovered upon posting of salary at the end of the month
  Advance On Dividends

• Target – Active Members of the SACCO with Share Capital and SACCO Deposits, and Equity Shares
• Granted between July and December
• Amount – 50% of previous year’s net dividends
  Premium Advance

• Targets Members whose Salary has been channeled through FOSA for 2 months.
• Advance granted up to 4 times Monthly Net Salary
• Maximum period 18 Months.
• Processing is prompt over the counter.
• Guaranteed by active Account Holders
• Convenient source of fund to meet emergency cases.
  Investment Loan

• Target – salaried Members whose salary passes through FOSA.
• Purpose: To Finance personal medium term investments
• Account opened by Individual Member’s (Investment Account).
• Repayment up to for 24 Months
• Flexible and convenient way to finance personal monetary Investments.
  Utility Advance

• Target – salaried members
• Utility is given in kind not cash i.e the Item paid for by the SACCO and delivered to Member or payment on delivery of product
• Guarantors Pledge 100% of loan amount
• Mandatory Standing Order to FOSA Deposits.
  Boresha Institutional Staff Loan

• Target – ECD teachers, staff of public/private schools/ Institutions.
• Applicant must have minimum Share Capital of Ksh.3,000
• Salary must have been channeled through account for at least 3 months

Biashara and MSME Products

Biashara and MSMEs Products enable business to borrow money for a period of time.Also referred to as Term Loans, these products are designed to help your business expand or to raise business supply capabilities.

Savings Products

Biashara Deposits

• Individual members contribute a minimum of Ksh.2, 000 per month.
• Group members contribute Ksh. 500 per month
• Members save for a minimum of 3 months to qualify for a loan
• Share Capital – minimum of 30 shares each of Ksh.100/= (Kshs. 3,000/=)
• Minimum share capital amount to qualify for Biashara loan is Kshs. 3,000/=

Boresha Kilimo Savings

• Farmers save individually or in a registered group
• Minimum savings required per acre is Ksh.7,500
• Continuous mandatory savings per month is Ksh.200 per month
• Savings held will guarantee loans.
• Farmers are encouraged to make lump sum savings when their sales proceeds is paid

Loan Products

Biashara Loans

• Targets Informal sector small entrepreneurs in groups; those with Medium businesses are loaned individually.
• Classifed into group and individual savings and loan
• Group Members meet every Week/Month and contribute savings and collect loan repayments.
• Group Member save a minimum of Ksh. 500/= per month.
• Loan is granted between 3-5 times savings held and guaranteed by the group Members
• The nature of Business, cash flow for three months and bank statements are required.
• Funds lend for Business purpose.
• Free entrepreneurship training.

Boresha Kilimo Loan

• Target-Farmers growing maize seeds and other commercial crops
• Open an individual account in FOSA and be a Member of a group.
• Savings of 1/3 of amount required per acre
• Farmers to co-guarantee in groups or by marketing Agency or by collateral
• Loan repayment period is as per crop season.
• Loans for working capital- ploughing, fertilizers, labour, pesticides, harvesting, storage and marketing.
• Disbursement- loan is disbursed in a ratio depending on the crop cycle
• Repayments are made after sales per season.

Short Term Advance

• Target – Established business persons and institutions patronizing the SACCO, who require short term credit to meet immediate obligations
• The applicant must have existing /running loan which is well repaid/performing
• Must have Share Capital and FOSA Deposits
• Where the client has FDR, this may be used as lien
• Guarantors – at least 6 active account holders

Boresha Chai Loan

• Target Existing tea farmers
• Be a member of a Tea Banda or Group.
• Provide three(3) latest certied tea supply payslip to an approved Tea factory
• Be co-guaranteed by fellow farmers within the Banda/group
• Farmer Must be registered by an approved tea factory and be issued with a registration Number
• Have FOSA Savings and share capital
• Sign irrevocable letter of undertaking to channel proceed through the Sacco.

Biashara Plus Loan

• Targets Individuals who have outlived micro credit loans with established businesses.
• The borrower must have good repayment history and ability to offer additional collateral security
• Security-Fully charged Title deed of town plot, Log book of a comprehensively insured vehicle, fixed deposits Account and savings.
• Loans granted provides offer opportunity to grow Enterprises
• Use of securities and collaterals to secure loans for business growth.

Milk Advance Loan

• Farmers receiving milk payments/proceeds through a Cooperative society
• Must be a Member of a Cooperative Society
• Must having Milk Supplies (s) to the Cooperative
• Must have an insurance cover for the animal (s) in place
• Farm proceeds must have passed through FOSA for at least 2 months.

Ufugaji Bora Loan

• Farmers with constant payment of milk proceeds through the Sacco
• Signed MOU between the Sacco and the marketing cooperative society
• The form must be duly filled and certified by the cooperative society.
• Attach copy of milk delivery card where applicable
• Milk payouts must be channeled through FOSA for at least 4 months.
• Guaranteed by at least FOSA A/C holders who channel their milk payouts to FOSA.

Crop Advance

• Target – farmers under contractual farming, who are expecting crop payments
• Member must have share capital and Kilimo savings
• A Farmer must be a member of a farmers’ Cooperative society and with a Marketing Agency
• Guaranteed by farmers with proceeds.
• Evidence of payment receipt issued by marketing agency showing the amount to be paid

E-Channels

a) M-Boresha Mobile Banking – at real time members are able;

• Withdraw from own account
• Borrow loans and Advance
• Deposits to own account or payments of loans.
• Inter account transfer – Transfer money to another member is possible real time without incurring extra MPESA charges.

b) Paybill 545500 – for business collections and school fees accounts – Deposits is free

c) ATM SACCO Link Card – issuance of visa branded cards to members to transact at their convenience in partnership with co-operative bank of kenya.

d) Member Recruitment App – The App is used in the recruitment of new members conveniently at their comfort. The app enhances referral processes where an existing Member recruits a new Member.

e) Members Portal and Xmobi – Members have access to their account real time by logging in to the member portal link on our website www.boreshasacco.co.ke or download X.Mobi customer app available on google play store.

f) Document Management System DMS – The solution enhances efficiency in internal processes in management of the member documents from the branches.

g) Call Centre Solution – The Call Centre solution ensure prompt responses to members’ non- transactional queries on phone. It also handles e-mails, SMS and accredited social media platforms. This has enables the society to offer prompt and seamless services to members.

Members Welfare Fund

Members Welfare Fund is contributed by members to a common pool – Ksh 500/= per Month
a) On demise of the principal Member;

• Consolation of Ksh.20, 000/= is contributed by the Sacco for funeral arrangement. The amount is not deducted from the Members Deposits/Savings.
• Family may request for Advance of up to Ksh. 50,000/= for funeral arrangements depending on savings the member has.
• Loan is written off against the Welfare Fund
• Savings/Deposits in COSA is doubled and paid to the Next of Kin
• Share Capital and Equity Shares is transferred to the Next of Kin nominated by the deceased Member, in the Next of Kin form.
• Members who fail to fill or update their Next of Kin (Nominee) forms will have beneficiaries settle matters at the Public Trustees. It is vital to fill Next of Kin forms and update when need arises.
• Requirements for processing of death claims – Death Report Form, Death Certificate, Chief & Delegates letter (Confirmation), Employers Clearance letter, Next of Kin ID/Birth Certificate if minors and Next of Kin Account.

b) Bereavement Benefits;

• When the principal Member is Bereaved by the death of Biological Father/Mother, he/she is consoled with Kshs. 20,000/= and if a Child or Spouse Kshs. 40,000/=
• A child is that born with a name up to 25 years of age as per policy.
• You are reminded to update Next of Kin forms.
• Requirements for Bereavement claims – Child – Birth Certificate/Notification, spouse – I.D Copy and Burial Permit, Biological Parent – I.D Copy and Burial Permit.

c) Permanent Disability

• Active Members who are certified as permanently disabled by a Registered Government medical practitioner and does not earn any employment income are paid Ksh. 100,000/= to assist improve their condition.

Frequently Asked Questions

Your Questions Answered

Differentiate between Share Capital, Savings/Deposits and Equity Shares

1. Share Capital

What are shares/Shares Capital?

• Share Capital is the equity (core capital) of the SACCO divided into affordable shares that give an opportunity to every Member to own a piece of the Society.
• Each registered SACCO Member hold at least one share valued at Kshs. 100/= each
• Share Capital is Transferrable – SACCO facilitates – Earn Dividend annually.

Who is eligible to purchase Boresha SACCO Shares?

• Existing Members – All Persons, Institutions or groups registered as Members i.e Salaried, Kilimo, Biashara and Corporate Members.
• New Members – individuals who wish to buy shares join to be Members first.

How much shares can a Members Purchase?

• Members can buy unlimited number of shares subject to the following
• Salaried Members – Minimum-300 shares; Ksh. 30,000/=
• Kilimo or Biashara Members – Minimum- 30 shares; Ksh. 3,000/=
• Institutions /Groups – Minimum- 50 shares; Ksh. 5,000/=
• Note – Members are encouraged to buy more than the minimum set minimum above
• There is no Maximum amount, provided that no single member buys share capital more than one-fift (1/5) of total Share capital. Currently share capital is 6.1 Billion

Benefits of share Capital to Members

• The shares continue to earn Guaranteed Dividends annually of not less than 10%. This year Dividend rate of 12% was paid
• Dividends Rate and Value of shares will grow with growth of the SACCO
• Ownership of a stable SACCO and strong SACCO – Be proud owner.
• Be highly honoured Member and leave inheritance to future generation.
• Enjoy a variety of products and Services at afforadable and flexible terms
• Shares may be sold or transferred to another Member through the SACCO.

Benefits of Share Capital to the SACCO.

• Share capital finances the Growth of the SACCO Business of Savings and Credit.
• Lending using own funds is cheaper than Bank loans which attract huge interest.
• Reduction of Bank Loans drastically leads to good returns for Members.
• Provides adequate funds for lending and stability – Improved liquidity.
• A strong capital base enables the SACCO realize its strategic focus.
• Develop products and services offered conveniently using modern technology.
• Steady growth of the SACCO thus attracting more Members, hence more business.
• Quick loan processing and new additional products and Services – improved income.
• Avenue for the SACCO to raise additional capital – strong base.

2. Savings/Deposits

• This the amount contributed monthly through check in Members payslips – 10% of basic pay.
• Savings/Deposits is withdrawable – Lien for loans – Earns interest annually.

Benefits Savings/Deposits?

• Deposits/Savings is personal future investment, on Retirement a Member can withdraw all or part Savings accumulated. Retirees are however encouraged to continue being Members of the SACCO to enjoy benefits of a Member and Micro-credit Products.
• Deposits/Savings at the end of the year earn Interests. Interest Charged on Loans is ploughed back to the Member as a percentage of Shares, Savings or Deposits.
• Members Welfare Fund benefits – On demise, Loan is written off against the Fund and Savings in COSA (back Office) is multiplied by two then paid to the Next of Kin. In addition, Bereavement Claims is paid for Parents, Spouse or Child.
• Provide a Right of Membership. Ownership of the SACCO and the right to make decisions for the Society.
• Deposits/Savings is Security to your own and guarantee to other Members’ Loans.
• Self Guarantee – A member with substantial Savings can be a self guarantor.

• Equity Shares
• This is Equity contribution by salaried Members. Initial Equity shares was used to build own magnificent Offices – Teachers and Mwalimu Plazas.
• Equity Shares facilitates the growth and expansion of SACCO Business through Front Office Services Activity (FOSA) and buildings.
• Salaried Members are owners of Equity shares up to a minimum of Ksh. 25,000/=, however Members are free to purchase up to a Maximum of Ksh. 200, 000/=. One share is Ksh. 1000/=.
• New Members automatically contribute Equity shares after three (3) Months of Membership through check-off Ksh. 500/=.
• Equity share holders earn Bonus on Equity shares at the end of every year
• Equity shares is non-withdarawable but may be transferred to another Member or Next of Kin

Boresha Sacco Customer Care Contacts

Boresha SACCO Society Limited

Address: Mwalimu Plaza, 80 – 20103, Eldama Ravine

Country: Kenya – Africa

E-mail: info[at]boreshasacco.co.ke

Phone: +254-0111-043400