Kenpipe sacco offers cheap loans, investment products and also savings opportunities.Below we provide details about the Sacco membership requirements, savings accounts,loans,paybill and contacts:

Kenpipe Sacco Contacts

Phone

+254710600999, +254735700971

Address

Kenpipe Sacco Society Ltd
Industrial Area, Off Nanyuki Road Sekondi Road
Nairobi, Kenya

Business Hours

Monday-Friday: 08:00 – 17:00
Saturday: Closed
Sunday: Closed

Email: info@kenpipesacco.com

Kenpipe Sacco Membership Requirements

To become a member of Kenpipe SACCO, you need to purchase a minimum of Ksh. 2000 worth of share capital. You can download the membership application form from their website or visit any of their branches. You will need to provide identification documents and pay the membership fee.

Here’s a more detailed breakdown:

1. Share Capital:

Becoming a member of Kenpipe SACCO requires purchasing share capital. The minimum amount is Ksh. 2000. These shares are not refundable and cannot be used as collateral for a loan.

2. Membership Application:

You can download the membership application form from their website. Alternatively, you can visit any of Kenpipe SACCO’s branches to obtain the form.

3. Required Documents:

You’ll need to provide your identification documents, such as your National ID and a recent passport photo.

Kenpipe Sacco Saving products and accounts

SHARE CAPITAL

Share capital gives a member ownership to the Sacco. Upon entry, each member shall purchase a minimum of Ksh. 2000, worth of share capital.Shares shall not be refundable or assignable as collateral for a loan, but a member may transfer his shares to other members on leaving membership of the Society.

Shares may earn dividends paid from net surplus after required transfers to reserves at the end of a financial year in accordance with the dividend policy of the Society.

ORDINARY ACCOUNT

This account caters for members’ regular transactions such as salary processing, loan processing, deposit and withdrawal of funds. It operates as follows:

1. Accounts minimum balance is Ksh.1,000.
2. The account holders are eligible for ATM card services.
3. The account attracts no monthly charges or account maintenance fees.
4. Account closing fee of Ksh.400.

FIXED DEPOSIT ACCOUNT

he fixed deposit account is an account where depositors can place short term deposits for a specified period of time usually one to twelve month. 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. The account operates as detailed below:

1. Minimum deposit Kshs.50,000.
2. Interest is computed daily and credited at the maturity of the contract period.
3. Accrued interest is forfeited if a depositor withdraws the funds before the maturity date.
4. The customer will be issued with a Certificate of Deposit upon depositing the money.
5. The Certificate of Deposit details the amount deposited, date deposited, interest rate applicable, contract period, and the maturity date.
6. Upon maturity, the depositor can rollover the principle together with the interest or collect interest and rollover the principle or collect both the principle and interest.

GROUP ACCOUNT

This account targets groups commonly known as “Chamas”, corporations, institutions, associations, unions, foundations, NGOs among others. Terms and conditions include:

1. Minutes authorizing the officials to open the group account will be required for the account to be opened.
2. Modes of contribution include, check-off, standing orders or direct deposits.
3. No monthly charges like, ledger fees, account maintenance fees etc.

KESASA SCHEME

his account is a with-drawable savings account that targets savers who want to accumulate some funds for special purposes such as Christmas, vacation, wedding, education etc. it operates as follows:

1. Minimum monthly contribution of Ksh.1000 per month through check-off, standing orders, and or direct deposits.
2. Has no minimum account balance.
3. Withdrawal are restricted after every 3months of consistent saving.
4. Premature withdrawal will attract a penalty fee of Ksh.150 per withdrawal.
5. The account attracts no monthly charges.
6. Attractive interest return calculated on a monthly basis.

Kenpipe Loans

BOSA LOANS

General eligibility requirements

1. 1. 3 times share deposits multiplier.
   2. 1/3 Rule policy maintained.
   3. Eligible guarantors.

TARATIBU LOAN

Provide members with working capital funds and affording them more manageable installments repayment.

Features:

1. Interest rate is 13% p.a (Constant repayment).
2. Maximum amount of Ksh 10,000,000.
3. Maximum repayment period of 60 months.
4. At least 6 Guarantors (Loan above Ksh 2,000,000, 10 guarantors).

NORMAL LOAN

This is designed to help members in their investment and development plans .

Features;

1. Interest rate on loan is 12% p.a on reducing balance.
2. Maximum amount of Ksh 10,000,000.
3. Maximum repayment period of 48 months.
4. At least 6 Guarantors (Loan above Ksh 2,000,000, 10 guarantors).

ALMASI LOAN

This product is specifically for retiree members and is self-guarantee. The loan applied shall be less than the share deposits

Features

1. Interest rate on loan is 9% per annum on reducing basis.
2. Maximum amount of Ksh 7,000,000.
3. No guarantors.
4. Maximum repayment period is 72 months

MAKAO LOAN

This is designed to help members in their investment and development plans .

Features;

1. Interest rate on loan is 12% p.a on reducing balance.
2. Maximum amount of Ksh 2,000,000.
3. Maximum repayment period of 48 months.
4. At least 6 Guarantors (Loan above Ksh 2,000,000, 10 guarantors).

SCHOOL FEES LOAN

This loan is designed to help members meet school fee needs.

Features;

1. Quick processing and disbursement.
2. Interest rate on loan is 12% on reducing balance.
3. No Maximum amount.
4. Maximum repayment period of 12 months.

KARIBU LOAN

Provide members with working capital funds and affording them more manageable installments repayment.

Features:

1. Must have been a member of the SACCO for at least 3 month.
2. BOSA Product 1/3 rule applies.
3. Interest rate is 12%.
4. Repayment period is 6 months.

SUPER LOAN

Features;

1. Loan repayment period up to Ninety Six (96) months.
2. Can be used to bridge Taratibu, Normal, Emergency and Education loans.
3. Can be used to buy loans from other financial institutions.
4. A one off charge of 3% of loans being bridged or bought will be charged.
5. Can be secured through guarantors and/or collateral.
6. The interest rate shall be 14% per annum on straight line basis or as may be determined from time to time.
7. Salary must be channeled through FOSA.
8. Loan will be given up to three times a member’s deposits.
9. The maximum loan granted shall be Kshs 10,000,000.

PLATINUM LOAN

This loan is designed to help members achieve their long-term development and investment needs.
1. Four times deposit multiplier
2. Interest rate at 15% amortized
3. Uses collateral to secure the loan
4. Maximum amount is 15,000,000.
5. Alternative sources of income are allowed.
6. Repayment period up-to 96 Months.
7. Mandatory physical verification of the collateral.

FOSA LOANS

WEEKEND NJEMA LOAN

This loan enables a member apply for a salary advance by use of the mobile banking service, MSACCO.

Features:

1. The product can be applied anytime and a member is limited to one advance at a time.
2. No top up is allowed.
3. Maximum amount Ksh 10,000.
4. Interest rate is 10% upfront.
5. The product is repayable in one month.

SALARY ADVANCE

Features;

1. Interest rate on loan is 10% upfront.
2. Repayable within one month.

FOSA EMERGENCY LOANS

Features

1. Loan must be fully guaranteed by 3 guarantors.
2. Repayment period shall be up to 12 months.
3. Interest rate on loan is 14% per year on reducing balance.
4. Maximum loan is Ksh 300,000.

FOSA OKOA LOAN

Features;

1. Maximum loan limit is Ksh. 500,000.
2. Loan repayment period is 24 months.
3. Interest on loan is 14% per year reducing balance.
4. Should have at least 5 guarantors.

FOSA MAKAO LOAN

Features

1. Loan must be fully guaranteed by 3 guarantors.
2. Repayment period shall be up to 12 months.
3. Interest rate on loan is 14% per year on reducing balance.
4. Maximum loan is Ksh 300,000.

STEPPA LOAN

Features

1. Salary MUST be processed through FOSA.
2. Member MUST have deposits and in compliance with monthly minimum contribution of Kes 5,000
3. The product will charge an upfront processing charge of 10% and attract interest at normal Fosa Rate of 14% on outstanding amounts.
4. Additionally, this product will be offset in case a member is applying fora FOSA LOAN (Emergency or Fosa Okoa).

CALCULATIONS

( Net Pay after all loan deductions/2 ) * 10 Months

KENPIPE ADVANCE

Features

1. Loan must be fully guaranteed by 3 guarantors.
2. Repayment period shall be up to 12 months.
3. The product will charge an upfront processing charge of 10% and attract interest at normal Fosa Rate of 10% on outstanding amounts.
4. Top-up will be allowed at 10% commission

VUKA ADVANCE

Features

1. Loan must be fully guaranteed by 3 guarantors.
2. The product will charge an upfront interest rate of 10% .
3. Interest rate on loan is 1.25 per month on reducing balance.
4. Top up maybe allowed at 3% one-off commission or as the BOD may decide
5. Repayable is within 6 months