Kenpipe Sacco Society Description
Kenpipe SACCO Society Ltd was established in 1981 by employees of Kenya Pipeline Company Limited as a welfare organization with less than 140 members, each contributing a registration fee of kshs.20 and a minimum monthly contribution of kshs.50.The registration fees for members are Kshs. 1000/- and minimum contribution of 10% of the basic salary. The SACCO’s Head Office is situated at the Kenya Pipeline Company headquarters in Industrial Area, 10km from the City Centre. Other service centres of the SACCO which are served by delegates are; Nairobi Terminal, Ngema , Morendat, Nakuru(2),Eldoret, Kisumu, Embakasi, Sultan Hamud, Mtito Andei ,Maungu ,Kipevu, Moi and Mombasa, Konza, Samburu, Makindu , Manyani, Sinendet and Burnt Forest. The Society operates a BOSA and FOSA.
The core business of the society is to provide a savings avenue to members and advancing loans to them. This is still the focus of the society. Diversification opportunities will be looked into within the context of the core business. The feeling of the society is that success will come from concentrating on this initial core business.
Kenpipe’ SACCO offers savings and credit services to members countrywide. The Society has currently substantive membership from Kenya Pipeline Company Limited but has expanded its common bond. The potential membership of the Society is government officers, private institutions and persons of various entrepreneurships. Specifically, the huge potential members under Micro savings and credit are the entrepreneurs, self help groups, farmer groups and others in the community.
Micro savings and credit products and services is provided through organized associations, groups and the informal merry go round groups who are involved in valuable forms of savings mobilization for a common group purpose and alleviating member’s financial burdens. These include women and youth groups and retirees groups. These organized grassroots associations constitute the market/clientele of the Society.
Kenpipe Sacco Society Products
Deposit
These deposits may be used as collateral against borrowings from the Society and shall only be refunded when a member withdraws from membership and provided the member has fully repaid all his debts and is free from guarantee.
Fixed deposit
The 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:
Minimum deposit Kshs.50,000.
- Interest is computed daily and credited at the maturity of the contract period.
- Accrued interest is forfeited if a depositor withdraws the funds before the maturity date.
- The customer will be issued with a Certificate of Deposit upon depositing the money.
- The Certificate of Deposit details the amount deposited, date deposited, interest rate applicable, contract period, and the maturity date.
- 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:
- Minutes authorizing the officials to open the group account will be required for the account to be opened.
- Modes of contribution include, check-off, standing orders or direct deposits.
- No monthly charges like, ledger fees, account maintenance fees etc.
Kesasa Scheme
This 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:
- Minimum monthly contribution of Ksh.1000 per month through check-off, standing orders, and or direct deposits.
- Has no minimum account balance.
- Withdrawal are restricted after every 3months of consistent saving.
- Premature withdrawal will attract a penalty fee of Ksh.150 per withdrawal.
- The account attracts no monthly charges.
- Attractive interest return calculated on a monthly basis.
Ordinary Account
This account caters for members’ regular transactions such as salary processing, loan processing, deposit and withdrawal of funds. It operates as follows:
- Accounts minimum balance is Ksh.1,000.
- The account holders are eligible for ATM card services.
- The account attracts no monthly charges or account maintenance fees.
- Account closing fee of Ksh.400.
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.
Loans
BOSA Loans
General eligibility requirements
- 3 times share deposits multiplier.
- 1/3 Rule policy maintained.
- Eligible guarantors.
Taratibu Loan
Provide members with working capital funds and affording them more manageable installments repayment.
Features:
- Interest rate is 13% p.a (Constant repayment).
- Maximum amount of Ksh 7,000,000.
- Maximum repayment period of 60 months.
- 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;
- Interest rate on loan is 12% p.a on reducing balance.
- Maximum amount of Ksh 7,000,000.
Almasi Loan
This product is specifically for retiree members and is self-guarantee. The loan applied shall be less than the share deposits
Features
- Interest rate on loan is 9% per annum on reducing basis.
- Maximum amount of Ksh 7,000,000.
Makao Loan
This is designed to help members in their investment and development plans .
Features;
- Interest rate on loan is 12% p.a on reducing balance.
- Maximum amount of Ksh 7,000,000.
- Maximum repayment period of 48 months.
- At least 6 Guarantors (Loan above Ksh 2,000,000, 10 guarantors).
- No guarantors.
- Maximum repayment period is 72 months
- Maximum repayment period of 48 months.
- 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;
- Quick processing and disbursement.
- Interest rate on loan is 13% on reducing balance.
- No Maximum amount.
- Maximum repayment period of 12 months.
Emergency Loan
This is designed to help members meet emergency cases.
Features;
- Quick processing and disbursement.
- Interest rate on loan is 12% on reducing balance.
- Maximum amount of Ksh 300,000.
- Maximum repayment period of 12 months.
FOSA Loans
General eligibility requirements
- Salary must be channeled through the Fosa
- Payslip ability.
Weekend Njema/ Online Loan
This loan enables a member apply for a salary advance by use of the mobile banking service, MSACCO.
Features:
- The product can be applied anytime and a member is limited to one advance at a time.
- No top up is allowed.
- Maximum amount Ksh 10,000.
- Interest rate is 10% upfront.
- The product is repayable in one month.
Salary Advance
Features;
- Interest rate on loan is 10% upfront.
- Repayable within one month.
Fosa Emergency Loan
Features
- Loan must be fully guaranteed by 3 guarantors.
- Repayment period shall be up to 12 months.
Fosa Okoa Loan
Features;
- Maximum loan limit is Ksh. 500,000.
- Loan repayment period is 24 months.
- Interest on loan is 14% per year reducing balance.
- Should have at least 5 guarantors.
Interest rate on loan is 14% per year on reducing balance.
Maximum loan is Ksh 300,000.
Kenpipe Sacco Society Staff Portal
Visit: memberportal.kenpipesacco.com
Kenpipe Sacco Society – Contacts
Business Name: Kenpipe Sacco Ltd
Business Category: Clubs
Physical Address: Industrial Area, Nairobi
Postal Address: P.O.Box: 314-00507 Viwandani
City/Town: Nairobi
County: Nairobi
Country: Kenya
Tel: 0206550971
Fax:
Mobile: +254-710600999
Email Address: info@kenpipe.com
Website: http://kenpipesacco.com/
Kenpipe Sacco Society Logo