SokoSacco Idea
and Operations.
Soko-Sacco: Is
a Savings and Credit Co-Operative (SACCO) of tenants in Kenyasoko managed properties plus family and
friends.
Mission
To
fight Poverty at personal and community levels.
How? By promoting Saving, responsible
Spending and Investing.
Result, staying
away from Shylocks, and accumulating wealth.
How it works.
- You
set a goal for a future project such as school fees, buy an expensive item such
as a motorbike, or down payment for a house
- You
start saving by sending any excess cash you may have using Mpesa PayBill. That means you can save any amount (as little as 100) to your account at any time. No embarrassment of lining up at banks to deposit 100/=.
- You can make your money grow, by loaning some of your savings to your friends and other borrowers through the Sacco. Ask Lyz how this works.
Who can Join
- All
tenants of KenyaSoko managed properties are automatic members of Soko-Community
unless one opts out.
- Members
of general public who wish to join the Soko-Community.
Operations
Each member
whether tenant or supporter has two accounts: Savings and Loan accounts
- Savings
account: For recording deposits to savings account, using paybill rather than
lineup in a bank.
- A
loan account: to be used for borrowing, from Soko-SACCO. All accounts can
be viewed online 24/7
Savings Account
- A
member sends cash to the Sacco account using Mpesa Paybill system, then record the bank report on his/her online account.
- The
deposits are converted to credits by a multiple of ten (10), and recorded on
loan account.
Loan calculations and qualification:
Like all other Saccos, Soko-Sacco give loans to Members. The loan is computed as follows:
- Maximum: Five (5) times one's savings for now to grow to 10 times.
- Loan Cap: 75% of Savings + 50% Rent deposit + 100% Contribution
from supporters.
- Qualification: 3 months membership in Sacco but can be waived in case of an emergency
Call: Lyz, Nick or Njuguna for further explanation to get you started: 0728 308 208,0700 620 066