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The best sacco to join
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jerry
#111 Posted : Tuesday, October 21, 2014 9:37:32 PM
Rank: Elder

Joined: 9/29/2006
Posts: 2,570
popat wrote:
@mayai.Goodlife is headquartered in the Former Akamba House and is hardly 3years since inception.From reliable sources they are on a recruitment overdrive with membership being open to Tom,dick and Harry.As to theirs legitimacy the last time I checked SASRA list Goodliife were missing.

GOODLIFE? Sounds suspect!
The opposite of courage is not cowardice, it's conformity.
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target1360
#112 Posted : Wednesday, October 22, 2014 1:41:24 AM
Rank: Member

Joined: 5/14/2014
Posts: 289
Location: nairobi
jerry wrote:
popat wrote:
@mayai.Goodlife is headquartered in the Former Akamba House and is hardly 3years since inception.From reliable sources they are on a recruitment overdrive with membership being open to Tom,dick and Harry.As to theirs legitimacy the last time I checked SASRA list Goodliife were missing.

GOODLIFE? Sounds suspect!

.take your money and run for the hills. a 8 per cent monthly return is not sustainable for a sacco of such nature
I find satisfaction in owning great business,not trading them
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Stract_Consulting
#113 Posted : Wednesday, October 22, 2014 7:27:03 AM
Rank: New-farer

Joined: 6/3/2014
Posts: 58
Location: Nairobi
jerry wrote:
popat wrote:
@mayai.Goodlife is headquartered in the Former Akamba House and is hardly 3years since inception.From reliable sources they are on a recruitment overdrive with membership being open to Tom,dick and Harry.As to theirs legitimacy the last time I checked SASRA list Goodliife were missing.

GOODLIFE? Sounds suspect!



They might not in the SASRA list because they are not licensed to carry out deposit taking business.

8% return per month for a SACCO is not sustainable. This is because the principal income of SACCOs is interest charged on loans and for most SACCOs this ranges between 1% to 1.5% per month.

Be ignorant and ask a few questions - Peter Drucker
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tkzee
#114 Posted : Friday, December 26, 2014 12:46:12 PM
Rank: Member

Joined: 7/13/2010
Posts: 160
Location: rift Valley-Naks
its2013 wrote:
Mart_Consult wrote:
mayaiwaziri wrote:
Who knows about Goodlife Sacco? Is it true that if one contributes 100k they get 8k each month?


That would otherwise be described as a pyramid scheme. The returns you've stated that is. I am not aware of the SACCO and its activities or financial reports. However, that is highly unlikely if their business is legit.


That model doesn't sound like a Savings and Credit organisation. I wonder if the 8k pm gets deducted from your 100k to mean it's a savings plan with monthly withdrawal limits of 8k or does one still have the 100k after the 8k payments to mean the 100k is capital/shares that earns you the 8k per month as interest/dividends.


How comes this Sacco is not in the list of accredited Saccos? Secondly, any amount given as interest on deposit should attract withholding tax,are they doing that? From their website there are no financial statements available for scrutiny is there something that could be cooking?
''i can calculate the motion of heavenly bodies,but not the madness of people''-Isaac Newton
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whiteowl
#115 Posted : Monday, January 12, 2015 11:51:25 PM
Rank: Veteran

Joined: 4/16/2014
Posts: 1,420
Location: Bohemian Grove
tkzee wrote:
its2013 wrote:
Mart_Consult wrote:
mayaiwaziri wrote:
Who knows about Goodlife Sacco? Is it true that if one contributes 100k they get 8k each month?


That would otherwise be described as a pyramid scheme. The returns you've stated that is. I am not aware of the SACCO and its activities or financial reports. However, that is highly unlikely if their business is legit.


That model doesn't sound like a Savings and Credit organisation. I wonder if the 8k pm gets deducted from your 100k to mean it's a savings plan with monthly withdrawal limits of 8k or does one still have the 100k after the 8k payments to mean the 100k is capital/shares that earns you the 8k per month as interest/dividends.


How comes this Sacco is not in the list of accredited Saccos? Secondly, any amount given as interest on deposit should attract withholding tax,are they doing that? From their website there are no financial statements available for scrutiny is there something that could be cooking?

These guys got quite a number of branches that I know of: Nairobi,Githurai,Nakuru, Nyeri. So are they getting on the SARSA list this year or going under?
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simplicity
#116 Posted : Monday, February 16, 2015 9:08:25 PM
Rank: New-farer

Joined: 1/9/2010
Posts: 34
Location: US
We were just doing some Math with a buddy. Some statician please verify our numbers.

There are so many Sacco's offering 1% loan repayment interest Rates to their members but the fine print here is 1% per month on the loan.

The people taking the loan are made to believe that they are actually paying an interest rate of 1% compared to banks that charge 16+%.

When we did the math...the 1% translated to a whopping 12.68% P.A.

A SACCO like Kenya U.S.A Sacco is offering 8% if you take a USD loan up to 10 times your deposit.

Were we correct in our calculation or does the 1% that Sacco's promise actually translate to something else only "Smart Bankers" understand?
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  | | Edit by user: Monday, February 16, 2015 9:27 PM | Reason: Not specified
Ngogoyo
#117 Posted : Tuesday, February 17, 2015 11:36:18 AM
Rank: Member

Joined: 6/22/2011
Posts: 561
Location: House
simplicity wrote:
We were just doing some Math with a buddy. Some statician please verify our numbers.

There are so many Sacco's offering 1% loan repayment interest Rates to their members but the fine print here is 1% per month on the loan.

The people taking the loan are made to believe that they are actually paying an interest rate of 1% compared to banks that charge 16+%.

When we did the math...the 1% translated to a whopping 12.68% P.A.

A SACCO like Kenya U.S.A Sacco is offering 8% if you take a USD loan up to 10 times your deposit.

Were we correct in our calculation or does the 1% that Sacco's promise actually translate to something else only "Smart Bankers" understand?


i live in Kenya and i have never understood the way you have, The 1%pm (12pa) is waaaay better than our thieving banks 17%+.....we will get to 8% very soonsmile
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radio
#118 Posted : Tuesday, February 17, 2015 12:20:56 PM
Rank: Veteran

Joined: 11/9/2009
Posts: 2,003
simplicity wrote:
We were just doing some Math with a buddy. Some statician please verify our numbers.

There are so many Sacco's offering 1% loan repayment interest Rates to their members but the fine print here is 1% per month on the loan.

The people taking the loan are made to believe that they are actually paying an interest rate of 1% compared to banks that charge 16+%.

When we did the math...the 1% translated to a whopping 12.68% P.A.

A SACCO like Kenya U.S.A Sacco is offering 8% if you take a USD loan up to 10 times your deposit.

Were we correct in our calculation or does the 1% that Sacco's promise actually translate to something else only "Smart Bankers" understand?


Which bank in Kenya is giving lower than 12%?
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Euge
#119 Posted : Tuesday, February 17, 2015 11:30:40 PM
Rank: Elder

Joined: 8/4/2008
Posts: 2,849
Location: Rupi
Please share infoexperiences on NYati Housing Cooperative born of Nyati SACCO. Particularly if you have invested with them or know someone who has. Do they have a positive story to tell?
Lord, thank you!
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Museveni
#120 Posted : Friday, March 27, 2015 10:31:03 PM
Rank: Member

Joined: 8/16/2012
Posts: 661
are the ukulima sacco share sale adverts legal ?
Live and learn; and don’t forget, nothing ventured, nothing gained.
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