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The best sacco to join
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Boris Boyka
#121 Posted : Saturday, March 28, 2015 6:47:59 AM
Rank: Veteran

Joined: 11/15/2013
Posts: 1,977
Location: Here
Museveni wrote:
are the ukulima sacco share sale adverts legal ?

Yes. They planned for it for a year and went through the due process. Download the pdf to see the reasons stated among them is to be in line with sasra ratios; very much in order. Also it is for members only and given a 1year period to pay.
Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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jerry
#122 Posted : Saturday, March 28, 2015 10:14:59 AM
Rank: Elder

Joined: 9/29/2006
Posts: 2,570
radio wrote:
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%?

You did your math wrongly as the 1% per month comes to 6.50% and not 12....!!!
The opposite of courage is not cowardice, it's conformity.
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jerry
#123 Posted : Saturday, March 28, 2015 10:19:30 AM
Rank: Elder

Joined: 9/29/2006
Posts: 2,570
Stract_Consulting wrote:
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.


How is UNAITAS managing(8-9% dvd) or it's operating like a bank/MFI?
The opposite of courage is not cowardice, it's conformity.
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guru267
#124 Posted : Saturday, March 28, 2015 11:08:07 AM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
jerry wrote:
Stract_Consulting wrote:
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.




How is UNAITAS managing(8-9% dvd) or it's operating like a bank/MFI?


Unaitas is 8% p.a
Mark 12:29
Deuteronomy 4:16
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Museveni
#125 Posted : Saturday, March 28, 2015 1:22:30 PM
Rank: Member

Joined: 8/16/2012
Posts: 661
Boris Boyka wrote:
Museveni wrote:
are the ukulima sacco share sale adverts legal ?

Yes. They planned for it for a year and went through the due process. Download the pdf to see the reasons stated among them is to be in line with sasra ratios; very much in order. Also it is for members only and given a 1year period to pay.


Missed the members only part.

Thought it was targeted at the general public.

But then again isn't it viable to contact members directly than these expensive tv adverts ?
Live and learn; and don’t forget, nothing ventured, nothing gained.
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Boris Boyka
#126 Posted : Saturday, March 28, 2015 2:08:05 PM
Rank: Veteran

Joined: 11/15/2013
Posts: 1,977
Location: Here
Museveni wrote:
Boris Boyka wrote:
Museveni wrote:
are the ukulima sacco share sale adverts legal ?

Yes. They planned for it for a year and went through the due process. Download the pdf to see the reasons stated among them is to be in line with sasra ratios; very much in order. Also it is for members only and given a 1year period to pay.


Missed the members only part.

Thought it was targeted at the general public.

But then again isn't it viable to contact members directly than these expensive tv adverts ?

Members are infomed through branch meetings which barely a quarter of members attend those meetings. Going media way ensures nearly all members are informed and also serves as a way of advertising new members to join.
Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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faa
#127 Posted : Tuesday, April 14, 2015 11:39:25 AM
Rank: Member

Joined: 5/8/2007
Posts: 709
someone tell me, what happens incase a sacco collapses. Does Sasra compensate members.

?\
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Stract_Consulting
#128 Posted : Monday, May 04, 2015 12:03:21 PM
Rank: New-farer

Joined: 6/3/2014
Posts: 58
Location: Nairobi
faa wrote:
someone tell me, what happens incase a sacco collapses. Does Sasra compensate members.

?\



Hi SASRA does not have funds to compensate SACCO members. In other words, while there is a deposit protection fund for depositors in the banks, there is none for SACCOs. However, note that SACCOs can individually take insurance to cover the deposit it holds for members and this is encouraged. Another thing to note also is that SASRA monitors SACCO's performance and incase it notes any financial difficulties, it will put the SACCO under receivership.

Finally note that SASRA only monitors a small fraction of SACCOs which are only deposit taking SACCOs and are licensed by them. This stand at around 180 SACCOs out of the 5000 SACCOs registered under the ministry of Cooperatives.
Be ignorant and ask a few questions - Peter Drucker
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GGK
#129 Posted : Monday, May 04, 2015 1:27:30 PM
Rank: Member

Joined: 11/21/2006
Posts: 608
Location: Ruiru
Stract_Consulting wrote:
faa wrote:
someone tell me, what happens incase a sacco collapses. Does Sasra compensate members.

?\



Hi SASRA does not have funds to compensate SACCO members. In other words, while there is a deposit protection fund for depositors in the banks, there is none for SACCOs. However, note that SACCOs can individually take insurance to cover the deposit it holds for members and this is encouraged. Another thing to note also is that SASRA monitors SACCO's performance and incase it notes any financial difficulties, it will put the SACCO under receivership.

Finally note that SASRA only monitors a small fraction of SACCOs which are only deposit taking SACCOs and are licensed by them. This stand at around 180 SACCOs out of the 5000 SACCOs registered under the ministry of Cooperatives.


The Deposit Guarantee Fund (The SACCO Societies Act of 2008) provides for the protection of members’ deposits up to an amount of Ksh 100k per member in the event of collapse.
"..I am because we are. "― Ubuntu, Umtu,
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Stract_Consulting
#130 Posted : Tuesday, May 05, 2015 4:17:49 PM
Rank: New-farer

Joined: 6/3/2014
Posts: 58
Location: Nairobi
GGK wrote:
Stract_Consulting wrote:
faa wrote:
someone tell me, what happens incase a sacco collapses. Does Sasra compensate members.

?\



Hi SASRA does not have funds to compensate SACCO members. In other words, while there is a deposit protection fund for depositors in the banks, there is none for SACCOs. However, note that SACCOs can individually take insurance to cover the deposit it holds for members and this is encouraged. Another thing to note also is that SASRA monitors SACCO's performance and incase it notes any financial difficulties, it will put the SACCO under receivership.

Finally note that SASRA only monitors a small fraction of SACCOs which are only deposit taking SACCOs and are licensed by them. This stand at around 180 SACCOs out of the 5000 SACCOs registered under the ministry of Cooperatives.


The Deposit Guarantee Fund (The SACCO Societies Act of 2008) provides for the protection of members’ deposits up to an amount of Ksh 100k per member in the event of collapse.


While the SACCO Societies Act of 2008 provides for the Deposit Guarantee Fund, this is yet to be operationalized by the Co-operative ministry.
Be ignorant and ask a few questions - Peter Drucker
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