Vision Afrika offers loans and various investment products. You can also buy shares and earn dividends of 11% to 15% annually from your shares. Below are important details about the Sacco:
MINIMUM KYC REQUIREMENTS FOR ACCOUNT OPENING IN VISION AFRIKA SACCO
Individual Accounts-Local
- Identification document e.g. National ID, Passport, Alien ID, Military ID ( Photocophy)
- KRA PIN
- Pass port size photo
- Dually filled membership form
- Registration fee ksh 500
Toto Junior
- Parent/Guardian Identification as above and KRA PIN
- Child birth certificate
Welfare Groups i.e. Self Help Groups, Community Based Organizations
- Identification documents for Officials-Chairman, Treasurer, secretary, Vice-chairman and any other.
- Pass port size photo for all members
- Group registration certificate from social service department which should bear a signature.
- Introduction letter from Sub/County social service office introducing the Officials-Ensure it is signed and stamped.
- Minutes of meeting by the group members where they resolved open account with Vision Afrika Sacco-need to be signed by the 3 officials. In addition, the group name, date of meeting, place and time need to be clear on the heading. Also should capture names of members who attended.
- By-laws of the group-should be signed by the 3 officials.
- Dually filled group membership form
- Registration fee ksh 2,000
Cooperative Societies
- Identification documents for signatories i.e. chairman, treasurer, secretary and any other.
- Signatories passport size photo.
- KRA PIN certificates of above signatories
- Registration certificate and KRA PIN for the society.
- Introduction letter from County director of cooperatives-introducing above signatories-should be signed and stamped.
- Minutes/Resolution of meeting of management committee resolving open account with VAS-signed by the officials and stamped.
- By-laws of the society-should be clear they are for the said coop society and signed by officials.
- Dually filled membership form
- Registration fee ksh 2,000
Registered Business
- Identification documents and KRA pins for signatories.
- Signatories passport size photo
- Registration certificate of which registered owner(s) indicated should be the signatory(ies)
- Dually filled membership form
- Registration fee ksh 2,000
Note: If one of the signatory’s name does not appear on the registration certificate, introduction letter from registered owner should be obtained to introduce him as a signatory. In addition, if the certificate indicates more than one registered owner, all the owners should be present to sign application form.
LIMITED COMPANY
Registered in old companies Act before 2015
- Identification documents for signatories + their KRA PINs
- Signatories passport size photos.
- Registration certificate of the company + its KRA PIN
- Company board resolution resolving open account with VAS-Signed by directors-should be on letter head/or stamped/or bearing company seal
- Copy of Memorandum and Articles of Association
- CR12
- Registration fee ksh 2,000
Registered under New Companies Act i.e. 2015 and after
- Identification documents for signatories + their KRA PINs
- Signatories passport size photos
- Registration certificate of the company + its KRA PIN
- Company board resolution resolving open account with VAS i.e. for those with more than 1 director –and should be on letter head/or stamped/or bearing company seal
- CR2-Memorandum of association
- CR8-Notice of residential address of the directors
- CR12
- Registration fee ksh 2,000
CHURCHES
- Identification Documents for officials+ KRA PIN
- Officials passport size photos
- Church registration certificate
- Minutes of church committee resolving open account with VAS-signed and stamped.
Note: For church branches where persons opening account are not the registered official(s), an introduction letter from Pastor/Vicar/father/church leader should be obtained.
- Copy of the constitution
- Registration fee ksh 2,000
SCHOOLS
Private Schools
- Identification document for the signatory(ies)
- Signatories passport size photos
- KRA PIN for signatories
- Registration certificate which can be registered business name certificate or limited company registration certificate (As above). For school registered as limited company, requirements for limited companies are applicable.
- If registered as limited company, then KRA PIN for school should also be obtained.
- Registration fee ksh 2,000
- Certificate from ministry of education approving the school.
Note: The signatories are the registered business owner as per registration certificate or CR12 and not school manager.
Address
Rajdeep House Opp Generation House, Kenyatta Avenue, P.O. Box 18263-20100, Nakuru.
Phone number
Call us: +254 728 075 075
E-mail address
info@visionafrikasacco.co.ke
Instant Credit
a. The loans are fully guaranteed by deposit
b. Repayment period of 6 months.
c. Processed within 24 hours
Salary advance
a. One must be drawing salary through Fosa for at least 3 months.
b. Repayment period maximum of 3 months.
c. Copies of the most recent payslips are required
d. Must be witnessed by a member of society.
e. The salary must have passed through the account for 3 months.
Salary in advance
a. One must be drawing salary through Fosa for at least 3 months.
b. Repayment is a maximum of 1 month.
c. Amount grantable is 50% of the next expected net pay.1/3 rule must be considered.
d. Interest charged is 10%.
e. A copy of the last pay slip must accompany the application.
f. Guarantors is a requirement.
g. 1/3 rule must be considered.
Karibu Sacco Loan
This loan is granted to members after saving for 3 months.
a. Maximum amount 50,000..
b. Repayment period is 12 months.
Emergency Loan
a. Granted to members to sort urgent needs.
b. Maximum amount shall be ksh100,000.
c. Evidence of emergency document.
d. Repayment period of 12 months.
e. 1 guarantor required
School fees/college loan
a. Granted to cater for college and school fees.
b. The loans are fully guaranteed by deposits.
c. Given within x3 times factor.
d. School fees structure is attached as a requirement.
e. Repayment period of 12 months
Pamoja loan
This a loan offered to co-operatives, institutions and companies.
a. Maximum repayment period 60 months.
b. Loan security logbook/title deed.
c. A must the company to have patronized VAS Fosa savings for minimum period of one month.
d. Loan advanced 5 times the Bosa savings.
e. Current minutes of the board agreeing the purchase of the Loan should be provided.
f. Financial documents of the institution for the last 6 months.
g. KRA pin of the organization should be provided.
h. And an M.O.U should be signed between the Sacco and the organization on the modalities of payment of the Loan commissioned by the Sacco advocate.
i. Certificate of registration of the organization a must.
Kikundi loan
a. This loan shall be granted to an organized and registered group.
b. Minimum membership of 8 members.
c. The loan shall be granted up to 5 times of the group’s deposits.
d. The loan shall be repaid for a period of up to 48 months.
Dairy Enterprise loan
This is financing designed to cater for both short-term and long-term needs in the dairy value chain. Loan available to dairy farmers cooperative societies, Breeders etc. This loan can also be disbursed against raw milk, value added products and for other players in the sector (breeders).
Loan designed for new and existing Vision Afrika Sacco clients already in dairy value chains. For starters, ability to pay and availability of other sources of income to be demonstrated, Proof of existing market –signed supply contracts, deliveries, evidence of payments is a requirement.
Input and working capital loan
This is financing designed to cater for both short-term and long-term needs in the dairy value chain. Loan available to dairy farmers cooperative societies, Breeders etc.
This loan can also be disbursed against raw milk, value added products and for other players in the sector (breeders). Loan designed for new and existing Vision Afrika Sacco clients already in dairy value chains.
For starters, ability to pay and availability of other sources of income to be demonstrated, Proof of existing market –signed supply contracts, deliveries, evidence of payments is a requirement.
Contract farming loan
A product designed to assist clients involved at various levels meet their cash flowproblems. Financing arrangements here include warehouse receipting, invoice discounting.
Benefits include easy source of funds as the client await sale of commodities. Clients are able to meet their orders on time. Short loan repayment period, Lending pegged to costs of goods supplied and not the sale value of goods supplied.
Need specific loan where loan amount is not pegged on cycle but on the date of invoice/LPO. Loan based on the business ability to pay. Proof of existing market –signed supply contracts, deliveries, evidence of payments is a requirement.
Product tailored for dairy societies to ensure prompt payments for milk delivered to processors. Supports dairy units to acquire working capital for feeds supplies to member’s salary payments and any emergencies.
Horticulture Loan
Loan for horticulture farmers and other value chain actors. For people in high yield areas to cater for Land Preparation, Purchase of inputs, Lease of Land and purchase farm inputs.
Loan helps develop and boost sustainable horticultural crop farming for clients with horticulture farming experience. Also available for large scale farmers, starters and developing farmers in a registered group with demonstrated link to the value chain and ready market.
Crops considered include short term vegetables such as Potatoes, garden peas, French beans, cabbages, Tomatoes and onions.
General Requirements
• Must be a member of Vision Afrika Sacco
• Three (3) to Six (6) months’ business/accounts turn-over records depending on the loan amount
• Min. loan amount Kes 5,000
• Max. Loan amount kes 5,000,000
• Amounts to be fully secured and or covered by member and guarantor savings
• Crop and animal Insurance package is being used as security charged as part of the loan.
• Minimum 1 month and Maximum 48 months
• Interest repayment mode to include weekly, Monthly or quarterly to maturity of the agribusiness
• Principal repayment mode to include weekly, Monthly or/and bullet payment according to agribusiness seasonality.
• Loan interest charge at 1.5% per month
• Loan application and processing fees 2% Loan amount
• Credit Insurance fee 2% of the loan amount
Ordinary savings account
1. No minimum operating balance.
2. No account maintenance fees.
3. Earnings can be channeled through the account, such as salaries, dividends, and crop proceeds.
4. Members can transact as many times in a day.
Group savings account
Designed to cater for joint account and group welfare account
1. Minutes in case of Institutions/Welfare groups.
2. Introduction letter in case of Churches.
3. Certificates of registration in case of Institutions.
4. Subject to a minimum balance of Kshs10, 000.
5. Earns interest credited to the account on a monthly basis.
6. Designed to cater for joint account and groups welfare account
Fixed Deposits Account
1. Minimum deposit Kshs.3,000.
2. Minimum period 3 months.
3. Interest rate is on graduating scale
4. Contract honoured after maturity.
5. Members can secure advances at discounted rates.
6. Interest is 8% to 10% depending on the amount.
Toto Junior saving Account
+ Enable you to save for your child’s future.
+ No account maintenance fees.
+ Attractive interest rate.
+ Withdrawable three times a year
+ Original and photocopy of parents I.D card.
+ Birth certificate, Birth notification card of the child
Holiday Account
1. No account maintenance fees.
2. Designed to encourage customers to save for festivities e.g. Easter / Christmas holidays.
3. Attractive interest rates.
4. Withdrawable twice a year.
Asset Financing
Vision Afrika Sacco has introduced a facility which is targeted to help Sacco members acquire various assets such as, a lorry, a Bus, a Commercial vehicle, a Private vehicle, a Tractor and Tuktuk.
Asset Finance includes: Motor vehicle, Pikipiki, Tuktuk, Shamba /plot Loan. Features + Granted up to 4 times a member deposit.
+ The log book shall be registered in the joint name of the Sacco and the member.
+ The loan shall be guaranteed up to 1/3 of the loan value of guarantors.
+ The repayment shall be over a period of 48 months at an interest rate of 1% per month.
+ The compulsory monthly deposits shall be guided by the loan amount as is the case in the normal loan.
For purposes of accessing this loan a motor vehicle include:- A lorry, a Bus, a Commercial vehicle, a Private vehicle, a Tractor and Tuktuk
Dispora Invest
Even if you are outside the country, you can still invest back home with us. This product is targeted for Kenyans in the Diaspora who wish to put up savings or invest in viable investment plan with solid returns.
Documents Needed to join
– A copy of your Kenyan ID or Passport
– A passport size photo
– KRA PIN Number
Banking Details
– BANK – Co-operative Bank
– NAME – Vision Afrika Sacco Ltd
– A/C NO – 01120119497601
– BRANCH – Gilgil
– BANK CODE – 11
– BRANCH CODE – 084
– SWIFT CODE – KC00KENA
