Finnlemm Sacco offers loans, savings and investment opportunities. They pay dividends annually and currently their rates are 13%-17% per year for the shares in the Sacco. Below are important details about the Sacco:
Junior Savings
The Junior Account is a savings account designed to provide a savings facility for parents to save for their children and is open to all children below 18years.
The account is registered in the child’s name and is linked to the parent’s account.
The opening and minimum operating balance is Kes.500
Minimum monthly contribution amount is Kes.500. This can be effected via check-off, direct deposit to any of our accounts or our mobile platform
This account earns interest at 6% p.a. Minimum interest earning deposit is Kes.5,000
Funds from this account can be used can be used as collateral for school fees loan
Partial withdrawal is acceptable while normal withdrawal from the account is permitted after every four months
This account can be accessed via USSD code *346#
Withdrawals can be done regularly.
No ledger fees
Housing Scheme
The scheme helps members to mobilize savings towards financing any upcoming Sacco land projects. It is open to all Finnlemm Sacco members.
- Savings for the Housing Scheme are separate from the Sacco savings.
- Registration is Kshs 500 per applicant.
Fixed Deposit Account
Finnlemm Sacco Society is pleased to offer its members a chance to “Fix” their hard-earned deposits at an attractive interest rate. Options available while opening this account: –
- You have the option of opening the flexi deposits by filling the forms available on our website. Submit these forms to our offices and let your money work for you.
- The principal as well as the accumulated interest is paid to the customer only upon maturity or premature withdrawal.
- Minimum deposit amount for Cumulative Deposit & Non-Cumulative Deposit
- Minimum investment amount under cumulative scheme is Kshs 10, 000. For cumulative scheme, the annual minimum amount is Kshs 100, 000.
- Deposit any amount and earn up to 12% p.a.
Member Deposits
Finnlemm Sacco promotes a culture of saving by providing members with an opportunity to accumulate deposits
Finnlemm Sacco promotes a culture of saving by providing members with an opportunity to accumulate deposits
These deposits enable members to access our credit products, which are offered at affordable interest rates
Members are also guaranteed interest on their deposits, at premium rates, annually
Minimum monthly contribution is Kes.3, 300
Benevolent Fund
This is a last expense to help members give a decent send off to their loved ones
It covers the principal member, nuclear family, parents and parents in law.
Each of these beneficiaries is covered up to the tune of Kes. 100,000
Monthly benevolent fund contribution of Kes.300 to cover the first six beneficiaries including the principal member
A member can cover four more beneficiaries under this scheme at an additional fee of Kes. 1,000 for each additional beneficiary annually.
Scholar Account
For everyday bill-paying, textbook-buying, late-night-diner-visiting purposes, checking accounts are your best bet because they’re convenient. But what if you want your money to do more — like say make money?
That’s where a savings account comes in handy. The Finnlemm Scholars’ savings account is really the simplest form of a Savings Account you can ever have. You give Finnlemm your money; they use it in making loans to other members, and pay you interest for the privilege of using your money.
Occasionally, you take out some money to live on, but for the most part, you leave it to earn interest and wait for a rainy day or when you get a job and need some bucks to start of life.
Scholar Savings accounts are a safe place to put your money, and the money actually grows as the SACCO pays you interest. This is an account for Students above 18 years in tertiary learning institutions such as college, polytechnic and university. It’s an account for those who want to make their financial decision and are ready to move to the next level. Get started on your road to success.
Features: –
- No account maintenance fees
- Free photo is captured on account opening
- Free cash deposits
Benefits: –
- 6%pa interest rate on savings above Kshs5,000
- No ledger fees
- Low account opening balance
- Deposit or withdraw cash via Mpesa
- Opportunity for one to join the Sacco membership after college
Requirements: –
- Original National ID or Valid Passport and a copy
- Admission letter or College ID or Introduction letter
- No Opening or Minimum balance required.
Chama Account
Benefits of Finnlemm Chama/Corporate Account
- Regular investment forums to educate you on available investment opportunities
Your Savings will earn interest at the end of the year - Inclusion of fixed deposit account with competitive interest rates
- Contribution can be easily done via mobile banking service
- Easy account opening requirements
- We will facilitate registration of your group with the concerned registering body.
- Easy access to credit of up to 3times of your savings.
- Longer Repayment period, up to 60 months.
- Affordable interest rates on credits unlike other financial institutions
- Minimum monthly group contribution of Kshs5, 000 only
- No monthly charges.
- Registration fee of Kshs1, 500 only
- Access to the INUA Loan at competitive rates
INUA Chama Loan
This loan is granted to corporates and registered chamas.
Scope of loans to be limited to wealth creation activities and property acquisition
Features
- Granted 3 times of the group deposits
- Repayable within 60 months
- Interest charged at 1% per month on a reducing balance method
- Flexible security for the loan i.e. guarantors or approved collateral
- Appraisal fee of 1.5% one off
Finn-Pesa
What is Finn-Pesa?
Finn-Pesa is a mobile solution that enables our members to transact through their mobile phones at the comfort of their work places/homes.
Features of Finn-Pesa
- The loan product targets active Finnlemm SACCO members only.
- A member can access a maximum of Kes. 70, 000
- The loan is not pegged on deposits.
- The Finn-Pesa loan will be repayable within a maximum of 3 Months.
- The loan will be secured by the members own deposits.
- The loan attracts a service charge/ Interest at the rate of 6.5% per month.
- Graduation factor of 1.5%
- One must register by filling in a registration form and submitting to the SACCO for processing.
- One must have a registered Safaricom (M-Pesa) line.
How to subscribe to Finn-Pesa
- You will be required to register by filling an application form available online under downloads or at our offices;
- Registration applies to M-Pesa registered users only.
- Once you are registered, you will receive an SMS from Finn-Pesa containing a four-digit Start PIN; you must change this PIN to access Finn-Pesa menus.
- Dial *346# to change the Start PIN and enter a new 4-digit PIN. It is advisable that you use a PIN that you can easily remember.
- After changing the PIN, you will receive an SMS informing you that you have successfully changed your Finn-Pesa PIN. Your Finn-Pesa is now active.
Finn-Pesa Services
- Instant Loans- You can borrow an instant loan up to Kes. 70,000
- Finn-Pesa Loan Repayment- You can repay your Finn-Pesa loan via our Pay Bill No. 528400
How to repay your Finn-Pesa Loan
- Go to M-Pesa menu- Lipan a M-Pesa
- Select pay bill and enter the pay bill No. 528400
- Select account number and enter your National ID No followed by FINN as one word. (e.g. 98765423FINN)
- Enter amount to pay
- Enter your M-Pesa PIN and confirm transaction.
- You will receive an SMS confirming that your payment has been received.
Why Finn-Pesa?
- Finn-Pesa is Secure
- Opening of accounts will be done at our offices.
- In case of a forgotten PIN a member has to contact our office for a reset.
The member will access funds through the M-Pesa platforms
Ustawi Loan
Requirements
A member must have an active Finnpesa account
Features
The loan has the following features
- Loan issued from minimum of Kes 70,000 to a maximum of Kes 150,000
- Interest charged at a rate of 3.5% P/M
- Repaid within a period of 12 months
- Loan secured against a member’s free deposits or guarantors (guarantors must also have an active Finnpesa account in order to guarantee)
Steps of accessing
Loanee
- Dial *346#- (input pin)
- Go to loans
- Select Ustawi loan
- Input amount you wish to request
- Input guarantor(s) mobile number. Separate by comma in case more than one member (incase able to self-guarantee, the system will auto calculate the amount for you)
- Submit the request
The guarantor(s) receives SMS notifying them that Loanee has requested them to be their guarantor for loan (amount of the loan requested indicated)
Guarantor
- Dial *346# (input pin)
- Select option loans
- Select guarantors (option 7)
- Confirm guarantee
- Input amount to guarantee
- Submit
The Loanee receives SMS informing them that the guarantor(s) has accepted to guarantee them (shows amount guaranteed).
In case the guarantee is not sufficient the loanee is informed the amount that is not guaranteed
Once the loan is advanced to the member, they receive SMS notification of:
- The amount credited to their Finnpesa account
- The loan repayment dates and the amount to be paid
- How to make the repayment of the specific loan
As a follow up, the loanee receives SMS reminder notifications for repayment (stating the amount to pay and how to make the payment)
- 3 days to the due date of making the loan repayment
- On the date the loan repayment is to be done
- Once a member makes a payment as per instructions issued, they receive confirmation that the payment has been credited to the loan and also informed of the outstanding balance
- If a member fails to make a payment recovery procedure as for other loan are followed where the member is sent notices and calls from recovery team before other recovery measures are take
- The other recovery measures include request
Education Loan
Are you looking for help with school fees planning? Funding education shouldn’t be a headache. With supporting documents like fees structures, you can easily apply for a school fees loan for yourself/or your child. Get the best education with our help. Save with us to meet the cost of education! The key requirements are as follows: –
- The application form must be supported by the fees structure/s.
- School fees cheques are written in favor of the learning institution.
- School fees loans are repaid within a period of 12 months.
- Interest charged at 1% per month on reducing balance method.
- No maximum granted.
Emergency Loan
- Emergency loans are repaid within a period of 12 months.
- Loan is granted up to 4 times one’s deposits.
- Interest charged at 1% per month on reducing balance method.
More requirements include: –
- Emergency loans have a maximum of Kshs. 500,000
- Member to attach supporting documents to application form e.g. medical bill, death certificate
Express Loan
The key requirements are as follows:
- Must be supported by the member’s three latest pay-slip.
- Proof of payment will be required for non- payroll payments.
- Repaid within a period 6 months.
More requirements include: –
-
- A 10 % interest one off is charged on application for the entire three months period.
- Has a maximum limit of 300,000
- Members shall only qualify for one express loan at a time
Dividend Discounting Loan
- The loan is issued at a maximum of 60-85% of the member’s previous year’s interest on deposits (dividends as popularly known).
- Product is offered in the fourth quarter of a financial year
- A one-off interest of 10 % shall be charged upfront on the loan approved.
- A member must have been in the Sacco and contributed consistently for more than one year. New members from December of the previous year do not qualify.
- A member whose account is dormant, default (Including loan status i.e. watch, substandard, doubtful and loss), non-active, withdrawal or in process of withdrawing or has arrears in his/her loan payment and/or deposits will not qualify for this loan.
- Guarantors/Finnpesa Loanee whose deposits were offset during the year to reduce a defaulted loan shall not qualify.
This loan shall be offset against the year’s interest on deposits once declared, member can also opt to pay by her/herself and still be eligible for another amount
Home Loan
The key requirements are as follows:
- Maximum loan amount is Kshs 20 million.
- Loan granted up to four times one’s deposits
- The Loan shall be fully secured by either or both of the value of the member’s property and/or savings with Finnlemm. A legal charge shall be levied over the title of the property. The value of the property and/or shares must be equal to or more than the total loan applied
- An interest rate of 1.25%p.m calculated on reducing balance will be charged and may vary from time to time in line with changes within Finnlemm Sacco
Society’s loaning policy.: –
- The applicant will have to demonstrate an ability to repay the loan (pay slip and business income)
- The Loan will be payable within a period of 120 months (10 years).
Premium Loan
Features:
- No loan limit but subject to terms and conditions
- Loan granted up to 4 times one’s deposits
- Maximum repayment period of 84 months
- Interest charged at 1.17% per month on reducing balance method
- Loan can be secured by either guarantors or approved collateral
N:B For payment charges refer to Tariff Guide under downloads.
Development Loan
Development Loan
The key requirements are as follows:
- Access up to Kes. 10 million
- Loans granted up to three times one’s deposits.
- Loans are repaid within a period of 60 months.
- Interest charged at 1 % per month on a reducing balance method.
More requirements include: –
- Loan application supported by the member’s three latest pay slip.
- Loan can be secured by either guarantors or approved collateral
Loan can be used to offset other loans.
Plot Loan
- The loan is open to members who wish to purchase land
- The loan is open to financing both Finnlemm and Non-Finnlemm projects
- Loan is granted three times a member’s deposits
- The loan is repaid within a maximum of 60 months
- The interest rate is charged at 12% per annum on a reducing balance
- Loan can be secured with guarantors or the land being purchased at 75% of the market value of the plot.
Daraja Loan
The key requirements are as follows:
Maximum limit is dependent on members’ ability to repay the loan within the agreed period and 4 times one’s deposits
- Daraja loans are repaid within a period of 36 months.
- Interest rate of 1.5% per month on a reducing balance method.
- Other than the three latest pay-slip and guarantors, no other supporting documentation is required from a member.
- Cheques are paid directly to the member unless otherwise advised by the member.
- Loan can be secured by either guarantors or title deeds
Chama Loans
- The loan is granted for income generating activities of the Chama and repaid within a maximum period of 60 months.
- Interest charged at 1% per month on a reducing balance method.
- Granted at 3 times the deposits.
- Loan application must be supported by at least a 6 months certified bank statement, a projected cash flow statement for the duration of the loan repayment and a resolution of the members, including their personal guarantees.
- Loan can be secured by either guarantors or clean title deeds, motor vehicles or any other acceptable collateral assets by the chama.
Merchandise Loan
The key requirements are as follows:
- Applicant must attach to the loan application pro-forma invoices from his/her supplier for the goods and or services being purchased.
- Upon approval, Finnlemm will write the cheque to the supplier.
- Merchandise loans are repaid within a period of 24months.
- Interest charged at 1% per month on a reducing balance method.
- Loan advanced up to 4 times of member’s deposits
More requirements include: –
- Limit based on the members income and paying capability.
- Member must clear the existing loan before applying for a new merchandise loan.
- Generally, the loan will cover assets and services including shares so with Finnlemm you can get a piece of the NSE.
Asset Finance Loan
This product enables members to buy motor vehicles and other business assets that may be approved from time to time.
Features:
- Member should have deposit to loan ratio of at least 1:5
- 3 times multiplier on deposits
- Maximum repayment period of 48 months
- Interest charged at 1.25% per month on reducing balance method
- Loan is open to offset by other loans
- The asset financed must be 10 years and below
- Loan secured by guarantors or collateral
The key requirements are as follows:
- All vehicles covered except for PSV vehicles.
- Car value is the insurance premium.
- Insurance policy must be completed and attached to the loan application.
- Member must complete the loan application.
More requirements include: –
- Cheques paid directly to the insurance company.
- Loans repaid within a period 12months.
- This loan is granted at a 1 % interest per month on a reducing balance method
Corporate Loans
- The loan is granted for income generating activities of the Corporate and repaid within a maximum period of 60 months.
- Interest charged at 1% per month on a reducing balance method.
- Granted at 4 times the deposits.
- Loan application must be supported by at least a 6 months certified bank statement, a projected cash flow statement for the duration of the loan repayment, a resolution of the Directors to borrow, three years audited Financial statements, Business case analysis, personal guarantees of the directors,
- Loan can be secured by either guarantors or clean title deeds, motor vehicles or any other acceptable collateral assets
- The Board may request for further details as it deems fit.
Insurance Loans
- Medical cover as per member’s limits or Annual premium.
- Domestic cover to the limit of the annual premium
- Cheques paid directly to insurance company.
- Loans repaid within a period 12 months.
- This loan is granted at 1% interest per month on a reducing balance method.
- The application must be supported by a copy of logbook, and Invoice for motor Insurance.
- A copy of applicants’ ID and Invoice for medical and domestic cover.
Qaribu Loan
Features:
- Access up to Kes. 500, 000
- Maximum repayment period of 24 months
- Interest charged at 1 % per month on a reducing balance method
- Loan can be secured by either guarantors or approved collateral
Requirements:
- Loan application must be supported by the members three latest pay slips or certified 6 months bank statements
- In addition to the current Sacco tariffs, a qualifying member shall pay a 1% charge of the approved loan amount
- All loans are pegged on three times normal shares
- Attach 3 copies of latest certified payslips of the last three consecutive months)
- Loans to be fully guaranteed
M-Pesa Paybill Instructions
Paybill:528400
You can now make your monthly contribution to Finnlemm through your phone all you need to do is to follow these simple instructions. Payments to Finnlemm via M-PESA can only be made by registered M-PESA Members:
- You need to be an M-PESA registered customer as the service is available for Mpesa registered users only.
- Ensure you have sufficient funds in your M-PESA account to cover the amount you are paying and the relevant charges. See table on charges
- Go to M-PESA on your phone Menu
- Select Payment Services
- Select Pay Bill
- Enter the business number 528400
- Account Number: Enter your National ID number,
followed by the code e.g 12345678FXX see below codes. - Enter the amount you wish to pay
- Enter your M-PESA PIN
- Confirm details are correct and press OK
- You will receive a confirmation from Safaricom once the transaction is complete.
- Your account will be updated within 24 Hours.
Transaction/Product Description
Saving Accounts
-Share Capital-SC
– Deposit-DP
– Fix Deposit-FD
– Housing Scheme-HS
– Junior Account-JA
– Scholar Account-SA
Loans Accounts
– Premium Loan-PRL
– Plot Loan-PL
-Development Loan -DL
– Emergency Loan-EL
-Asset Finance -AFL
– Booster Loan-BL
– Express Loan-EXL
– Daraja Loan -DAL
– Home Loan-HL
– Insurance Loan – IL
– Education Loan -EDL
– Merchandise-ML
-Finn Pesa-FINN
-Ustawi Loan-USL
-Qaribu Loan-QL
-Inua Chama Loan-ICL
-Dividend Discounting Loan-DIV
-Defaulter’s Loan-DEL
The following charges are applicable:
| # | Minimum(Ksh) | Maximum(Ksh) | Charges(Ksh) | |
| 1 | 100 | 2,500 | 50 | |
| 2 | 2,5001 | 5,000 | 100 | |
| 3 | 2,5001 | 70,000 | 200 |
Finnlemm Sacco is an open bond Sacco that serves members from all walks of life. The members should be Kenyan citizens of good standing aged 18 years & above who are either local residents or in diaspora. Finnlemm draws its members from both the formal & informal sectors of the economy like the business community, civil servants, SMEs, & chamas.
Go to Finnlemm Sacco website and click on the link “JOIN US” to complete the online membership form and submit.
- Pay the joining fee of Kes. 1,000 & using our pay bill number 528400 with your ID number as the account number.
Alternatively;
- You can fill a hardcopy membership form available at our office or the website finnlemmsacco.com under the downloads menu.
- Return the form to our customer care desk and make a deposit of the joining fee of Kes 1,000 and make minimum monthly contributions of Kes. 3,300 or;
- You can scan and send the documents to our email customer.care@finnlemm.com
You will need to complete a duly filled joining form, attach a copy of your ID, a passport photo, & a copy of KRA pin certificate. Submit after paying registration fees of Kes. 1,000 for admission.
A member needs to inform the society by filling in a withdrawal form giving the society 60 days’ notice.
The process can however, take two weeks at a commission 10% of the current deposits.
Shares continue earning dividends and can also be transferred/sold to another member.
| No. | Bank Name | Account Name | Account No. | Branch | Swift Code |
| Absa bank Kenya | Finnlemm Sacco Ltd | 0451078909 | Hurlingham | BARCKENX | |
| Co-operative bank Kenya | Finnlemm Sacco Ltd | 01120000549100 | Nairobi Business Centre (NBC) | KCOOKENA | |
| NCBA bank Kenya PLC | FINNLEMM CO-OP SAV & CRDT SOC. LTD | 7844580017 | LAVINGTON | CBAFKENX | |
| Sidian Bank Limited | Finnlemm Sacco Ltd | 036020003711 | Kilimani |
- Fully completed loan application form
- Guarantors who must be active members and have accumulated sufficient deposits for at least six months.
- Guarantors’ and applicant’s deposits MUST be equal to or more than the loan applied for.
- Employer MUST sign and rubber stamp the application form.
- Outstanding loan by the applicant, MUST be cleared before a loan of the same kind is approved.
- A most current pay slip certified by the applicant’s employer’s payroll officer, MUST be attached to the application.
- Must have been an active member for at least six months.
Is a social welfare fund that was established to accord members and their immediate families a decent send-off upon demise. All members are required to pay Kes.300 every month as Benevolent fund contribution. A member is required to list his/her immediate family in the application form prior. Benevolent fund covers up to 7 family members.
Entitlements are as follows.
- When a Principal member dies the family is given Kshs 100,000
- 1 Spouse Kshs 100,000/=
- Children Kshs 100,000/= for each
- Parents and Parents – In – Law Kshs 100,000/=
Visit anytime
P.O Box 67666 – 00200 55 Gatundu Road, Kileleshwa Nairobi, Kenya.
Call now
(+254) 722 607 983 | 733 208 122 | 0207602880
Send email
customer.care@finnlemm.com
Mon – Fri: 8.00AM -5:00 PM
