Below are details about Jogoo Sacco:
- Fill in membership forms that can either be downloaded from our website, or can be obtained from our offices or from the delegates at every county.
- Original and Copy of the National Identity Card
- Copy of KRA PIN number
- Entrance fee of Kes 1,000
- Minimum Monthly Contributions of Kes 1,000 (Kes 250 being Jogoo Members Insurance JOMEIS Monthly Which is explained below)
- Share Capital of Kes 21,000 deducted from the first deposits
Benefits for membership
- Earn dividends every year
- Reliable financial provider (Savings and Credit)
- Bereavement financial support
- Business networking
- Participate in community and social responsibility
- Pay interest on withdrawable Savings
- Reward a Member recruiter with Kes 500 for recruiting new member
- Recognition of highest saver, long serving member etc.
Jogoo Members Insurance (JOMEIS)
This is a self-insurance scheme that covers all loans in the SACCO .Every member must contribute a minimum of Kes 250.00 per month so as to be fully covered. The purpose of JOMEIS is:
- To settle outstanding loans which are current in the event of a member’s death or Total Permanent Disability (TPD).
- To pay final dues; double the deposits of the member to the named Next of Kin or Nominee.
- To pay last burial expense in respect of the contributor to the named Next of Kin.
- To pay last burial expense in respect of the contributor’s Spouse
- To pay last burial expense in respect of the contributor’s Child
- The fund is re-insured with an underwriter.
a) Ordinary savings
- They are normal monthly deposit contributions by members towards their share deposits (The minimum monthly contribution is Kes 1,000 or upto 5% of one’s basic salary)
- These deposits are used as collateral when one has not guaranteed other people.
- Accumulated deposits attracts annual interest on deposits
b) Watoto Accounts
- Minimum savings of Kes 500
- The saving is withdrawable after 6 months.
- Annual interest is calculated on pro rata.
c) Withdrawable Accounts
- This is a saving account from which a member can deposit and withdraw money when need arises.
- Annual Interest is calculated on pro rata
MAJOR LOANS TERMS
a) Development Loans
- 3 times member’s deposits.
- Maximum repayment period of 48 months(4Years).
- Interest is on reducing balance method.
b) Emergency loans
- No ceiling. No documents required.
- Interest is on reducing balance method.
- Processed within a day.
- Repayable in 12 months
c) School fees Loans
- No Ceiling, no documents required.
- Interest is on reducing balance method.
- Processed within 1 day.
- Repayable in 12 months
d) Silver loan
- Three times one’s deposits
- Repayment period 60 months.
- Interest is on reducing balance method.
- Interest is compounded to the principle loan.
e) Top-up loan
- Applicable to all loan products
- Previous outstanding loan is cleared.
- Terms of the loan being topped applies.
f) Instant loan
- Applied through email or Special loan form.
- Two guarantors required.
- Takes less than an hour to reach the applicant.
- Interest is on reducing balance method.
- Payable within 6 months.
- maximum amount granted is sh 100,000
Mega Loan
- Pegged on 5 times member’s deposits.
- Payable in 84 months.
- Require a Minimum of Six Guarantors
- Interest is on reducing balance Compounded to the principle.
- Boosting of Deposits using loan applied at a fee
- Terms and Conditions apply
g) Karibu Loan
- Applicable to new members whose deposits are less 40,000. Maximum loan Sh.120,000/-
- Part of loan retained to increase members deposit to 40,000/-.
- Interest is on reducing balance method.
- Repayable in 24 months
h) Super Karibu Loan
- Product for new Members whose Pay slips are capable for bigger loans but have no enough deposits.
- Part of the loan will be retained to increase member deposits to the required amount
- Member gets the maximum for which the pay slip can accommodate.
- Repayment period is 24 Months
- Interest is on reducing balance method with 1% processing fee.
i) Masomo loans
- No ceiling
- Repayable in 24 months
- Rate is on reducing balance method
j) Okoa loans
- Pegged on 5 times member’s deposits.
- Maximum of 3 million Shillings
- Payable in 72 months.
- Six guarantors required
- Subject to l/3rd of member’s basic salary
- Interest is on reducing balance method.
- Interest is compounded to the principle loan.
k) Other product loans
i) Tanks
-
- Loans for purchase of ROTO tanks
- No maximum but payable in 24 months.
- Interest is on reducing balance method.
- No transport charges for tanks.
- Delivered anywhere within the country.
ii) Laptop loans
-
- Laptops given repayable in 24 months.
Mode of Payment
a) Methods of Payment and or Contribution
Cash, Cheques, Paybill, Standing order etc
b) Using Paybill No. 910600 – Using Safaricom Network
c) Direct Bank Transfer – Please call us for the details.
- Dividend/Interest Process
Dividend on shares and interest on deposits (rebates) shall be determined by the Management, approved and declared by the Board of director’s subject to confirmation by the Annual Delegates Meeting. - Dormant Accounts
Any member who has been dormant for the past 1 year shall not qualify for rebates on deposits but earn dividends on shares only. - Loan Defaulters
Dividends/interest on deposit shall be used to offset defaulted loans. - Unclaimed dividends/Rebates on deposits
All unclaimed dividends and rebates on deposits more than one financial year shall be capitalized on the member’s shares or deposits.
Any unclaimed dividends/interest on deposits for more than five years will be forwarded to the Unclaimed Assets Authority.
Dividends range between 12.5% and 16% per year for the shares in the Sacco.
Jogoo Sacco Ltd
P.O. Box 56074-00200 Commodore Office Suites Off Ngong/Ring Road Kindaruma Avenue
Nairobi
NBI
Kenya
+254 20 232 3919 / 020 232 4418
+254721 694 851 Calls only / +254711 454 535 SMS only
info@jogoosacco.coop
