Stoke UK Diaspora Sacco targets Kenyans abroad.Below are details you need to know about the Sacco:
- Be a Kenyan over 18 years old and in gainful employment
- Be of a good moral character and sound mind
- Pay registration fee of Kshs 10,000
- Buy a minimum of 10 Investment capital shares worth a total of Kshs 100,000
- Maintain monthly minimum Savings contributions of Kshs 10,000.
Main Savings Account
Requirements
– Complete the Sacco membership application form
– Upload supporting documents: Kenyan ID or passport and recent passport picture.
– Maintain a minimum monthly contribution of Kshs 10,000
Benefits of Main savings Account:
1. Build long-term Savings for future use.
2. Use as Loan collateral
3. Loan entitlement of up to 4 times your savings.
4. Earn annual interest based on Sacco’s profitability.
*NOTE: Closing the account requires a minimum of sixty days’ notice communicated to the secretary or the credit committee. A processing fee of Kshs 1,000 is chargeable.
Fixed Deposit Account
Earn competitive interest on money saved for a fixed period
This account allows Sacco members to save money for a minimum period of 3 months up to a maximum period of 12 months at competitive interest rates
Features of Fixed Deposit Account:
1. The minimum amount one can fix is Kshs 100,000.
2. One automatic rollover is allowed
3. Interest rates depend on the period fixed as follows:
– 3months – 3%
– 6months – 4%
– 9months – 5%
– 12months – 8%
4. Contributors KRA PIN required.
5. Withholding tax deducted on interest upon redemption.
6. A processing fee of Kshs 1000 is charged upon redemption.
Children’s Account
Features of Children’s Account:
1. This account earns interest which is paid into the account once a year. The interest rate applied is the same as that applied to the Main savings account.
2. A member can withdraw funds from this account provided a 7 days withdrawal notice is given.
3. Funds from this account can be used to guarantee a member’s loan.
4. Contributors KRA PIN required.
5. Withholding tax deducted on interest upon redemption.
6. Processing fee of 1000 charged on redemption.
Requirements
– Complete an application form
– Provide a copy of the child’s birth certificate
– Provide one passport size photograph for the child.
– Pay a minimum deposit of Kshs. 10,000
– Closing the account requires a minimum of sixty days’ notice communicated to the secretary or the credit committee.
Note: When the child turns 18 years old, the account is converted to their main savings account or can be closed.
Holiday Savings Account
Features of Holiday Savings Account:
1. No minimum balance.
2. Earn interest of 6% p.a withdrawable once a year.
3. You can withdraw your money with 5 days’ notice.
4. Processing fee Kshs 1000 charged
5. KRA pin required.
6. Withholding tax deducted on interest upon redemption.
personal loan
Product Features:
– The maximum Loan is Kshs 2 million.
– Loan issued up to 4 times one’s savings deposits.
– The loan is payable within a maximum period of 36 months.
– Interest rate- 1% p.m or 12% p.a on reducing balance.
– Must be fully guaranteed by self and another member (s)’ withdrawable shares
– Disbursed within 3-5 working days
– If using collateral e.g. title deed:
- The Sacco will loan 70 % of the value. The valuation is done by independent company. The process of charging the title is very lengthy and rigorous which can take up to 2 months or more more depending on the various factors
- The borrower bears the cost of charging the title deed including, search, valuation, legal fee, stamp duty and registration
Requirements
1. To qualify, one must have completed at least 6 months of membership and must be up to date with their monthly contributions.
2. Ensure contributions have been consistent for at least 6 months prior to the loan application.
3. Ensure that savings contributed in a lump sum for the purpose of taking a loan have been in the Sacco for at least 6 months
4. Show proof of ability to repay the loan.
5. A member who transfers shares from another society will only be eligible for a loan after 3 months.
6. All loans shall be insured by a reputable insurance company against death or permanent disability.
development loan
Product Features:
– Maximum Loan is Kshs 5 million.
– Loan issued up to 4 times one’s deposits.
– Repayment period shall not exceed sixty (60) months.
– Interest rate- 1% p.m or 12% p.a on reducing balance.
– Must be fully guaranteed by self and another member (s)’ withdrawable shares
– Refinancing/ Loan top-up facility available.
– Disbursed within 5-10 working days.
– If using collateral e.g. title deed:
- The Sacco will loan 70 % of the value. The valuation is done by independent company. The process of charging the title is very lengthy and rigorous which can take up to 2 months or more more depending on the various factors
- The borrower bears the cost of charging the title deed including, search, valuation, legal fee, stamp duty and registration
Requirements
1. To qualify, one must have completed at least 6 months of membership and must be up to date with their monthly contributions.
2. Ensure contributions have been consistent for at least 3 months prior to the loan application.
3. Ensure that savings contributed in a lump sum for the purpose of taking a loan have been in the Sacco for at least 6 months
4. Show proof of ability to repay the loan.
5. A member who transfers shares from another society will only be eligible for a loan after 3 months.
6. All loans shall be insured by a reputable insurance company against death or permanent disability.
emergency/Instant loan
Product Features:
- Maximum Loan is Kshs 400,000
- Loan issued shall not exceed four times one’s deposits.
- Repayment period shall not exceed 12 months.
- Interest rate shall be 1.5% per month on reducing balance.
- Only a member’s deposits are used as security.
- Disbursed within 24 hours.
Requirements
- To qualify, one must have completed at least 6 months of membership and must be up to date with their monthly contributions.
- Ensure contributions have been consistent for at least 3 months prior to the loan application.
- Show proof of ability to repay the loan.
- A member who transfers shares from another society will only be eligible for a loan after 3 months.
- All loans shall be insured by a reputable insurance company against death or permanent disability.
top-up loan
Requirements & Features
1. Member must have demonstrated consistent repayment with the current loan(s).
2. Member must have repaid at least 75% of their current loan.
3. A defaulter will not qualify for the loan.
4. Member will need to provide collateral or guarantor ship to qualify for the loan.
5. Total loan amount for the two loans must not exceed four times (x4) the Main savings account contributions.
6. A member can pay lump sum money for the purpose of borrowing. Such an amount must have been in the account for at least 3 months before they can borrow against it.
7. The cost of valuation and administration fee will be catered by the member and will be deducted from the new loan.
8. A non-refundable processing fee of 1% of the new loan amount shall be paid or be recovered from the new loan.
BISIL ( LOLNGUSWA ) – 10 Acres
Acacia Regency Place
BLUEBELLS GARDENS APARTMENT
RUAKA RIDGE APARTMENTS
KITUSURU GARDENS
Where we are
1st Floor, Sinkeet Arcade
Along Namanga Road, Yukos, Kitengela
Suite 11A
P.O Box 73458-00200
Nairobi, Kenya
Reach Us
(call or whatsapp)
Our office:+254 7033 60407
Hon Secretary:+44 7578 793477
A member can borrow up 80% of their savings and shares without needing an extra security.
The following are admissible securities for loans:
- The shares of a member above the minimum share capital of Kshs 100,000
- The deposits of a member
- The shares and deposits of guarantor(s),
- Title deed
- Debenture on stock or securities.
You can take a loan after the required 6 months of regular contribution to your Main Savings Account without any arrears or late payments. You will be eligible to borrow up to four times (x4) the amount you have in your Sacco Main Savings Account. The more you contribute, the higher the amount you can borrow through the Sacco.
Should a member wish to withdraw from the Sacco the exit procedure is as below:
- Fill the Membership exit form
- The member will be required to give the Sacco 60 days notice.
- Deposits refunded less any monies and loans owed to the society and its affiliated partners.
- If you have guaranteed any active loans, the creditor will need to find an alternative guarantor replacement
- Member may opt to retain shares or sell/transfer to an existing member.
It is expected that members will buy the minimum 10 shares within 6 months of joining. Members can also regularly buy as many Investment shares as they can as long as it’s not more than one fifth of the society’s shares.
Transfer by SendWave
1. Log into SendWave app.
2. Click New recipient
3. For country, select Kenya
4. For payment menthod, Choose bank Account
5. Full name, enter Stoke UK diaspora Sacco
6. For Bank, Select Co-op
7. Account number – enter 9191 and your full account number including zeros as shown in your monthly statements or member portal.
An example is shown below. Replace 00001201 with your personal savings, shares, loan or any other account numbers.
Using Lemfi
Lemfi provides the best the rate in the market.
To send money to Kenya
1. Download the App if you don’t have one.
2. Load your wallet by clicking Add Money.
3. Click on “Send money”
4. Choose GBP or Dollar and KES as the primary and secondary currency respectively
5. Add a note (Your names) and click on “Continue”
6. Select the option to send to Bank Account:
7. Enter the following details on bank payment
*Bank: Cooperative Bank*
*Account Name: Stoke UK Diaspora Sacco*
*Account Number: 01150537362700*
For shares and registrations
*Bank: Cooperative Bank*
*Account Name: Stoke UK Diaspora Sacco*
*Account Number: 01153537362700*
Send money by M-Pesa
Using a Kenya Safaricom Simcard enabled phone/line.
1. Click on Lipa na Mpesa
2 Enter Business no. Pay Bill 413-13-05
3.Enter the full Account Number for any of the accounts you have with the SACCO:
4. Enter amount you want to send
5. Click send.
6. After payment, your transaction should reflect in the portal by the next working day. A payment receipt will be issued too.
Pay by Local Bank transfer
To pay from a Kenyan Bank Account to Stoke UK Diaspora Sacco Account. You will need the following:
1. Name of Recipient: STOKE UK DIASPORA SACCO LTD
2. Name of the Bank: Co-operative Bank of Kenya
3. Branch: Diaspora Branch
4. Swift Code: KCOOKENA
5. Enter Account Number
*NOTE: If you are sending money for your registration fee or Investment share capital please use Account No. 01153537362700. For monthly Savings use account number 01150537362700.
6. Amount should be in Kshs.
7. After payment, please ensure you email the deposit slip to treasurer@stokeukdiasporasacco.com. The Treasurer is also available via WhatsApp number +447737854860.
Bank Wire Transfer
How transfer money by Bank Wire Transfer
You will need the following:
1. Name of Recipient: STOKE UK DIASPORA SACCO LTD
2. Name of the Bank: Co-operative Bank of Kenya
3. Branch: Diaspora Branch
4. Swift Code: KCOOKENA
5. Account Number
*NOTE: If you are sending money for your registration fee or Investment share capital please use Account No. 01153537362700. For monthly Savings use account number 01150537362700.
6. Amount should be in Kshs.
*NOTE: If you are sending money for your registration fee or Investment share capital please use Account No. 01153537362700. For monthly Savings use account number 01150537362700.
After payment, please ensure you email the deposit slip to treasurer@stokeukdiasporasacco.com. The Treasurer is also available via WhatsApp number +44 7588 420 026.
