Stockholm
7 Jun, Friday
11°C
Tembo Sacco products and branches in Kenya

Tembo Sacco products and branches in Kenya

Last updated on June 9th, 2023 at 10:21 pm

In this article, we will see the Tembo Sacco products and branches in Kenya. It is a depository Sacco which has been in existence since 1972. The Sacco was originally established to serve the employees of East Africa Breweries Limited.

Today, the group is open to all sectors. Since its inception, the Sacco has made huge profits.

It currently has an asset base of over $3.61 billion serving 4,000 members.

Tembo Sacco products


a) BOSA products

The Office Savings Program (BOSA) allows members to invest in savings products and simultaneously access credit facilities.

Share capital

It represents the assets of SACCO members. This product cannot be withdrawn, but can be transferred to another member of the Sacco if someone decides to leave.

The minimum capital for a member is Ksh 20,000. (1000 shares of 20 ksh each). Tembo Sacco has a very profitable return for this product – the average rate is 20%.

Sacco Deposit

Deposits represent money that can be refunded to a member at a stage when they decide to leave the Sacco.

The minimum contribution per month is Ksh.1000. They act as leverage when a member requests a loan and can be used to save the money of other members. The deposit is refunded to the member at 60-day notice, as long as it has not been used to obtain the loan.

Tembo Sacco deposits attract annual interest of up to 11.5%.

Special BOSA Funds

This product targets long-term plans such as vacations, construction, education, weddings and special projects.

The minimum monthly contribution is Ksh 500.

It pays 10% interest payable semi-annually, i.e. July and January.

BOSA Specials can be withdrawn once a year with 30 days notice.

benevolence

This is an insurance policy for members that covers the member and their family members in case of death.

A group must be a member with a mandatory capital of Ksh. 20,000 to get this product.

BOSA credit products
Loan products

a) long term loan

Jumbo Plus Loan
  • It is only available to employees who are permanently employed and whose salary they receive from Tembo
  • The multiplier is 5 times the amount
  • The interest rate is 1.25% P.M.
  • Payback period 84 months (7 years)
  • Top-ups are allowed
  • There must be complete consent.
Jumbo Loans
  • You can qualify up to four times your Sacco
  • The repayment period is up to 60
  • 1.25% interest rate per month at discount rate
  • A minimum of three guarantors must cover the loan amount
  • The loan amount is paid for death or total disability under the loan protection policy
  • Top-ups are allowed

normal loan
  • You can qualify for up to three times your bonus/deposit amount.
  • Repayment period – up to 48 months.
  • You will be a member for 6 months plus a normal month
  • Interest rate 1% p.m. and reduction
  • All loans must be secured by guarantors or guarantors
  • The loan amount is paid for death or permanent disability under the loan protection policy

B. medium term

Jisort Loans
  • One can qualify up to Ksh. 500,000
  • Repayment period – up to 24 months
  • 3% monthly interest rate (decreasing balance)
  • A minimum of 3 guarantors must be members of the Sacco and must cover all loans
  • Enter the license as applicable
  • Loans are paid for death or permanent disability under loan protection
  • Loan applications are processed on the same day.
  • Funding is provided through FOSA

Jijenge’s money

We can reach Ksh 500,000-1,000,000.

  • Repayment period up to 36 months
  • 1.5% monthly interest rate on declining balance
  • Membership and payment methods are provided
  • A minimum of 3 guarantors must be members of the Sacco and must cover all loans
  • The loan is paid against death or permanent disability under the loan protection policy
  • A one-time transfer is allowed with a processing fee of 5% on the loan amount applied
  • Loan applications are processed instantly with a Ksh 1000 processing fee

Car loans
  • One can qualify up to Ksh 2,000,000
  • Repayment period up to 36 months
  • 1.5% monthly interest rate on declining balance
  • A minimum of 3 guarantors must be members of the Sacco and must cover all loans
  • The loan amount is paid for death or permanent disability under the loan protection policy

Hisa Loan

It is a product-based resource for organizations to achieve cross-industry
Repayment period – 36 months
Interest rate – 1.25% per month or 15% per year (reducing balance)
No one makes any promises


C. Short Term Loans

Jienjoy Loan

  • Maximum that one can qualify for at any one time is Ksh 100,000
  • Top ups are allowed, a one-off top-up fee of 5% is charged on the loan balance
  • Interest rate 12% per month on a reducing balance
  • Repayment period up to 1 month
  • Self-guarantor ship
  • The loan is insured against death or permanent disability under loan guard policy
  • Disbursements are done through FOSA
  • Loan requests are processed the same day

Emergency Loan 

  • Maximum that one can qualify for at any one time is Ksh 200,000
  • Interest rate 1% per month on a reducing balance
  • No top-ups allowed for this loan
  • Repayment period up to 12
  • Minimum of 3 guarantors who should be members of the Sacco and must cover the whole
  • The loan is insured against death or permanent disability under the loan guard policy
  • Disbursement are done through FOSA
  • Loan requests are processed the same day

Express Loan 

  • Maximum that one can qualify for at any one time is Ksh 200,000
  • Top ups are allowed, a one-off top-up fee of 5% is charged on the loan balance
  • Interest rate 5% per month on a reducing balance
  • Repayment period up to 12 months
  • Minimum of 3 guarantors who should be members of the Sacco and must cover the whole
  • The loan is insured against death or permanent disability under loan guard policy
  • Disbursement are done through FOSA
  • Loan requests are processed same day, processing fee of Ksh 500
  • Available to members less than 6 months old as long as there is the ability to pay

M-Tembo Loan

  • This loan is instant and is applied using the mobile platform
  • One must be registered on the M-Tembo platform
  • Maximum amount depends on the member’s credit score.
  • Interest rate 6% p.m.
  • Repayment 1 month i.e. 30 days
  • No guarantors
  • Penalty on default is 6% of the outstanding
  • The defaulted loan is recovered from Deposits and the applicant is blocked from accessing

Salary Advance 

  • Available to salaried people whose salaries are channelled through Tembo Sacco
  • One qualifies up to a maximum of 50% of the Net salary
  • Interest rate is 2% p.m
  • Deducted Once when salary is received
  • One can only access it from the 15th day of the month

b) Front Office Service Activity (FOSA)  Products

1.FOSA Savings Account

  • This account is available to any member who saves with Tembo Sacco in the Back Office
  • One can deposit and withdraw anytime
  • Minimum account balance is Ksh 1,000
  • This account can be linked with Mobile and ATM services

Salary Account

  • This account is for members whose salary is channelled through the Sacco
  • The minimum account balance is 100
  • This account can be linked with Mobile and ATM services
  • One can deposit and withdraw anytime

Fixed Deposit Account.

  • Minimum Fixed Deposit amount is 50,000.
  • Its interest rate is determined by the market and banks rate
  • Interest rates can be negotiated by the account holder

Tembo Sacco Banking Facilities

  • Standing orders
  • Cheque clearing
  • Bankers cheques
  • ATM Cards
  • EFTs
  • M-Pesa services
  • Paybill service

Hekima Account

Hekima is a savings account which one can be able to withdraw to a limit of 3 times a year.

It earns interest of 10% p.a. on a prorated basis and it is subjected to the market. The minimum account balance is Ksh 1,000.

Tembo Sacco Branches in kenya

Tembo Sacco operates from the head office located at Tembo Plaza along Garden Estate Road in Nairobi.

Contacts

Phone:  +254 722 99 24 69, 020 26 03 334

Location:  info@tembosacco.co.ke

error: