Boresha SACCO Society Limited stands as a beacon of financial empowerment in Kenya, offering a robust platform for savings, credit, and investment opportunities. Established in 1976 and rebranded from Baringo Teachers Sacco in 2012, Boresha SACCO has grown into one of Kenya’s top-tier Savings and Credit Cooperative Societies (SACCOs), regulated by the Sacco Societies Regulatory Authority (SASRA). With an asset base of Kshs. 10.1 billion as of December 2022 and a membership of over 100,000, Boresha SACCO is a trusted financial institution that serves a diverse clientele across Kenya. This comprehensive guide explores Boresha SACCO’s branches, contact details, share capital structure, membership benefits, and the role it plays in fostering financial inclusion and economic growth in Kenya.
Overview of Boresha SACCO Society Limited
Boresha SACCO, headquartered at Teachers Plaza in Eldama Ravine, Baringo County, was initially founded to serve teachers but has since expanded to include salaried employees, farmers, business owners, corporate entities, and diaspora members. Its mission, “To Mobilize Savings and Provide Quality Financial Solutions to Members,” is underpinned by core values such as integrity, customer focus, innovation, and professionalism. With a motto of “United We Prosper,” Boresha SACCO has become a financial provider of choice, offering affordable loans, competitive dividends, and innovative digital banking solutions like the M-Boresha mobile platform.
Key Highlights of Boresha SACCO
- Founded: August 31, 1976
- Membership: Over 100,000 active members
- Asset Base: Kshs. 10.1 billion (as of December 2022)
- Share Capital: Kshs. 6.1 billion
- Loan Portfolio: Kshs. 9.1 billion
- Savings/Deposits: Kshs. 6.9 billion
- Branches: 19 across Baringo, Nakuru, Uasin Gishu, Nandi, Laikipia, Elgeyo-Marakwet, and Trans-Nzoia counties
- Regulation: Licensed by SASRA for deposit-taking business
- Digital Platform: M-Boresha mobile banking via USSD code *434#
Boresha SACCO Branches and Contact Information
Boresha SACCO operates 19 branches across Kenya, strategically located to serve members in Baringo County and neighboring regions. The SACCO also maintains a marketing office in Kamwosor to enhance outreach. Below is a detailed list of Boresha SACCO branches and their contact information, ensuring members can easily access services.
Branch Locations
- Eldama Ravine (Head Office)
- Address: Teachers Plaza, P.O. Box 80-20103, Eldama Ravine, Baringo County
- Role: Coordinates the entire branch network and serves as the administrative hub.
- Kabarnet
- Address: Mwalimu Plaza, Kabarnet, Baringo County
- Significance: Houses one of the SACCO’s flagship buildings, constructed with member equity shares.
- Marigat
- Location: Baringo County
- Note: Plans for a multimillion Marigat Plaza are underway, approved at the 2020 Annual Delegates Meeting.
- Mogotio
- Location: Baringo County
- Purpose: Serves members in the Mogotio Sub-County.
- Kabartonjo
- Location: Baringo County
- Focus: Supports local members with savings and credit services.
- Mochongoi
- Location: Baringo County
- Accessibility: Caters to rural members in the region.
- Barwesa
- Location: Baringo County
- Services: Offers deposit-taking and loan services.
- Eldoret
- Location: Uasin Gishu County
- Reach: Serves members in the North Rift region.
- Chemolingot
- Location: Baringo County
- Community Impact: Enhances financial inclusion in remote areas.
- Nakuru
- Location: Nakuru County
- Significance: Serves the fast-growing Central Rift region.
- Kapsabet
- Location: Nandi County
- Purpose: Supports members in Nandi and surrounding areas.
- Tenges
- Location: Baringo County
- Status: Upgraded from a satellite office to a fully-fledged branch.
- Kisanana
- Location: Baringo County
- Status: Upgraded to a full branch to enhance service delivery.
- Mumberes
- Location: Baringo County
- Accessibility: Provides convenient access for local members.
- Kipsaraman
- Location: Baringo County
- Focus: Supports agricultural and business communities.
- Rumuruti
- Location: Laikipia County
- Expansion: Extends services to Laikipia members.
- Iten
- Location: Elgeyo-Marakwet County
- Status: Upgraded from a marketing desk in 2020.
- Kitale
- Location: Trans-Nzoia County
- Purpose: Serves members in the Trans-Nzoia region.
- Kamwosor (Marketing Office)
- Location: Elgeyo-Marakwet County
- Role: Facilitates member recruitment and outreach.
Contact Information
- Main Contact: +254-0111-043400
- Alternative Contacts: +254-720-200689, +254-734-200004
- Email: info@boreshasacco.co.ke
- Website: www.boreshasacco.co.ke
- Facebook: Boresha DT SACCO Society LTD
- Operating Hours:
- Monday to Friday: 08:00 AM – 05:00 PM
- Saturday: 08:00 AM – 12:00 PM
Members can also access services through the M-Boresha mobile banking platform by dialing *434# for account inquiries, loan applications, and bill payments. The SACCO’s partnership with Co-operative Bank enables members to use SACCOLINK Visa-branded debit cards at ATMs.
Share Capital and Equity Shares at Boresha SACCO
Boresha SACCO’s share capital and equity shares are central to its financial structure, enabling members to own a stake in the SACCO while contributing to its growth and stability. Understanding these components is crucial for members looking to maximize their benefits.
What is Share Capital?
Share capital represents the core equity of Boresha SACCO, divided into affordable shares priced at Kshs. 100 each. Every registered member must hold at least one share, making them a co-owner of the SACCO. As of December 2022, Boresha SACCO’s share capital stands at Kshs. 6.1 billion, reflecting significant member investment.
Eligibility for Purchasing Shares
- Existing Members: Salaried, Kilimo (farmers), Biashara (business owners), and corporate members.
- New Members: Must first register as members before purchasing shares.
Minimum Share Requirements
- Salaried Members: Minimum of 300 shares (Kshs. 30,000)
- Kilimo or Biashara Members: Minimum of 30 shares (Kshs. 3,000)
- Institutions/Groups: Minimum of 50 shares (Kshs. 5,000)
- Note: No single member can own more than one-fifth of the total share capital, ensuring equitable ownership.
Benefits of Share Capital for Members
- Guaranteed Dividends: Shares earn a minimum of 10% dividends annually, with a 12% rate paid in 2022.
- Value Growth: Share value increases with the SACCO’s growth.
- Ownership Pride: Members become part-owners of a stable and reputable SACCO.
- Inheritance: Shares can be transferred to future generations.
- Access to Products: Members enjoy affordable loans and flexible services.
- Transferability: Shares can be sold or transferred to other members via the SACCO.
Benefits of Share Capital for the SACCO
- Financial Growth: Funds SACCO operations and expansion.
- Reduced Borrowing Costs: Minimizes reliance on high-interest bank loans.
- Improved Liquidity: Ensures adequate funds for lending.
- Product Development: Enables innovation in services like M-Boresha.
- Membership Growth: A strong capital base attracts new members.
Equity Shares
Equity shares are contributions primarily by salaried members, used to fund infrastructure projects like Teachers Plaza and Mwalimu Plaza. These shares are distinct from regular share capital and have specific features.
Key Features of Equity Shares
- Minimum Contribution: Kshs. 25,000 (25 shares at Kshs. 1,000 each).
- Maximum Contribution: Kshs. 200,000.
- Contribution Method: New members contribute Kshs. 500 monthly via check-off after three months of membership.
- Non-Withdrawable: Equity shares cannot be withdrawn but can be transferred to another member or next of kin.
- Annual Bonus: Equity shareholders receive a bonus at year-end.
Impact of Equity Shares
Equity shares have facilitated the construction of flagship buildings, enhancing the SACCO’s ability to offer Front Office Services Activity (FOSA) and expand its operational capacity.
Savings and Deposits
Savings and deposits are the backbone of Boresha SACCO’s financial model, enabling members to build wealth while accessing credit. Members contribute 10% of their basic pay monthly via check-off, and these savings are withdrawable with certain conditions.
Benefits of Savings/Deposits
- Future Investment: Savings can be withdrawn fully or partially upon retirement, though members are encouraged to remain active for continued benefits.
- Interest Earnings: Deposits earn annual interest, with loan interest redistributed as a percentage of savings or shares.
- Welfare Benefits: In case of a member’s demise, loans are written off, and savings in the back office (COSA) are doubled and paid to the next of kin, alongside bereavement claims for family members.
- Membership Rights: Savings grant ownership and decision-making rights in the SACCO.
- Loan Security: Savings serve as collateral for personal loans and guarantees for other members’ loans.
- Self-Guarantee: Members with substantial savings can self-guarantee loans.
Boresha SACCO’s Role in Financial Inclusion
Boresha SACCO has significantly impacted Kenya’s financial landscape by promoting savings and providing affordable credit. Its recognition as the best cooperative society in Baringo County in 2019 by the Kenya Union of Savings and Credit Cooperative Limited (KUSCCO) underscores its excellence in service delivery and product diversification.
Key Achievements
- Membership Growth: From 10 members in 1976 to over 100,000 today.
- Digital Innovation: The M-Boresha platform allows members to check balances, apply for loans, and pay bills conveniently.
- Community Impact: Supports microeconomic growth through loans for development, school fees, and agriculture.
- Awards: Recognized for quality service and product diversification in 2019.
- Infrastructure Development: Owns Teachers Plaza and Mwalimu Plaza, with plans for Marigat Plaza.
Digital Banking with M-Boresha
The M-Boresha mobile banking platform, accessible via *434#, has revolutionized member services. Recent posts on X highlight its convenience for sending money, paying bills, and saving from anywhere, making financial management seamless.
How to Join Boresha SACCO
Joining Boresha SACCO is straightforward and open to salaried individuals, farmers, business owners, corporate entities, and diaspora members. New members must:
- Register with the SACCO.
- Purchase at least one share (Kshs. 100).
- Contribute monthly savings (10% of basic pay for salaried members).
- After three months, contribute to equity shares (Kshs. 500 monthly via check-off).
Membership provides access to loans, dividends, and welfare benefits, fostering long-term financial security.
Why Choose Boresha SACCO?
Boresha SACCO stands out due to its:
- Strong Financial Base: Kshs. 10.1 billion in assets and Kshs. 6.1 billion in share capital.
- Competitive Dividends: 12% dividend rate in 2022.
- Extensive Network: 19 branches across multiple counties.
- Innovative Services: M-Boresha and SACCOLINK Visa debit cards.
- Community Focus: Supports diverse groups, including farmers and diaspora members.
Boresha SACCO Society Limited is a cornerstone of financial empowerment in Kenya, offering a wide range of services through its 19 branches and digital platforms. With a strong capital base, competitive dividends, and a commitment to member welfare, Boresha SACCO is an ideal choice for those seeking financial stability and growth. Whether you’re a salaried employee, farmer, or business owner, Boresha SACCO provides the tools to save wisely, borrow affordably, and prosper together.
