Simba Chai Sacco, one of Kenya’s leading deposit-taking savings and credit cooperative organizations, has its roots in the accounts department of Unilever Tea Kenya Limited (now Ekatera Tea). Established on 17th May 1977 as Kericho Hesabu, the Sacco rebranded in 2009 following a resolution by its delegates, adopting the name Simba Chai Sacco. Today, Simba Chai Sacco boasts an asset base of over Ksh 1.96 billion and is regulated by the Sacco Societies Regulatory Authority (SASRA). This article delves into the eligibility criteria, membership requirements, and the wide range of financial products offered by Simba Chai Sacco.
Simba Chai Sacco Membership Eligibility
Simba Chai Sacco’s membership is diverse, targeting individuals and entities involved in various economic activities. The following groups are eligible to join the Sacco:
- Permanent Employees of Unilever Tea Kenya (Ekatera Tea): The Sacco was founded by employees of Unilever Tea, and permanent staff members continue to be a key part of its membership base.
- Farmers: Individuals engaged in farming activities within the Sacco’s area of operation can become members and enjoy tailored financial services.
- Business People: Entrepreneurs and business owners who seek financing solutions and savings opportunities are welcome to join.
- Corporate Clients: Organizations seeking financial services for their employees or operations are eligible for Simba Chai Sacco membership.
- Schools: Educational institutions looking to streamline financial management and savings can become members.
- Micro-Credit Groups and Chamas: Informal savings groups, commonly known as Chamas, and micro-credit groups can join and benefit from collective savings and loan products.
Simba Chai Sacco Membership Requirements & Qualifications
To become a member of Simba Chai Sacco, individuals or organizations must meet specific requirements and fulfill the necessary qualifications. The key membership criteria include:
- Entrance Fee & Share Capital: Prospective members must pay an entrance fee of Ksh 1,000 and purchase at least 100 shares, with each share valued at Ksh 20.
- Field of Membership: Members must fall within the Sacco’s defined common bond, meaning they should be employed or conduct business within the Sacco’s area of operation.
- Age Requirement: Applicants must be at least 18 years old.
- Residency or Land Occupation: Members must reside, work, or occupy land within the Sacco’s operational area.
- Employment or Business: The applicant should either be employed or running a business within the society’s operational area, thus contributing to the local economy.
- Sacco Employee or Related Investment: Employees of Simba Chai Sacco or its related investments are eligible to join.
- Immediate Family Members: Immediate family members of existing primary members can also apply for membership, fostering a sense of community within the Sacco.
- Good Character & Sound Mind: Prospective members must demonstrate good moral character and be of sound mind.
Simba Chai Sacco Products
Simba Chai Sacco offers a wide array of products and services to cater to the diverse needs of its members. These products are divided into two main categories: Back Office Service Activity (BOSA) and Front Office Service Activity (FOSA).
BOSA Products
- Normal Loan: Designed for personal or business development, providing access to large sums repayable over a longer period.
- School Fees Loan: Tailored to meet the education expenses of members’ children, easing the financial burden of schooling.
- Hybrid Savings: A savings product that allows members to grow their wealth while earning interest on their deposits.
- Emergency Loan: A quick-access loan facility for urgent and unexpected needs, such as medical emergencies.
- Loan Difference: Enables members to top up their existing loans, provided they meet the repayment terms.
- Instant Loan: A short-term loan facility for members requiring quick access to funds.
- Holiday Savings: Designed to help members save specifically for vacations or festive periods.
- School Fees Savings: A dedicated savings account for school-related expenses.
- Leave Savings/Retirement: Encourages members to save for retirement or extended leave periods.
FOSA Products
- Savings Account: A flexible account for members to deposit and withdraw funds.
- Fixed Deposit Account: Allows members to earn interest on fixed-term deposits.
- Overdraft Facilities: Provides access to funds beyond the available balance in the account.
- Simba Junior Account: A savings account designed for children, fostering early financial literacy.
- Corporate Account: A specialized account for organizations and corporate clients.
- Salary Processing: Simplifies payroll management for corporate clients by processing employee salaries.
- Salary Advance: Enables employees to access a portion of their salary in advance.
- Sacco Link: Provides members with access to financial services through a Sacco-branded ATM card.
- Laptop Loan: A product aimed at financing the purchase of laptops for members.
- M-Pesa and Mobile Banking: Members can perform transactions via mobile platforms, including M-Pesa.
- Flex Salary Advance: A flexible salary advance facility for employees.
- Solar Products: Facilitates the purchase of solar equipment through financing.
- Bankers Cheque: Offers cheque issuance services to members.
Savings Products
- FOSA Savings: A range of savings options for individuals looking to grow their wealth.
- Holiday Savings: A product aimed at helping members save for holidays and special occasions.
- School Fees Savings: A dedicated savings account for school-related expenses.
- Salary Processing: Provides salary management services for corporate clients.
Investments
Simba Chai Sacco also invests in various sectors, providing members with opportunities to grow their wealth through:
- Safaricom SIMEX: Investment in Safaricom, one of Kenya’s leading telecommunications companies.
- Shares in KCB: Members can benefit from Simba Chai Sacco’s investments in Kenya Commercial Bank.
- Shares in Co-operative Bank: Investment in one of Kenya’s top-tier cooperative banks.
- Shares in KUSCCO: Investment in the umbrella body of Saccos in Kenya.
- Shares in CIC: A chance to invest in CIC Insurance, a leading insurance provider.
Simba Chai Sacco Contact Information
For members and prospective members, Simba Chai Sacco can be reached through the following contact details:
- Head Office: Brooke Centre, Kericho Town.
- Contacts: 0708 005 555 / 0722 232 507.
Simba Chai Sacco remains committed to providing its members with accessible financial products and fostering economic growth in its community. For more information on membership and products, visit their offices or contact them via phone.
