Tembo Sacco, established in 1972, has grown into a robust deposit-taking Savings and Credit Co-operative Society (Sacco). Originally formed to serve employees of East Africa Breweries Limited, Tembo Sacco has expanded to offer its services to all sectors. With over 4,000 members and an asset base of more than Ksh 4.91 billion, Tembo Sacco continues to provide a variety of financial products designed to meet the needs of individuals, groups, and corporates.
List of Tembo Sacco Products
Tembo Sacco offers a range of products under two main categories: Back Office Savings Activities (BOSA) and Front Office Service Activity (FOSA). These products are tailored to help members save, invest, and access affordable credit.
A. BOSA Products
BOSA products focus on helping members grow their savings while providing access to various credit facilities.
- Share Capital
- Represents ownership in the Sacco and is a requirement for all members.
- Non-withdrawable but transferable to another member.
- The minimum share capital is Ksh 20,000 (1,000 shares at Ksh 20 each).
- Returns on this product average at 20% per year.
- Sacco Deposits Contribution
- Monthly savings with a minimum contribution of Ksh 1,000.
- Deposits act as multipliers for loans and can be used to guarantee other members’ loans.
- Interest on deposits is up to 11.5% annually.
- BOSA Special Savings
- A long-term savings plan for goals like holidays, school fees, weddings, or home construction.
- Minimum monthly contribution is Ksh 500.
- Interest rate of 10% paid semi-annually.
- Withdrawals allowed once a year with 30 days’ prior notice.
- Benevolent Fund
- Provides insurance cover for members and their immediate family against death.
- Available to members with the mandatory share capital of Ksh 20,000.
B. BOSA Credit Products
Tembo Sacco offers a wide variety of credit products to cater to different financial needs. These loans come with attractive interest rates and flexible repayment terms.
- Long-Term Loans
- Jumbo Plus Loan: Available to permanently employed members with salaries remitted through the Sacco. Loan amount up to 5 times the savings, with an interest rate of 1.25% per month and a repayment period of up to 84 months.
- Jumbo Loan: Up to 4 times the member’s deposits. Repayable within 60 months at an interest rate of 1.25% per month.
- Normal Loan: Up to 3 times the member’s shares or deposits. Repayment term up to 48 months with an interest rate of 1% per month.
- Medium-Term Loans
- Jisort Loan: Loan amount up to Ksh 500,000. Interest rate of 3% per month on a reducing balance, repayable within 24 months.
- Jijenge Loan: Between Ksh 500,000 and 1,000,000, repayable over 36 months at an interest rate of 1.5% per month.
- Car Loan
- Up to Ksh 2 million with a repayment period of 36 months at 1.5% per month on a reducing balance.
- Short-Term Loans
- Jienjoy Loan: Maximum loan of Ksh 100,000, with top-ups allowed and a 5% fee on the loan balance. Interest rate of 12% per month on a reducing balance.
- Emergency Loan: Up to Ksh 200,000 with an interest rate of 1% per month, repayable within 12 months.
- Express Loan: Loan amount up to Ksh 200,000, with top-ups allowed and a 5% fee. Interest rate of 5% per month, repayable within 12 months.
- M-Tembo Loan: Instant loans via mobile platform, with amounts based on the member’s credit score. Interest rate of 6% per month, repayable within 30 days.
- Salary Advance: Available to salaried individuals, with a maximum of 50% of the net salary advanced at a 2% interest rate.
C. FOSA Products
Tembo Sacco also offers products under FOSA, which allow members to access their funds and manage their financial transactions more conveniently.
- FOSA Savings Account
- Open to any member with a BOSA account.
- Allows unlimited deposits and withdrawals with a minimum balance of Ksh 1,000.
- Linked with mobile and ATM services.
- Salary Account
- For members whose salary is remitted through the Sacco.
- Minimum balance of Ksh 100 and linked to mobile and ATM services.
- Hekima Account
- A special savings account that allows withdrawals up to 3 times a year.
- Earns interest of 10% per annum on a prorated basis.
- Fixed Deposit Account
- Minimum deposit of Ksh 50,000.
- Interest rates are negotiable and depend on market rates.
Tembo Sacco Banking Facilities
Tembo Sacco also offers various banking services including:
- Standing orders
- Cheque clearing
- Bankers cheques
- ATM cards
- EFTs
- M-Pesa services (Paybill service)
Tembo Sacco Branches
Tembo Sacco operates from its head office located at Tembo Sacco Plaza, Garden Estate Road, Nairobi. The Sacco also provides banking services through its FOSA branches across various regions, ensuring members can easily access financial services.
Contacts:
- Phone: +254 722 99 24 69 / 020 26 03 334
- Email: info@tembosacco.co.ke
With a broad range of financial products and services, Tembo Sacco continues to provide solutions that cater to the financial needs of its growing membership across Kenya.
