Ndege Chai Sacco, established in 1978, has grown into a leading deposit-taking co-operative society in Kenya. With over 66,000 active members and an asset base exceeding Ksh 4.27 billion, the Sacco provides its members with opportunities to save and access affordable loans to improve their economic and social welfare. In 2011, it was licensed as a deposit-taking Sacco, further strengthening its financial service offerings.
Ndege Chai Sacco Membership Eligibility
Ndege Chai Sacco operates under an open bond of association, meaning it welcomes members from various sectors of the economy. The following groups are eligible to join the Sacco:
- Employees of Finlays (countrywide)
- Local tea factories
- Spouses of existing members
- Employees of tea companies
- Private security firms
- County government staff
- NGOs
- Members of the business community
- Farmers and outgrowers
- Staff from recreational clubs and hotels
- Approved business entrepreneurs and institutions
This diverse membership base provides a wide range of financial services and products that cater to different income sources, helping members meet their financial goals and improve their livelihoods.
Ndege Chai Sacco Membership Admission Process
To become a member of Ndege Chai Sacco, one must be accepted through a majority vote by the Sacco’s Board of Directors. Once accepted, the new member must fulfill the following requirements:
- Entrance Fee: Pay the prescribed entrance fee as set out in the Sacco’s membership policy.
- Share Capital: Pay the full share capital of Kshs 5,000, equivalent to 50 shares at Kshs 100 each.
Once these requirements are met, members can enjoy the full rights and privileges of the Sacco, including access to its wide array of savings and loan products.
Benefits of Joining Ndege Chai Sacco
By joining Ndege Chai Sacco, members enjoy numerous benefits, including:
- Access to affordable loans: The Sacco offers various loan products to help members achieve financial growth.
- Savings opportunities: Through a range of savings products, members can save and invest wisely for the future.
- Salary and deposit channeling: Members can use their Sacco accounts to receive salaries and business payments, making transactions easier.
- Financial literacy: The Sacco offers regular training and information sessions on financial management and growth during member education sessions.
- Advanced technology: The Sacco uses cutting-edge technology to deliver efficient and convenient services to its members.
Ndege Chai Sacco Products
Ndege Chai Sacco provides an array of savings and loan products to meet the diverse needs of its members.
(i). Savings Products
- Akiba Kuu Account: Ideal for long-term savings.
- Children’s Account: Helps parents save for their children’s future.
- Christmas Account: Designed for saving towards holiday expenses.
- Holiday Account: Assists members in planning for vacations.
- Group Savings Account: Perfect for groups such as chamas or investment groups.
- Fixed Deposit Account: Offers high returns on savings with competitive interest rates.
- Personal Account: A standard savings account for individual members.
- Joint Account: Suitable for two or more members looking to pool their savings.
(ii). Loan Products
- Normal Loan: A standard loan for personal or business needs.
- Jipange Loan: Designed to help members with personal projects.
- Seasonal Advance: A loan product tailored to match seasonal income variations.
- Maziwa Loan: Specifically for dairy farmers to grow their businesses.
- Avocado Loan: Tailored for avocado farmers to expand their operations.
- Emergency Loan: Provides quick access to funds during emergencies.
- Green Energy Loan: Supports members investing in renewable energy solutions.
- Boda Boda Loan: For members looking to purchase motorcycles for commercial use.
- Additional Loan: Members can apply for additional loans on top of their existing ones.
- Salary Advance: A short-term loan designed for salaried members.
- Special Advance: A unique loan product for urgent financial needs.
Ndege Chai Sacco Branches and Contacts
Ndege Chai Sacco has a number of branches across Kenya, ensuring its members can access services wherever they are. Here is a list of the main branches:
1. Head Office
- Location: Ndege Chai Building, Kericho.
- Contact: 052 203 0121.
2. Naivasha Branch
- Location: Touchline Arcade, Along Naivasha-Mai Mahiu Highway.
3. Konoin Branch
- Location: Kipkoibet.
4. Silibwet Branch
- Location: Opposite the Kenya Administration Police Post.
Ndege Chai Sacco has built a strong financial foundation with a wide range of products and services to help its members grow financially and achieve their goals. By offering savings, loans, and investment opportunities, the Sacco ensures that its members can access the resources they need to improve their social and economic well-being.
