Dumisha Sacco Society Ltd is a well-established savings and credit cooperative society (Sacco) located in Maralal, Samburu County, Kenya.
A Sacco is a member-owned financial institution that provides savings, credit, and investment opportunities to its members, fostering economic growth and financial inclusion. Since its registration in 1980, Dumisha Sacco has grown significantly, transforming the financial landscape for its members and the community it serves.
With branches in Baragoi and Wamba, the Sacco has become a financial cornerstone by offering tailored financial solutions, including affordable loans, flexible savings plans, and responsive customer service. These services have significantly benefited employees of the Teachers Service Commission (TSC), county government workers, and members of the business community by enabling them to access credit, build savings, and invest in their financial futures.
Below is an in-depth guide to the services, membership requirements, loan products, and contact details of Dumisha Sacco, highlighting why these aspects are essential for potential members or readers. Understanding the Sacco’s offerings and joining requirements can help members make informed decisions and take full advantage of the financial solutions available to them.
A Brief History of Dumisha Sacco
Founded in 1980, Dumisha Sacco started with a modest membership base of about 50 individuals, primarily teachers employed by the Teachers Service Commission. Over the years, its membership has expanded to include county government employees and business professionals. By 2014, Dumisha Sacco boasted approximately 1,000 members, a testament to its reliability and commitment to financial empowerment.
The Sacco’s steady growth is attributed to its strategic approach to providing innovative financial products and services tailored to meet its members’ needs. Operating in Samburu County, an area often underserved by traditional banks, Dumisha Sacco has become a crucial financial ally for its members.
How to Join Dumisha Sacco
Joining Dumisha Sacco is a straightforward process designed to accommodate members from diverse professional backgrounds. Here are the steps to becoming a member:
- Visit a Branch: Prospective members can visit any of the Sacco’s branches in Maralal, Baragoi, or Wamba for guidance on registration.
- Online Application: Membership forms can also be accessed via the Sacco’s official website or by contacting them through their email or phone.
- Provide Necessary Documentation: Requirements include a copy of your national ID, a completed membership application form, and proof of employment or business registration.
- Membership Fee: Pay a one-time membership fee as specified by the Sacco.
- Start Saving: Once registered, members are required to open a savings account and make regular contributions.
Membership Requirements
To qualify for membership in Dumisha Sacco, applicants must meet the following criteria:
- Be an employee of the Teachers Service Commission, county government, or a registered business owner.
- Provide a national ID and recent passport-size photographs.
- Pay the prescribed membership fee.
- Commit to regular monthly savings as agreed upon during registration.
Services and Loan Products
Dumisha Sacco offers a variety of loan products and financial services to cater to the diverse needs of its members. Below is an overview of these offerings:
1. Normal Loans
These are long-term loans designed for members who need substantial funding for personal or business projects. Members can borrow up to three times their savings, with competitive interest rates and flexible repayment periods.
2. Bridge Loans
Bridge loans are short-term financing options ideal for members who require immediate cash while waiting for other funds to be disbursed.
3. Emergency Loans
Emergency loans are processed quickly to address unforeseen financial needs such as medical bills or urgent repairs.
4. Express Loans
These loans are expedited for members who need fast access to cash. Approval and disbursement typically occur within a day.
5. School Fees Loans
Dumisha Sacco understands the importance of education and offers school fees loans to help members finance their children’s education without financial strain.
6. Refinancing Loans
Members with existing loans can apply for refinancing to consolidate their debts or secure additional funds.
7. Loan Advances
Loan advances are available to members in need of small amounts to cater to immediate expenses.
Savings Plans
Members of Dumisha Sacco are encouraged to save regularly to build their financial resilience. The Sacco offers various savings plans tailored to individual needs. Savings contribute to the pool of funds used to disburse loans and earn members annual dividends.
Dividends
Dumisha Sacco rewards its members’ commitment by paying out annual dividends based on the Sacco’s performance. Dividends are calculated as a percentage of the member’s savings and shares, making the Sacco an attractive investment opportunity.
Loan Application Requirements
To qualify for a loan from Dumisha Sacco, members must meet the following requirements:
- Be an active member with consistent savings contributions.
- Provide guarantors who are also Sacco members.
- Submit a duly completed loan application form.
- Have adequate savings to meet the loan qualification criteria.
- Provide proof of income or business activity.
Interest Rates and Repayment
Dumisha Sacco offers competitive interest rates that vary depending on the loan product. Repayment periods are flexible, ranging from a few months to several years, depending on the loan type and amount borrowed.
Branch Locations and Contacts
1. Maralal Branch
- Address: P.O. Box 84 – 20600, Maralal
- Phone: +254729975227
- Email: info@dumishasacco.co.ke
2. Baragoi Branch
- Members in Baragoi can access Dumisha Sacco’s services at their local branch. Contact the Sacco headquarters for specific details about this branch.
3. Wamba Branch
- Similar to Baragoi, Wamba residents can visit the local branch to access Dumisha Sacco’s services.
Why Choose Dumisha Sacco?
Dumisha Sacco stands out for its dedication to empowering its members financially. Below are some reasons why joining the Sacco is a wise decision:
- Community-Centered Approach: By focusing on the needs of its members in Samburu County, Dumisha Sacco ensures that financial solutions are tailored to local realities.
- Reliable Loan Products: The Sacco’s diverse loan offerings address a wide range of financial needs, from emergencies to long-term investments.
- Transparency: Dumisha Sacco is committed to transparent operations, ensuring members’ contributions and investments are handled responsibly.
- Competitive Dividends: Members earn attractive returns on their savings through annual dividend payouts.
- Easy Accessibility: With branches in Maralal, Baragoi, and Wamba, members can access services conveniently.
Future Plans
Dumisha Sacco continues to explore innovative ways to enhance its services and grow its membership. Plans include:
- Expanding its digital footprint by introducing mobile and online banking solutions.
- Opening additional branches to serve members in other parts of Samburu County and beyond.
- Launching new loan products and savings plans tailored to specific demographics, such as youth and women.
Dumisha Sacco Society Ltd is more than just a financial institution; it is a community partner dedicated to empowering its members. With its wide range of financial products, transparent operations, and commitment to growth, Dumisha Sacco continues to be a beacon of hope for its members in Samburu County and beyond. Whether you are looking to save, access affordable loans, or invest in a brighter financial future, Dumisha Sacco is the partner you can trust.
