Kenya Highlands Sacco society limited was registered as Belgut Tea Growers Sacco on 8th august 1991 under the Ministry of Co-operatives Development and Marketing with majority of members being tea growers from the tea catchments areas of Tegat, Momul, Toror and Kapchebet tea factories in the then Kericho District.
The Sacco has since grown and is currently ranked as one of the leading rural Saccos in the republic of Kenya having been ranked the 1st Rural Sacco in the republic in 2004 and second in the year 2005.
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| Kenya Highlands Sacco society limited |
Today Kenya Highlands Sacco society limited has a total of 34,028 members who all have accounts at the FOSA that was established in 1997.
Kenya Highlands Sacco society limited Fosa Products:
Ordinary Savings Account
• Minimum balance of Ksh 500 required
• A minimum balance of Ksh 10,000 starts attracting an interest
• Negotiable interest rates
• Withdrawals done on more than seven (7) days after a previous withdrawal attract no charge
Children's Savings Account
• Minimum balance of Ksh 300
• Minimum Interest bearing amount of Ksh 1,000
• Negotiable interest rate
• Withdrawals allowed every three months
Lengut Savings Account
• Minimum balance of Ksh 1,000
• A minimum balance of Ksh 10,000 starts attracting an interest
• Negotiable interest rates
• Withdrawals done on more than seven (7) days after a previous withdrawal attract no charge
Fixed Deposit Account
• Minimum deposit of Ksh 20,000
• Interest guaranteed
• Negotiable interest rate
Group Savings Account
• Minimum balance of Ksh 1,000
• A minimum balance of Ksh 10,000 starts attracting an interest
• Negotiable interest rates
• Withdrawals done on more than seven (7) days after a previous withdrawal attract no charge
• Group members who must be account holders have access to credit facilities
Institutional Accounts
• Minimum balance of Ksh 1,000
• A minimum balance of Ksh 10,000 starts attracting an interest
• SACCO cheque book issued for withdrawals
• Unrestricted withdrawals
Salary Advance
• Pricing; 18% per annum Straight Line
• Payable in 1 month
• Only members are eligible
• 3 guarantors required
• Given on average income for 12 months
• Salary must have been channelled through account for at least 6 months
Special Salary Advance
• Pricing; 2% per Month
• Payable in 4 months
• The salary shall be processed through the society
• Guarantors required
• Shares and deposits in the society shall be used to offset loan of default
• Employer will carry out deductions for the 4 months
Salary Loan
• Payable in 3-12 months
• 1% appraisal fee
• 1% risk management fee
• For non-members of the society who are either on permanent or casual employment
• Salary must be processed through the Sacco
• Deductions to be carried out by the employer
• Guaranteed by two other members of the society
• Guaranteed by 3 workmates who have accounts with the Sacco
• 2/3 of the total value produced must have passed through the society in the last 4 months
Kenya Highlands Sacco society limited BOSA
Back Office Savings Account (BOSA) involves the SACCO's back office departments that deal with products and services that require a due process in order to access. Products such as loans require sufficient documentation as well as other security aspects such as guarantors before members are allowed to access them.
Normal/Development Loan
• Pricing; 1.25% per month reducing balance
• Payable in 2 years
• Only members are eligible
• Loan worth 3 times of the shares and subject to productivity can be issued
• Repayment is in 2 instalments of the final bonus
School fees loan
• Pricing; 1.25% per month reducing balance
• Payable in 1 year
• Minimum of 6 months as a member
• Income must have been channelled through the society for the last 6 months
• Loan worth 3 times of the shares or savings the member has can be issued
• School fees structure needs to be remitted
Emergency Loan
• Pricing; 1.25% per month reducing balance
• Payable in 1 year
• For members only
• Urgent cases of unforeseen events relating to hospitals bills, court cases, accidents
• Membership of at least 6 months required
• Minimum contribution of Ksh 1,000
• 3 times of the amount of shares up to a maximum loan of Kshs 20,000
Group Loan
• Pricing; Interest rate 16%
• Payable in 3-12 months
• Regular savings at the rate of 4% of the loan taken monthly
• Read Micro-Finance for registered groups for more information
Special Crop Advance
• Pricing; Interest of 8%
• Payable in 4 months
• Members and account holders are eligible
• Farm income must have been processed through the SACCO for at least 3 months
Booster Loan
• Pricing; 2% interest rate across all amounts
• Used by members to clear outstanding loans in order to qualify for a bigger loan
• All members qualify as long as they have cleared more than three quarters of the outstanding loan
Bima Loan
• Available to all customers with regular income
• Used to secure medical insurance cover from NHIF in partnership with Co-operative Insurance Company
Investment Products
Ordinary Shares
• All members must invest in shares
• Minimum permissible shares are 50 shares each valued at Ksh 20
• Benefits; Guaranteed dividends every year and the shares can be used as collateral while taking a loan
Group Shares
• Members of registered groups can invest in these shares
• Each group must have 10 - 20 members as directed in the Micro-credit policy
• Benefits; Guaranteed dividends every year and the shares can be used as collateral while taking a loan
Building Shares
• The SACCO building is owned by the members through building shares
• Value of each share is Ksh 100
• A member wishing to purchase building shares must invest a minimum of Ksh 2,000
• Benefit; Guaranteed dividends annually
Non-Withdrawal Deposits
• Individual members can buy into the SACCO's non-withdrawal deposits.
• Benefits; Guaranteed dividends annually and the shares can be used as collateral while taking a loan.
Kenya Highlands Sacco society limited Contacts.
Temiik House
Kapsoit Centre, along Kericho - Kisumu Road
P.O Box 2085
Kericho,Kenya