Tembo Sacco: Financial Products and Contact Information

Overview

Founded in 1972 to serve employees of East African Breweries Limited, Tembo Sacco has grown into a leading deposit-taking Savings and Credit Co-operative Society in Kenya, now open to members from all sectors. With an asset base exceeding KES 4.91 billion and a membership of over 4,000, Tembo Sacco offers a diverse range of financial products to empower its members. Its head office is located at Tembo Plaza along Garden Estate Road in Nairobi.

Financial Products

Tembo Sacco provides a comprehensive suite of Back Office Service Activity (BOSA) and Front Office Service Activity (FOSA) products to support members’ savings and credit needs.

BOSA Products

Savings Products

1. Share Capital

• Description: Represents member ownership in the Sacco, non-withdrawable but transferable to another member upon exit.
• Features:
  • Minimum: KES 20,000 (1,000 shares at KES 20 each)
  • Average annual return: 20%

1. Sacco Deposits Contribution

• Description: Refundable savings upon exit with 60 days’ notice, used as loan multipliers or to guarantee loans.
• Features:
  • Minimum monthly contribution: KES 1,000
  • Annual interest: Up to 11.5%

1. BOSA Special Savings

• Description: For long-term goals like holidays, construction, school fees, or weddings.
• Features:
  • Minimum monthly contribution: KES 500
  • 10% interest, paid semi-annually (July and January)
  • Withdrawals once yearly with 30 days’ notice

1. Benevolent Fund

• Description: Insurance policy covering death for members and immediate family.
• Eligibility: Requires minimum share capital of KES 20,000

Loan Products

Long-Term Loans

1. Jumbo Plus Loan

• Description: For permanent employees with salaries channeled through Tembo Sacco.
• Features:
  • Up to 5 times savings
  • 1.25% monthly interest (reducing balance)
  • Repayment up to 84 months
  • Requires full guarantorship, allows top-ups

1. Jumbo Loan

• Description: General long-term loan.
• Features:
  • Up to 4 times savings
  • 1.25% monthly interest
  • Repayment up to 60 months
  • Minimum 3 guarantors, insured against death/disability

1. Normal Loan

• Description: Standard loan for members with 6 months’ consistent contributions.
• Features:
  • Up to 3 times savings
  • 1% monthly interest
  • Repayment up to 48 months
  • Requires guarantors or collateral, allows top-ups

Medium-Term Loans

1. Jisort Loan

• Description: Quick-access loan up to KES 500,000.
• Features:
  • 3% monthly interest
  • Repayment up to 24 months
  • Minimum 3 guarantors, same-day processing via FOSA

1. Jijenge Loan

• Description: For members on check-off system, KES 500,000–1,000,000.
• Features:
  • 1.5% monthly interest
  • Repayment up to 36 months
  • 5% top-up fee, KES 1,000 processing fee

1. Car Loan

• Description: Up to KES 2,000,000 for vehicle purchase.
• Features:
  • 1.5% monthly interest
  • Repayment up to 36 months
  • Minimum 3 guarantors

1. Hisa Loan

• Description: For acquiring corporate center shares.
• Features:
  • 15% annual interest
  • Repayment up to 36 months
  • No guarantors required

Short-Term Loans

1. Jienjoy Loan

• Description: Up to KES 100,000, self-guaranteed.
• Features:
  • 12% monthly interest
  • Repayment within 1 month
  • 5% top-up fee, same-day processing via FOSA

1. Emergency Loan

• Description: Up to KES 200,000 for urgent needs.
• Features:
  • 1% monthly interest
  • Repayment up to 12 months
  • Minimum 3 guarantors, no top-ups

1. Express Loan

• Description: Up to KES 200,000, available to new members.
• Features:
  • 5% monthly interest
  • Repayment up to 12 months
  • 5% top-up fee, KES 500 processing fee

1. M-Tembo Loan

• Description: Instant mobile loan via M-Tembo platform.
• Features:
  • 6% monthly interest
  • Repayment within 30 days
  • No guarantors, 6% penalty on default

1. Salary Advance

• Description: For salaried members, up to 50% of net salary.
• Features:
  • 2% monthly interest
  • Deducted upon salary receipt
  • Available from the 15th of each month

FOSA Products

1. FOSA Savings Account

• Description: Flexible account for BOSA members.
• Features:
  • Minimum balance: KES 1,000
  • Linked to mobile and ATM services
  • Unlimited deposits/withdrawals

1. Salary Account

• Description: For members with salaries channeled through the Sacco.
• Features:
  • Minimum balance: KES 100
  • Linked to mobile and ATM services

1. Hekima Account

• Description: Limited-withdrawal savings account.
• Features:
  • 10% annual interest (prorated)
  • Minimum balance: KES 1,000
  • Up to 3 withdrawals per year

1. Fixed Deposit Account

• Description: Investment savings with negotiable rates.
• Features:
  • Minimum deposit: KES 50,000
  • Interest based on market and bank rates

Banking Facilities

• Standing orders
• Cheque clearing
• Bankers’ cheques
• ATM cards
• Electronic Funds Transfers (EFTs)
• M-Pesa services
• Paybill service

Branch and Contact Information

Tembo Sacco operates from its head office in Nairobi:

Head Office: Tembo Plaza, Garden Estate Road, Nairobi
Phone: +254 722 992 469, 020 260 3334
Email: [email protected]

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