Savings refers to non – withdrawable monthly contributions that accumulate over time and which earn a member interest or dividends and / or enables him/her to access credit facilities. A member may only withdraw his/her savings on termination of membership to the Society.
The program maintains separate bank accounts for adults and minors.
Remittance of contributions is through Mpesa Paybill services for convenience. Our Mpesa Paybill accounts are C2B, which means that the customer meets transaction charges for any transaction originated by him/her. Members receive, real time, a system generated acknowledgement of receipt of funds and subsequent update of personal accounts.
Our paybill numbers are as follows:
- Minor’s account Paybill No: 868900
- Adults Account Paybill No: 848700
The process of payment using M-Pesa Pay bill service is detailed below under “How It Works”.
Members are able to monitor the performance of their accounts online and to query the system, again real time, for individual account status.
Types of Savings Schemes available
The program provides for 3 types of savings Schemes:
a) Adult Member Savings: Adult members save a minimum of Kshs. 600 monthly.
b) Minors’ Savings Program: Minors save a minimum amount of Kshs. 500 per month.
c) Value Add Savings Schemes: The SACCO facilitates voluntary savings for other Value Add services such as education and medical.
Savings in the above schemes is voluntary. A member must apply to save on a particular program by completing and submitting relevant application forms for due consideration and approval.
All deposits / savings for the prevailing month are due on the 8th of the month. A penalty is chargeable for late payments and is automatically effected at midnight on the 10th of every month.
How You Can Save
A member may realize savings through any of the following approaches:
- Monthly deposits
- Upward share variations
- Lumpsum cash and / or cheque deposits
- Dividend reinvestment as savings
- Children further grow their individual accounts through interest and/or annual dividends from deposits / loans and other targeted investments as these are ploughed back to their accounts hence compounded growth.
Benefits of Saving
- Member earns an annual interest or dividends on their savings therefore a good investment
- Enables member to access larger / multiple credit facilities which may be guaranteed by self or other SACCO adult members
- A vehicle for savings towards future financial preparedness e.g. personal development, retirement, unemployment hence peace of mind and improved self esteem
- Savings account statement can be used to apply for other services like Visas.
In case of bulk deposits, appropriate policies with regard to credit and dividend computation apply.