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Kitui Teachers Sacco Society LimitedKitui Teachers Sacco history: • The society was founded in 1976. • Lending business started in 1978. • It is run by elected committee members and 3 Supervisory members. • Areas of operation – Kitui, Mwingi, Mutomo & Kyuso Districts. ORGANIZATIONAL STRUCTURE • The society is managed by 9 elected committee members; representing 9 electoral zones:-3 from Mwingi/Kyuso and 6 from Kitui / Mutomo. • The 3 supervisory committee members represent Kitui, Mwingi/Kyuso & Mutomo. • The day to day activities of the society are run by 37 members of staff.
FOSA—Front Office Services Activity This is the Financial Section of the Society that was started out of necessity in September, 2001 It was when Multi National Banks left rural areas for Big Towns, raised their minimum balances between Kshs.6,000/= and Kshs. 10,000/= locking out small people, and they swallowed any little amount that come through their Accounts. Members called upon the SACCO to come to their rescue. Annual General Meeting held in April 1999 resolved on setting up the FOSA Section for Members to channel their Salaries through the FOSA’s. The Board /Management responded with speed and saved Teachers and others Officers in Government Departments from Financial Embarrassments. FOSA Kitui and FOSA Mwingi were started simultaneously with lots of difficulties. Thanks to Members who purchased Equity Shares. However, in spite of all shortcomings and challenges, the FOSA Sections have emerged to pose a great challenge to Establish Bank and other Financial Institutions. The competition is stiff and challenging but the SACCO is determined to bring Financial Stability in the Region for the benefit of both Members and the community. FOSA Services offered include:- All financial services: - Deposits, withdrawals, Bankers’ cheques, 3rd party cheque clearance at reasonable Interest/ charges. Prompt salary payments. ATM Sacco link Visa Card Short message service to query Bosa Loans and Fosa Account balances Offering savings deposits through accounts such as: Children Account Medical Account Holiday Account Fixed Deposit Account Salary Account for channeling salary from various employers FOSA LOAN ADVANCES: To qualify: Salary must have come through FOSA for at least 1 months and should continue without changing pay-point.Amount to qualify - Any amount excess of 1000. Guarantorship: Three Active Guarantors who are Account Holders. Processing is immediately They include: a) Salary Advance Duration - Five months Maximum Amount – 30,000 b) Special loan Duration - Ten months Maximum Amount – 60,000 c) Hekima loan Duration- Fifteen months Maximum Amount – 100,000 BOSA LOAN PRODUCTS Kitui teachers SACCO have the following products available to its members. 1. NORMAL LOAN • Loan multiplied X 4 the Savings held. • Repayment period – 48 months • Repayment method – through check off system or standing order. • Interest charged is 1% on reducing balance. 2. SCHOOL FEES • Loan multiplier X 4 the savings held • Repayment period 10 months • Repayment method – Through check off system or standing order. • Interest charged is 1% on reducing balance • Maximum of Ksh. 40,000 3. EMERGENCY LOAN • Loan multiplier X 4 the savings held • Repayment period 10 months • Repayment method – Through check off system or standing order. • Interest charged is 1% on reducing balance • Maximum of Ksh. 40,000 4. INVESTMENT LOAN • Loan multiplier X 4 the savings held • Repayment period 60 months • Repayment method – Through check off system or standing order in case of retirees. • Interest charged is 1.5% on reducing balance • To fill affidavit form 5. NEW MEMBERS INTRODUCTORY LOAN This loan enables SACCO new and rejoining access loan immediately their first share contribution is realized without having to wait for six months. The terms of this product are as follows: • The new members can be granted a loan immediately the one month share/savings contribution is realized. • ¼ of the approved loan shall be retained as savings. Kitui Teachers Sacco Society Limited Contacts: Kitui Teachers Sacco Plaza, Along Kalundu Road, Kitui. P.O.Box 254 – 90200, Kitui. Email: Kituiteachers@Jambo.Co.Ke Info@Kituiteacherssacco.Coop Tel: 044-4422721 FAX: 044-4422221
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