Joy for Qwetu members as Sacco declares Sh12m dividends

 








Joy for Qwetu members as Sacco declares Sh12m dividends
Qwetu members will be smiling all the way to the bank after the Sacco declared dividends of more than Sh12m.
This represents 13 per cent, with the board of directors at the same time proposing an interest of 9.8 per cent on members long term deposits.
Addressing delegates during this year’s Annual Delegates Meeting at Vacani hotel in the outskirts of Voi township, Sacco chairman Mr Alfred Mlolwa said the Sacco had presented the 2023 budget estimates at this time of the year unlike in the past when the same was done in October.
“The money saved on this activity will be used to empower delegates and board of directors in marketing the Sacco to its members”said Mlolwa.
The chief guest during the event was Mr Daniel Marube, the CEO Coop Alliance of Kenya.
The Sacco chairman pointed out that despite the harsh economic conditions occasioned by the COVID-19 pandemic, the Sacco had continued to record a steady growth , with membership reaching slightly over 52,000.
He pointed out that the society assets had reached well over 3.2 billion in the FY 2022 and was projected to reach 3.6 billion in the 2023 financial estimates.
The Sacco board was thus proposing a growth of 12.5 per cent , equivalent to Sh403m.
“All the growth areas have shown a favorable and satisfactory trend that if maintained, will lead to great stability in the near future” said Mlolwa, adding that the growth in loan portfolio was commensurate with the growth in members' deposits.
“This has ensured that the Sacco continued lending without any liquidity challenges . I therefore encourage our members to increase their deposits at all levels” he said.
Mr Mlolwa at the same time continued to impress upon the members to re-invest part or whole of their interest and dividends as plowback.
He said that due to market dynamics ,the board of directors had reduced all the rates and increased the repayment period to enable members qualify for more loans and enjoy lower rates.
Due to the regulations set out by the government to check the spread of the covid 19, the Sacco had been unable to hold the education to members meetings.
“We hope that for the current year,we shall be able to conduct the exercise , possibly before the general elections” said Mlolwa.
He expressed optimism that the Sacco would occupy their new premises in Voi within the second quarter of this year.
In the supervisory report, chairperson Violet Nyambu pointed out that the Sacco had re-engineered some of its loan products for the benefit of its members.
Among these include Qwetu super loan whose maximum repayment period had been increased to 96 months up from the previous 72 months.
She said that preferential loan term conditions had been reviewed to allow members access the loan at any given time as long as members consent to plowback 50 per cent of interest earned on long term deposits for the entire period of loan repayment.
Repayment period for the same product had been increased to a maximum of 96 months up from 84 months previously.
The benefits for re-engineering the loans include ensuring member retention is achieved by reducing number of loans bought off by banks , improve net salary for members and reducing the number of loan products for ease of marketing.
…end text
ADVERTISING FEATURE
VISION
To be a competitive and reliable provider of market driven financial solutions to its customers
MISSION
To positively impact on the lives of customers through building a dynamic financial institution that provides inclusive market driven financial solutions.
KEY FEATURES
*savings interest rate as high as 10% p.a
*Loans interest rate as low as 1% per month on reducing balance
*Loan repayment period up to 84 months (7 years)
*Loan multiplier of up to 5 times
Terms and conditions apply
MEMBERSHIP
To become a full member:
1. Open and operate a Fosa account with minimum balance of KSh 1,000
2. Pay membership fee of Ksh500
3. Contribute minimum share capital KSh 15,000
4. Contribute Member protection Scheme(MPS) KSh 200 monthly
5. Contribute risk and retirement fund (RRF) Ksh200 monthly
6. Contribute long term deposit monthly
7. Patronize our products and services

QWETU SACCO MEMBERS’ WELFARE
Requirements :
*Be an active member
*Contribute KSh 400 (MPS 200/=, RRF 200/=) monthly
*Contribute for at least 6 months to start benefiting from the scheme
*Appoint nominees and update changes when necessary
*MPS claims produce death certificate or medical report on total incapacitation
*RRF claims produce retirement letter or death notification with proof of relationship to the member
Benefits :
a) Member Protection Scheme(MPS)
*Takes over member obligations in case of demise or total incapacitation
*Offsets of all loans outstanding excluding arrears
*Doubles deceased members’ Bosa deposit to next of kin
*Pays funeral rider of KSh 50,000 for deceased member to next of kin
b) Risk and retirement Fund (RRF)
*Upon retirement of a member a token of KSh 28,500
*In case of demise of a spouse a consolation of KSh 14,500
*In case of demise of a child a consolation of KSh 7,500
In case of demise of member, next of kin consoled with Ksh56,500
*Redeemable upon retirement
FOSA SAVINGS ACCOUNT
Account opening requirements
*Original and copy of national ID card
*Coloured passport size photo
*Minimum opening balance
Dully filled membership form
Account key features :
*SMS alerts
*No monthly maintenance fee
*Deposits via Paybill
*Access via mobile banking
*Free internal standing orders to own
*Earn interest as determined from time to time
1 Ordinary savings account
*Minimum operating balance of KSh 1,000
*Channel salary or pension
*Access advances and Fosa loans
2.Qwetu farmers Account
*Minimum operating balance of KSh 500
*Channel farmers payouts
*Access to agribusiness loans
3. Toto wa Qwetu Account
*Must be below 18 years
*Birth certificate
*Minimum operating balance of KSh 1,000
*Earns 6% p.a interest
*Free branded piggy bank
*Annual fun day
*Maximum withdrawal three times a year
4.Qwetu Jibambe Account
*Minimum operating balance of KSh 1,000
*No minimum operating balance
*Earns 6% p. a interest
*Maximum withdrawal twice per year
*Savings for holiday, tour, wedding, parties etc
5.Qwetu Chama Account
• Group registration certificate
*Minutes and copy of group constitution
*Members list of at least 7 members
*Minimum opening and operating balance of Ksh1,000
*Access to micro credit loans
*Access up to 75% LPO Financing
*Acess to Asset Financing
6. Qwetu Corporate Account
*Certificate of registration
*Directors resolutions
*Minimum opening balance of KSh 5,000
*Minimum operating balance of KSh 1,000
*Access to business loans
8. Qwetu Association Account
(For churches, cooperatives, welfares etc
*Certificate of registration
*Minutes and copy of constitution/by-laws
*Minimum operating balance of KSh 1,000
FOSA SAVINGS PRODUCTS
1. Qwetu Super Deposits
*Minimum amount Ksh2,000
*Earns 10 % p. a interest
*Interest payable after 90 days
*Redeemable any time
2.Retirement Savings Plan
*Must be employed or self employed
*Minimum contribution of KSh 500/= per month
*Earns 10.5 % interest p. a
*Interest payable in full upon retirement
Redeemable upon retirement
3.Fixed Deposits
*Minimum amount Ksh10,000
*Minimum period 3 months
*Earns up to 9.5% p. a interest
Redeemable any time
4.Emergency Fund
*Savings for unforeseen eventualities
*Redeemable any time
BOSA INVESTMENT PRODUCTS
These earn dividends annually:
1. Share capital
2. Long term deposits
3. Micro premiums
4. Special Investment Fund(SPIF)
Loans and advances
1. FOSA loans and advances
a) Pre-salary
b) Salary advance
c) Prestige advance
d) Asset Finance advance
e) Loan advances
f) Qwetu Express loan
g) Qwetu Express Plus loan
h) Qwetu personal loan
i) Qwetu plus loan
j) Member Karibu Loan
Key features:
*Immediate disbursement
*Channel salary through Fosa for at least 1 month
Member Karibu loan
(Fosa check off personal loan)
Requirements:
*Newly employed or recruited members
*Possess latest payslip
*Employed on permanent or fixed contract terms
Features :
*Appraisal based on 1/3 rule
*Maximum repayment period of 72 months
*Interest 12% p. a
*No Bosa shares required during appraisal
*Deductions through check -off system
*Disbursed immediately if salary passes through our Fosa
2.Bosa personal Loans
a) Emergency loan
b) School fees
c) SPIF loan
d) Qwetu Smart loan
e) Qwetu super Loan
f) Qwetu Development loan
g) Preferential loan

Key features:
*Low interest rates of 1 % per month on reducing balance
*loan repayment period of 6-84 months (7 years)
*Fully paid up minimum share capital
*Up to date MPS contribution
*Loan multiplier up to 5 times of long term deposits/SPIF
Preferential loan :
*Capitalise 100% dividends for at least 3 years consecutively
*Interest 1% p. m on reducing balance
*Repayment period 6-84 months
*Disbursed immediately
3.BOSA business and agribusiness loans
a) Micro SIPF loan
b) Wezesha Biashara loan
c) Biashara loan
d) Asset financing
e) LPO financing(75%)
f) Kilimo Boresha Loan
Key features:
*Low interest rates
*Loan repayment period 6-48 months(4 years)
*Fully paid up minimum share capital
*Up to date MPS contribution
*Loan multiplier up to 5 times of micro premiums
Alternative Banking Channes
Mobile Banking
*Dial *645# , withdrawal limit is KSh 50,000
*Dial *879#, withdrawal limit KSh 70,000
Playbill deposits
• Insert paybill number 129104
• Insert your ID number or account number
ATM card
*Visa Branded Sacco Link
• Five year validity
Cheque Services
*Personal cheque books
*Bankers cheque
SMS alerts
*Salary alerts
*Credit/debt alerts
*Guarantorship alerts
*Loan disbursement alerts
*Cheque maturity alerts
Other services
Credit reference bureau(CRB) services : Dial *433#, agent No 143774
Taita-Taveta Mwalimu Bookshop
*Stationary
*Textbooks
*Motorbikes
*Sporting gear
*Cooking jikos
*Smartphones
Televisions
*Iron sheets etc
FOR MORE INFORMATION CONTACT
Head Office
P. O Box 1186 804 Wundanyi
Tel+254728957585/ +254728536169
Email marketing@qwetusacco.com
Info@qwetusacco.com
Website http://www.qwetusacco.com
QWETU SACCO BRANCHES
Wundanyi branch +254728957585
Voi branch +254728483398
Mwatate branch +254716195625
Taveta branch +254728483321
Taita-Taveta Mwalimu Bookshop branches
Wundanyi +254711186842
Voi +254738285627
Mwatate +254703103969
Taveta +254716730960
 Email ttmwalimu@qwetusacco.com
“Faida leo na kesho”

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