JIIMARISHE LOAN / SACCO-FUNDING

WEF JIIMARISHE LOAN FOR INDIVIDUAL WOMEN ENTREPRENEURS

In 2016, the Fund's Advisory Board approved a revised FI lending channel, with key focus on women led SACCOs and SACCOs with a good credit history with the Fund, to support the SACCOs meet demand for loans from members.

Since 2017, the Fund has successfully entered into partnership with 13 SACCOS and disbursed Kshs.81.5 Million to the SACCOS for on-lending purposes, thus actualizing the WEF Jiimarishe Loan. Through this loan, borrowers can access individual loans at a subsidized Interest rate of 8% reducing balance per annum. The terms and conditions are as stated by respective SACCO partners. The SACCO partners are as follows:

 

WEF FUNDED SACCOs AS @ 30TH JUNE, 2020
NO PARTNER SACCO COUNTY CELLPHONE NO. Email address
1 FRIENDS WOMEN EMPOWERMENT ORGANIZATION (formerly Friends of Ravine Women Empowerment Organization) BARINGO 0722455569 This email address is being protected from spambots. You need JavaScript enabled to view it.
2 SMARTLIFE SACCO LTD (formerly Marakwet Teachers Sacco) ELGEYO MARAKWET  0711736550 / 0771946422 This email address is being protected from spambots. You need JavaScript enabled to view it.
3 KIPKELION EMPOWERMENT SACCO LTD KERICHO 254774557685  254774557686 This email address is being protected from spambots. You need JavaScript enabled to view it.
4 KUZA SACCO LTD KIAMBU  0771341070 / 0708485464 This email address is being protected from spambots. You need JavaScript enabled to view it.
5 CHAOBA SACCO LTD NAIROBI 0724585376 This email address is being protected from spambots. You need JavaScript enabled to view it.
6 COMOCO SACCO LTD NAIROBI 0735200710 This email address is being protected from spambots. You need JavaScript enabled to view it.
7 TAI SACCO LTD KIAMBU  0713207258 This email address is being protected from spambots. You need JavaScript enabled to view it.
8 JUMUISHA SACCO SOCIETY LTD (formerly Bondo Teachers Sacco Society Ltd) SIAYA 0726627307 This email address is being protected from spambots. You need JavaScript enabled to view it.
9 KENYATTA MATIBABU SACCO LTD NAIROBI 0722654794 This email address is being protected from spambots. You need JavaScript enabled to view it.
10 KAPACWA SACCO SOCIETY LTD NYERI 0723307509 This email address is being protected from spambots. You need JavaScript enabled to view it.
11 YETU SACCO SOCIETY LTD MERU 0723659833

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12 BINGWA SACCO SOCIETY LTD KIRINYAGA 0722871678  This email address is being protected from spambots. You need JavaScript enabled to view it.
13 UNIVERSAL TRADERS SACCO SOCIETY LTD MACHAKOS 0716127102

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14 VIKTAS SACCO SACCO SOCIETY LTD NYAHURURU 0721573582 This email address is being protected from spambots. You need JavaScript enabled to view it.
15 MAGADI SACCO SOCIETY LIMITED KAJIADO  0723216899 This email address is being protected from spambots. You need JavaScript enabled to view it.
16 KITE COOPERATIVE SACCO SOCIETY LTD KISUMU 0726398183 This email address is being protected from spambots. You need JavaScript enabled to view it./ This email address is being protected from spambots. You need JavaScript enabled to view it.
17 NAKURU NORTH DISTRICT WOMEN SACCO LTD NAKURU 0712471346 This email address is being protected from spambots. You need JavaScript enabled to view it.

 

NB: FOR TERMS AND CONDITIONS ON ACCESSING THE WEF JIIMARISHE LOAN, KINDLY VISIT OUR PARTNERS LISTED ABOVE FOR FURTHER GUIDANCE.

FINANCIAL INTERMEDIARIES/SACCO-FUNDING FOR ONLENDING

Sacco-Funding is the on-lending component of the Fund through financial intermediary partners such as banks, NGOs, SACCOs and MFIs from which women access funds to start or expand viable businesses.

The Fund on a regular basis advertises in print media and on its social media pages for Expression of Interest by SACCOs, Cooperative unions and women owned institutions for partnership in on-lending to women entrepreneurs on the following terms:

FINANCIAL INTERMEDIARIES/SACCO-FUNDING LENDING TERMS:

  1. Maximum Amount; Kshs.10 Million.
  2. Loan Tenure; 36 Months.
  3. Interest Rate; 1% per annum on reducing balance, payable on quarterly basis.
  4. On-Lending Interest Rate; 8% per annum on reducing balance.
  5. Administration fee; 2% of the loan amount.
  6. Security; Marketable collateral securities limited to bank guarantees, fixed deposits, and/or shares listed in the Nairobi Stock Exchange (NSE).

For eligibility as a partner, the SACCO/FI must fulfill the following requirements:

  • Must be reputable Kenyan SACCO/Co-operative Union/Women owned institution legally registered in Kenya.
  • Evidence of certificate of incorporation/registration.
  • Valid KRA tax compliance certificate.
  • Valid Trading license.
  • Copies of National IDs and PIN Certificates for all directors/officials.
  • Resolution to borrow in case of a Limited Company capturing amount, purpose, and proposed security (Must be sealed).
  • CR12 incase of a Limited Company.
  • Articles and Memorandum of Association.
  • Contact details i.e. postal, physical and email address of the SACCO/CO-operative Union/institution's headquarter and name of contact person for purpose of seeking clarification.
  • Have a minimum of three years’ experience in SACCO lending operations.
  • Have women- friendly products, offering financial services to urban and/or rural women enterprises (provide list of products & services offered).
  • Must have an appropriate governance and management structure.
  • Their branches geographical coverage/geographical representation by counties and constituencies.
  • Must submit certified copies of audited accounts for at least, the last three (3) years.
  • Provide a summary of their loan book portfolio.
  • Must have a robust automated system for their loan book management.
  • Must demonstrate ability to pledge marketable collateral securities: bank guarantees, fixed deposits and shares listed in the stock exchange.
  • Have Competent Management & Personnel; Management MUST be gender responsive. The CVs of members of the management must be attached.
  • Have sufficient and experienced credit staff; profile and qualification must be availed.
  • Statement of litigation history.
  • Clean Credit Reference Bureau (CRB) reports of directors/officials of the SACCO.
  • License from SACCO Society Regulatory Authority (SASRA), where applicable.
  • Borrowing Powers as approved by the Commissioner of Co-operatives, where applicable.

We are in the process of engaging more partners and the above list will be updated accordingly.

Our Partners