JIIMARISHE LOAN / SACCO-FUNDING

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.

Since 2017, the Fund has successfully entered into partnership with 19 SACCOS and disbursed Kshs.131.5 Million to the SACCOS for on-lending purposes, thus actualizing the WEF Jiimarishe Loan. Through this product, borrowers can access individual loans at a subsidized Interest rate of 8% reducing balance per annum. The terms and conditions (applicable to individual borrowers) are as stated by respective SACCO partners.

Our current Sacco Partners are as follows:

         

WEF FUNDED SACCOs, 2021

NO

FINANCIAL PARTNER

COUNTY

CELLPHONE NO.

Email address

1

FRIENDS WOMEN EMPOWERMENT ORGANIZATION (formerly Friends of Ravine Women Empowerment Organization)

BARINGO

0722455569

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2

SMARTLIFE SACCO LTD (formerly Marakwet Teachers Sacco)

ELGEYO MARAKWET 

0711736550 / 0771946422

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3

KIPKELION EMPOWERMENT SACCO LTD

KERICHO

0774557685 / 0774557686

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4

KUZA SACCO LTD

KIAMBU 

0771341070 / 0708485464

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5

CHAOBA SACCO LTD

NAIROBI

0724585376

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6

COMOCO SACCO LTD

NAIROBI

0735200710

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7

TAI SACCO LTD

KIAMBU 

0713207258

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8

JUMUISHA SACCO SOCIETY LTD (formerly Bondo Teachers Sacco Society Ltd)

SIAYA

0725592214

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9

KENYATTA MATIBABU SACCO LTD

NAIROBI

0722654794

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10

KAPACWA SACCO SOCIETY LTD

NYERI

0723307509

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11

YETU SACCO SOCIETY LTD

MERU

0723659833

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12

BINGWA SACCO SOCIETY LTD

KIRINYAGA

0722871678 

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13

UNIVERSAL TRADERS SACCO SOCIETY LTD

MACHAKOS

0716127102

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14

VIKTAS SACCO SACCO SOCIETY LTD

NYAHURURU

0721573582

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15

MAGADI SACCO SOCIETY LIMITED

KAJIADO 

0723216899

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16

KITE COOPERATIVE SACCO SOCIETY LTD

KISUMU

0726398183

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17

NAKURU NORTH DISTRICT WOMEN SACCO LTD

NAKURU

0712471346

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18

KILIMO SERVICES SACCO SOCIETY LTD

MAKUENI

0706400904/0734532391

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19

KIAMBU AGRI BUSINESS SACCO SOCIETY LTD

KIAMBU

0722362432

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The Fund is open to interested SACCOs, Cooperative Unions and women owned institutions for partnership for on-lending to women entrepreneurs on the following terms:

FINANCIAL INTERMEDIARIES/SACCO-FUNDING LENDING TERMS:

  1. Maximum Amount; Kshs.20 Million.
  2. Loan Tenure; 36 Months.
  3. Interest Rate; 2% per annum on reducing balance, payable on quarterly basis.
  4. On-Lending Interest Rate; 8% per annum on reducing balance.
  5. Administration fee; 3% of the loan amount.
  6. Security: Marketable collateral securities limited to Land and Property, 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:

  1. Must be reputable Kenyan SACCO/Co-operative Union/Women owned institution legally registered in Kenya.
  2. Evidence of certificate of incorporation/registration.
  3. Valid KRA Tax Compliance Certificate.
  4. Valid Trading license.
  5. Copies of National Identity Cards (IDs) and PIN Certificates for all directors/officials.
  6. Resolution to borrow in case of a Limited Company capturing amount, purpose, and proposed security (Must be sealed).
  7. CR12 in-case of a Limited Company.
  8. Articles and Memorandum of Association.
  9. Contact details that is, postal, physical and email address of the SACCO/Co-operative Union/Institution's headquarter and name of a reliable and official contact person for purposes of seeking clarification.
  10. Have a minimum of three years’ experience in SACCO lending operations.
  11. Have women-friendly products, offering financial services to urban and/or rural women enterprises (provide list of products & services offered).
  12. Must have an appropriate governance and management structure.
  13. The branch network (geographical coverage/geographical representation) by counties and constituencies.
  14. Must submit certified copies of audited accounts for at least, the last three (3) years.
  15. Recent certified bank statements for the last six (6) months.
  16. Provide a summary of their loan book portfolio.
  17. Must have a robust automated system for their loan book management.
  18. Must demonstrate ability to pledge marketable collateral securities: Land and Property, bank guarantees, fixed deposits and shares listed in the stock exchange.
  19. Have Competent Management & Personnel; Management MUST be gender responsive. The CVs of members of the management must be attached.
  20. Have sufficient and experienced credit staff; profile and qualification must be availed.
  21. Statement of litigation history.
  22. Clean Credit Reference Bureau (CRB) reports of directors/officials of the SACCO.
  23. License from SACCO Society Regulatory Authority (SASRA), where applicable.
  24. 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