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8 Pages«<45678>
The best sacco to join
wajuguna
#101 Posted : Tuesday, August 26, 2014 6:05:50 PM
Rank: Member


Joined: 10/11/2011
Posts: 110
Location: Kenya
@stract-consulting. Did you say the rates range at UNsacco is between 1.05 and 3% per month? That would translate to 12.6 and 36%. The latter is especially obscene in any language.

Stima Sacco would be one of the best bet any day.
Stract_Consulting
#102 Posted : Wednesday, August 27, 2014 9:05:11 AM
Rank: New-farer


Joined: 6/3/2014
Posts: 58
Location: Nairobi
wajuguna wrote:
@stract-consulting. Did you say the rates range at UNsacco is between 1.05 and 3% per month? That would translate to 12.6 and 36%. The latter is especially obscene in any language.

Stima Sacco would be one of the best bet any day.


I don't think that is the right approach to look at it. Some loans can only be repayed within six months or less so you need not to annualise it. Even for Stima sacco, their Omega Advance is charged at 5% per month. So it is important to compare like for like.

In addition, a SACCO is a member owned institution and so in addition to interest earned/rebates for deposits and shares and interest rates for loans and advances, sound management practices should also be reviewed when one wants to join the SACCO. This include strategic plan, board composition, profitability and many more.
Be ignorant and ask a few questions - Peter Drucker
bird_man
#103 Posted : Wednesday, August 27, 2014 12:00:54 PM
Rank: Veteran


Joined: 11/2/2006
Posts: 1,206
Location: Nairobi
Stract_Consulting wrote:
wajuguna wrote:
@stract-consulting. Did you say the rates range at UNsacco is between 1.05 and 3% per month? That would translate to 12.6 and 36%. The latter is especially obscene in any language.

Stima Sacco would be one of the best bet any day.


I don't think that is the right approach to look at it. Some loans can only be repayed within six months or less so you need not to annualise it. Even for Stima sacco, their Omega Advance is charged at 5% per month. So it is important to compare like for like.

In addition, a SACCO is a member owned institution and so in addition to interest earned/rebates for deposits and shares and interest rates for loans and advances, sound management practices should also be reviewed when one wants to join the SACCO. This include strategic plan, board composition, profitability and many more.


High dividends can be paid because they are also charging crazy high loan rates.If you had 500K savings in there the max div at 12% you would get is 60K.Thats little.What IMHO you should think about is the interest amount you could "save" on a 1.5M loan in comparison to other Saccos/Banks/MFIs.

The above in red also matters a lot.
Formally employed people often live their employers' dream & forget about their own.
webish
#104 Posted : Wednesday, August 27, 2014 1:41:06 PM
Rank: Member


Joined: 10/19/2009
Posts: 671
Location: Nairobi
Ease of getting guarantors should also be part of considerations, while looking for a sacco.

No need to save and yet you cannot get people to guarantee you when you want to borrow.

If you are a "Foreigner" in a Sacco, always attend their Education days, and End Year meetings to meet new friends, who will/may eventually help).

Life is joy, death is peace, but the transition is very difficult.
kangi
#105 Posted : Thursday, August 28, 2014 11:10:57 AM
Rank: Member


Joined: 7/23/2009
Posts: 524
webish wrote:
Ease of getting guarantors should also be part of considerations, while looking for a sacco.

No need to save and yet you cannot get people to guarantee you when you want to borrow.

If you are a "Foreigner" in a Sacco, always attend their Education days, and End Year meetings to meet new friends, who will/may eventually help).

I think by then you need to consider whether the Sacco in question also allow other securities such as equities can be taken as part of guaranty, or even assets such as motor vehicles. it saves you from looking for guarantors.
Accept no one's definition of your life; define your life.
Angelica _ann
#106 Posted : Thursday, August 28, 2014 12:05:21 PM
Rank: Elder


Joined: 12/7/2012
Posts: 11,485

Stima, Unaitas top saccos as sector assets hit Sh335bn
Saccos grew their assets by 14.2 per cent last year with Stima and Unaitas the star performers driven by enrolment of new members.
Latest data from Sacco Societies Regulatory Authority (Sasra) shows assets of the co-operatives stood at Sh335 billion in December compared to Sh293 billion an year earlier.
The growth was driven by increase in membership to 3.3 million members from 2.97 million.
“This growth was mainly funded by member deposits, share capital and retained earnings,” said chief executive Carilus Ademba.
Stima Sacco nearly doubled its membership, to 26,468, which saw it rise to be the third largest union — after teachers’ sacco Mwalimu and Harambee for civil servants — with an asset base of Sh12.4 billion, an increase of Sh3 billion.
Unaitas, which has declared intention of converting into a bank, increased its membership by 32,000 to 146,964 going up three places to rank eighth with an asset base of Sh5.5 billion, from Sh3.9 billion.
Savings made through the co-operatives stood at Sh240 billion from Sh213 billion. Saccos loaned out Sh251 billion compared to Sh221 billion a year earlier.

http://www.businessdaily...0/-/cfavm5/-/index.html
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
mayaiwaziri
#107 Posted : Tuesday, October 21, 2014 4:40:16 PM
Rank: New-farer


Joined: 3/29/2013
Posts: 10
Who knows about Goodlife Sacco? Is it true that if one contributes 100k they get 8k each month?
Quote:
Heri nikose usingizi Runda.
Mart_Consult
#108 Posted : Tuesday, October 21, 2014 6:57:54 PM
Rank: Member


Joined: 11/7/2013
Posts: 127
Location: Nairobi, Kenya
mayaiwaziri wrote:
Who knows about Goodlife Sacco? Is it true that if one contributes 100k they get 8k each month?


That would otherwise be described as a pyramid scheme. The returns you've stated that is. I am not aware of the SACCO and its activities or financial reports. However, that is highly unlikely if their business is legit.
I went into the (Ferry) industry knowing the same thing I knew with all other businesses I went into- Nothing. Then I built it from there. - Sheldon Adelson (Titans at the Table- Giants of Macau)
its2013
#109 Posted : Tuesday, October 21, 2014 7:56:57 PM
Rank: Member


Joined: 1/4/2013
Posts: 255
Mart_Consult wrote:
mayaiwaziri wrote:
Who knows about Goodlife Sacco? Is it true that if one contributes 100k they get 8k each month?


That would otherwise be described as a pyramid scheme. The returns you've stated that is. I am not aware of the SACCO and its activities or financial reports. However, that is highly unlikely if their business is legit.


That model doesn't sound like a Savings and Credit organisation. I wonder if the 8k pm gets deducted from your 100k to mean it's a savings plan with monthly withdrawal limits of 8k or does one still have the 100k after the 8k payments to mean the 100k is capital/shares that earns you the 8k per month as interest/dividends.
Pretty hurts
popat
#110 Posted : Tuesday, October 21, 2014 8:19:27 PM
Rank: Member


Joined: 12/2/2009
Posts: 299
Location: kenya
@mayai.Goodlife is headquartered in the Former Akamba House and is hardly 3years since inception.From reliable sources they are on a recruitment overdrive with membership being open to Tom,dick and Harry.As to theirs legitimacy the last time I checked SASRA list Goodliife were missing.
jerry
#111 Posted : Tuesday, October 21, 2014 9:37:32 PM
Rank: Elder


Joined: 9/29/2006
Posts: 2,570
popat wrote:
@mayai.Goodlife is headquartered in the Former Akamba House and is hardly 3years since inception.From reliable sources they are on a recruitment overdrive with membership being open to Tom,dick and Harry.As to theirs legitimacy the last time I checked SASRA list Goodliife were missing.

GOODLIFE? Sounds suspect!
The opposite of courage is not cowardice, it's conformity.
target1360
#112 Posted : Wednesday, October 22, 2014 1:41:24 AM
Rank: Member


Joined: 5/14/2014
Posts: 282
Location: nairobi
jerry wrote:
popat wrote:
@mayai.Goodlife is headquartered in the Former Akamba House and is hardly 3years since inception.From reliable sources they are on a recruitment overdrive with membership being open to Tom,dick and Harry.As to theirs legitimacy the last time I checked SASRA list Goodliife were missing.

GOODLIFE? Sounds suspect!

.take your money and run for the hills. a 8 per cent monthly return is not sustainable for a sacco of such nature
I find satisfaction in owning great business,not trading them
Stract_Consulting
#113 Posted : Wednesday, October 22, 2014 7:27:03 AM
Rank: New-farer


Joined: 6/3/2014
Posts: 58
Location: Nairobi
jerry wrote:
popat wrote:
@mayai.Goodlife is headquartered in the Former Akamba House and is hardly 3years since inception.From reliable sources they are on a recruitment overdrive with membership being open to Tom,dick and Harry.As to theirs legitimacy the last time I checked SASRA list Goodliife were missing.

GOODLIFE? Sounds suspect!



They might not in the SASRA list because they are not licensed to carry out deposit taking business.

8% return per month for a SACCO is not sustainable. This is because the principal income of SACCOs is interest charged on loans and for most SACCOs this ranges between 1% to 1.5% per month.

Be ignorant and ask a few questions - Peter Drucker
tkzee
#114 Posted : Friday, December 26, 2014 12:46:12 PM
Rank: Member


Joined: 7/13/2010
Posts: 160
Location: rift Valley-Naks
its2013 wrote:
Mart_Consult wrote:
mayaiwaziri wrote:
Who knows about Goodlife Sacco? Is it true that if one contributes 100k they get 8k each month?


That would otherwise be described as a pyramid scheme. The returns you've stated that is. I am not aware of the SACCO and its activities or financial reports. However, that is highly unlikely if their business is legit.


That model doesn't sound like a Savings and Credit organisation. I wonder if the 8k pm gets deducted from your 100k to mean it's a savings plan with monthly withdrawal limits of 8k or does one still have the 100k after the 8k payments to mean the 100k is capital/shares that earns you the 8k per month as interest/dividends.


How comes this Sacco is not in the list of accredited Saccos? Secondly, any amount given as interest on deposit should attract withholding tax,are they doing that? From their website there are no financial statements available for scrutiny is there something that could be cooking?
''i can calculate the motion of heavenly bodies,but not the madness of people''-Isaac Newton
whiteowl
#115 Posted : Monday, January 12, 2015 11:51:25 PM
Rank: Veteran


Joined: 4/16/2014
Posts: 1,411
Location: Bohemian Grove
tkzee wrote:
its2013 wrote:
Mart_Consult wrote:
mayaiwaziri wrote:
Who knows about Goodlife Sacco? Is it true that if one contributes 100k they get 8k each month?


That would otherwise be described as a pyramid scheme. The returns you've stated that is. I am not aware of the SACCO and its activities or financial reports. However, that is highly unlikely if their business is legit.


That model doesn't sound like a Savings and Credit organisation. I wonder if the 8k pm gets deducted from your 100k to mean it's a savings plan with monthly withdrawal limits of 8k or does one still have the 100k after the 8k payments to mean the 100k is capital/shares that earns you the 8k per month as interest/dividends.


How comes this Sacco is not in the list of accredited Saccos? Secondly, any amount given as interest on deposit should attract withholding tax,are they doing that? From their website there are no financial statements available for scrutiny is there something that could be cooking?

These guys got quite a number of branches that I know of: Nairobi,Githurai,Nakuru, Nyeri. So are they getting on the SARSA list this year or going under?
simplicity
#116 Posted : Monday, February 16, 2015 9:08:25 PM
Rank: New-farer


Joined: 1/9/2010
Posts: 34
Location: US
We were just doing some Math with a buddy. Some statician please verify our numbers.

There are so many Sacco's offering 1% loan repayment interest Rates to their members but the fine print here is 1% per month on the loan.

The people taking the loan are made to believe that they are actually paying an interest rate of 1% compared to banks that charge 16+%.

When we did the math...the 1% translated to a whopping 12.68% P.A.

A SACCO like Kenya U.S.A Sacco is offering 8% if you take a USD loan up to 10 times your deposit.

Were we correct in our calculation or does the 1% that Sacco's promise actually translate to something else only "Smart Bankers" understand?
Ngogoyo
#117 Posted : Tuesday, February 17, 2015 11:36:18 AM
Rank: Member


Joined: 6/22/2011
Posts: 558
Location: House
simplicity wrote:
We were just doing some Math with a buddy. Some statician please verify our numbers.

There are so many Sacco's offering 1% loan repayment interest Rates to their members but the fine print here is 1% per month on the loan.

The people taking the loan are made to believe that they are actually paying an interest rate of 1% compared to banks that charge 16+%.

When we did the math...the 1% translated to a whopping 12.68% P.A.

A SACCO like Kenya U.S.A Sacco is offering 8% if you take a USD loan up to 10 times your deposit.

Were we correct in our calculation or does the 1% that Sacco's promise actually translate to something else only "Smart Bankers" understand?


i live in Kenya and i have never understood the way you have, The 1%pm (12pa) is waaaay better than our thieving banks 17%+.....we will get to 8% very soonsmile
radio
#118 Posted : Tuesday, February 17, 2015 12:20:56 PM
Rank: Veteran


Joined: 11/9/2009
Posts: 2,000
simplicity wrote:
We were just doing some Math with a buddy. Some statician please verify our numbers.

There are so many Sacco's offering 1% loan repayment interest Rates to their members but the fine print here is 1% per month on the loan.

The people taking the loan are made to believe that they are actually paying an interest rate of 1% compared to banks that charge 16+%.

When we did the math...the 1% translated to a whopping 12.68% P.A.

A SACCO like Kenya U.S.A Sacco is offering 8% if you take a USD loan up to 10 times your deposit.

Were we correct in our calculation or does the 1% that Sacco's promise actually translate to something else only "Smart Bankers" understand?


Which bank in Kenya is giving lower than 12%?
Euge
#119 Posted : Tuesday, February 17, 2015 11:30:40 PM
Rank: Elder


Joined: 8/4/2008
Posts: 2,843
Location: Rupi
Please share infoexperiences on NYati Housing Cooperative born of Nyati SACCO. Particularly if you have invested with them or know someone who has. Do they have a positive story to tell?
Lord, thank you!
Museveni
#120 Posted : Friday, March 27, 2015 10:31:03 PM
Rank: Member


Joined: 8/16/2012
Posts: 657
are the ukulima sacco share sale adverts legal ?
Live and learn; and don’t forget, nothing ventured, nothing gained.
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