Ajabu Africa News

By:

Harrison Maina

Posted:

Aug,25-2015 11:36:20

BOSTON, Mass.,--The fast rising Kenya Power & Lighting Company Savings and Credit Cooperative Society, popularly known as Stima Sacco will be meeting Kenyans in the Boston region next week on Wednesday August 5 to introduce their highly affordable savings and investment services.

The meeting will take place at the new Well of Worship Center Function Hall located at 145 Broadway, in Dracut, near Lowell.

According to Florence Obura, a board member and Honorary Secretary at the fast growing financial services, Stima Sacco has been in existence for 41 years, and is one of the largest; best managed and licensed Deposit Taking Sacco (DTS) in Kenya.

Currently, Stima Sacco boasts a KES 17.6 billion asset base and 45,000 members.

Obura was speaking to Ajabu Africa news during telephone calls from Dallas Texas and Minneapolis Minnesota where she has been meeting Kenyans eager to learn more about the Kenyan-based Sacco.

She said that in the past, most of the members of the Sacco had been employees and family members of the massive Kenya Power and Lighting Company, who have been saving to use accumulated funds as leverage to borrow upto 3 times as much.

Among the Savings products the Sacco is looking to provide to Kenyans in Boston include a Alpha Deposits for non withdrawal savings, saving deposits with high interests rates, Prime Accounts that operate as checking accounts, as well as fixed Deposit Accounts.

And for credit products, the Sacco is offering Personal Loans to finance normal developments, Personal Loans for Employed Members only, Business Loans for members who operate businesses, as well as a Loan Financing (Collateral) product for borrowers who may wish to use their title deeds, or even Nairobi Stock Exchange (NSE) quoted shares as collateral to borrow any amoun tof money they qualify for.

"We have an extremely well prices and competitive savings and credit products that has consistently paid 11-12 percent dividend on members' deposits each year for the last 7 years. We also have ix short term deposits for a minimum of three months at interest rates of 7.5 -13.5 percent. Withholding tax charged on interest on sacco deposits is only 5 percent compared to 15 percent charged for the same in commercial banks. These advantages can be very useful for Kenyans in the Diaspora," said Obura .

She added that even loans advanced to Sacco members for property purchase are more affordable since they attract rates of about 6% as compared to current bank rates going around 15%.

Obura said that was very excited at the reception that Stima Sacco has been accorded by Kenyans in cities she has visited so far.

"We had many Kenyans who came to meet with us in Dallas and Minneapolis where a good number signed up as members since any Kenyan in Kenya or in the Diaspora, those with duo citizenship or even registered groups can join any Sacco they want as per the new financial regulation rules back home. We appreciate the reception we are getting," she added.

However, in order to stay in full compliance with stringent rules regulating the activities of financial and Investment Companies in Kenya,Stima Sacco has established a separate Stima Investment Cooperative Society that helps Kenyans purchase investment properties like land.

"Most members have dramatically used their Sacco savings to borrow money at cheap rates for various purposes, including education for children, purchase of household items or other domestic responsibilities. But now, you can also have Stima Investment Cooperative Society helping you achieve a wide range of your investment goals in a very convenient manner especially for the purchase of purchase of investment properties like land, machinery vehicles and many more. You don't have to be an employee of Kenya Power to join the Sacco and use the advantage to climb the financial ladder."

Obura added that Kenya that according to reports by most reliable analysts including the World bank, Kenya is on the verge of take off due to the improved economic environment and rapid growth of the GDP, with the financial services being among the fastest growing sectors of the economy.

She urged Kenyans in the Boston region to come out in big numbers next Tuesday to take a look at what Stima Sacco can do for them and assist them. She added that Stima Sacco was voted the best managed Sacco in Kenya in the year 2015 and would therefore guarantee members savings and investments are well taken care of.

"It's very important the Kenyans in Boston join other Kenyans to position themselves for the upcoming economic boom back home. Stima Sacco is a very reliable organization that was selected as the best managed Sacco in Kenya in 2015. We can help you achieve your financial goals very rapidly. We also have advanced technology platforms that can help you track your account transactions online every day," she told Ajabu Africa.

The meeting, that has been organized by the New England Kenyan Welfare Association (Nekwa) is free of charge.

It is will start at 5 pm with Stima Sacco providing refreshments for those who wish to hear more in order to decide if they could gain from the membership.

You can also read about Stima Sacco onwww.stima-sacco.comand about Stima Investment Cooperative Society onhttp://stimainvestment.co.ke.

Venue:
Well of Worship Center Function Hall
145 Broadway, Dracut, MA.
Wednesday, August 5, 2015.

Source:

Ajabu Africa News