It was established by the then East African Power and Lighting Company, primarily to serve members of the energy sector. It cast its net deep, extending its services to target small and medium enterprises SMEsinvestment groups, micro entrepreneurs and corporate institutions among others.
Stima Sacco has a wide range of savings products. Shares shall not be refundable or assignable as collateral for a loan, but a member may transfer his shares to other members on leaving membership of the Society.
Shares may earn dividends paid from net surplus after required transfers to reserves at the end of a financial year in accordance with the dividend policy of the Society.
A member in good standing should have at least Kshs 25, worth of shares. Deposits may however be transferable from one deposit account to another provided the transaction does not contravene the Savings policy.
Non-withdrawable deposits shall be contributed on a monthly basis or at such prescribed periods and in such amounts as may be prescribed in this policy. Non-withdrawable deposits shall be refundable within sixty days after receiving a written notification from the member.
Interest on deposits shall be paid at a rate that shall be determined by the board at the end of the year after audit has been completed. The interest may be eliminated if the financial position of the Society and capital adequacy does not permit payment.
The Society shall operate the following accounts as non-withdrawable deposits: These deposits accounts shall prescribe terms and conditions of opening, operating and closing accounts, interest rate calculations and payments, penalties and other charges. For joints and group accounts, disclosures made to any one of the members shall be deemed to be made to all members.
The account operates as follows: The account operates in the following manner: The savings that are done on a monthly basis, usually through check-off, target members who have a need to accumulate small savings for a long time, which they can withdraw when employment ceases prematurely, when they retire or when seriously ill.
The account works in the following manner: The account operates in the following manner. The account targets members with large sums of money that they have put aside for investment and they are fairly certain of the period that they can commit the funds.
The account operates as detailed below. The members of the group need not be Sacco members provided one of the group members is a Stima Sacco member.
The terms and conditions of the account are:Stima SACCO Society was established in to act as a means of facilitating savings and to provide affordable credit to employees of the then East African Power & Lighting Company.
Savings Products - Stima Sacco Society.
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Stima SACCO Society was established in to act as a means of facilitating savings and to provide affordable credit to employees of the then East African Power & Lighting Company. Stima SACCO Society was established in to act as a means of facilitating savings and to provide affordable credit to employees of the then East African Power & Lighting Company.
Stima Sacco has opened a new branch in Embu town, joining the nationwide Saccos with a presence in Embu County, in a drive for a share of the region’s rising clientele. The branch, located at. Americans have lost limbs on the battlefield. I don’t think this is a good strategy to grow our economy.
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