Education to Members 2019…..!!!

This year’s Education to Members program will take place from 12th to 16th August 2019 in the various venues as indicated .

The Topics to be transacted include:

a) Savings mobilization and Sacco Capitalization Strategies (Fosa products, shares, deposits and dividend capitalization)

b) Security Perfection in Credit Management — members perspective

c) Corporate Culture and Change Management

d) Corporate Governance and Leadership

e) Integration of Information sharing in credit decision making

In all days, the exercise will commence at 10.00am sharp and end at 3.00pm for quick and fruitful deliberations:

You are all welcome to this important exercise.

Member Education 2019 – Schedule

Download “Education-to-members-2019-–-Schedule.pdf” Education-to-members-2019-–-Schedule.pdf – Downloaded 306 times – 550 KB

 

Interest Rate-Caps Pushes individuals and Groups to Seek SACCO Loans

“Interest rate cuts are increasingly attracting groups to seek SACCO loans for construction of houses, especially in rural areas, according to real-estate players. SACCOs have dropped rates to keep up with the banks, which have also largely kept off giving loans.”

“Residential plots also remain an attractive security to banks that are readily willing to finance house construction as opposed to funding business ventures. We are keen on cashing in on this growing interest among Kenyans on affordable loans to provide them with affordable housing for the low-end market,” he said.
Last year, President Uhuru Kenyatta signed into law the Bill capping interest rate at 4 per cent above the Central Bank Rate which currently stands at 10.5 per cent. The president said banks should compete for customers with lower rates saying this would make credit accessible to many.

Source: http://www.businessdailyafrica.com/Interest-rate-caps-push-groups-to-seek-sacco-cash/539552-3518278-njabui/index.html

Gusii Mwalimu Sacco to roll out micro-credit facility

Registered youth and women groups within the Gusii Mwalimu Sacco’s catchment area will soon enjoy the Sacco’s micro-credit services,following the society’s opening of its common bond to allowe members of the public in organized groups join the Sacco.

The Sacco Chief Executive Officer,Charles Omwansa has said plans are underway to roll out the micro-credit services in the Sacco to facilitate the youth and women in organized and registered groups become members of the Saacco.

Speaking to this writer at the Sacco’s Gusii Mwalimu House head office,Omwansa clarified that,formerly the Sacco only attracted its membership from the teaching fraterned and other salaried civil servants,but due to public demand for the Sacco’s products and services,the management Board was forced to address that public demand through opening its operations to other members of the public to invest in the Society.

“As our name suggests,we have been dealing with teachers as our members,but with changing business trends and market dynamics,the management Board decided that other members of the unbanked population should be brought on board through the introduction of micro-credit services targetting members from the informal economic sector,”stated Omwansa.

He disclosed that,due to overwhelming demand for the Sacco’s products and service,the Society will conduct a feasibility studt survey within its catchment area,before embarking on registration and training of registered youth and women groups to benefit from the Sacco’s upcoming micro-credit services.

The CEO said,the Sacco’s new Plaza which is under construction in the Kisii Town Central Business District,will house the new department of micro-credit  as an independent section dealing with micro-credit services to the target groups.

Source: www.kisiicounty_business_news/559072 ……………… by Ben Oroko

Trending Topics

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Credit Bureaus to List Sacco Loan Defaulters As New Law takes Effect

Defaulting on a SACCO loan will beginning early this week land you in trouble as the co-operatives are included in the credit sharing system following change in the law. SACCOs have until now been sharing names of own loan defaulters with credit reference bureaus (CRBs), but they have not had access to the records of bad borrowers since the law allowed only banks to view the information.

Kenya has three CRBs.

  • They are Creditinfo CRB,
  • Metropol CRB and
  • Transunion CRB.

Failure to pay power, water and telephone bills will also see one listed as a defaulter at the credit reference bureaus, with far reaching implications on access to loans. This follows the coming into effect on Sunday of amendments to the Finance Act 2016, which allows power, water and telecom to refer defaulters to credit reference bureaus. The Act also allows lenders, utility firms and credit reference bureaus to share borrower information with their counterparts in the East African region.

The motive is to deny or issue costlier loans to borrowers based on their credit paying history. More scrutiny is, however, expected for the organizations to ensure they capture the correct information as some banks and credit reference bureaus have in the past been on the spot for misusing the system by sharing erroneous information or failing to provide up to date information even where defaulters pay up.

Stakeholders had mid last year termed the inclusion of utility companies such as Kenya Power, water firms, mobile operators and pay­-TV service providers in credit sharing as a game changer saying it would boost the platform by providing a true picture of the prospective borrowers.

“The history of paying utility bills, like telephone, cable, electricity, or water, when they go in someone’s credit report would really be useful in providing the creditworthiness of prospective borrowers and giving a correct credit score,” said Metropol Credit Reference Bureau managing director Sam Omukoko in June.
“For us to start going in this direction, however, we need to have bills such as that of electricity in the name of individuals and not landlords.”

According to Treasury secretary Henry Rotich, the credit information sharing (CIS) framework in Kenya has continued to develop and increase its coverage due to facilitative reforms put in place over the years.

“Indeed, the expansion of the CIS framework was one of the key factors behind the improvement in Kenya’s ranking in the World Bank Ease of Doing Business indicators 2016.

“Apart from the obvious benefits to the borrowers who maintain good credit history and to lenders who are able to get information on potential borrowers, the CIS regime is important to the economy as a whole in terms of increasing access to credit, reducing transaction costs, enhancing efficiency in financial intermediation and fostering financial sector stability through reduction in non­performing loans,” said Mr Rotich mid last year when he proposed the amendments.

Some saccos said they were keenly awaiting for the law to come into effect. “This is a huge boost for us in gauging the credit worthiness of a prospective borrower,” said Nation SACCO chairman Peter Munaita.
The Credit Information Sharing Association of Kenya chief executive Jared Getenga earlier said cross border information sharing as well as allowing saccos and the utility companies to exchange information would boost the credit sharing system.

There are 184 licensed SACCOs in the country with deposits worth Sh205 billion and a total loan book of Sh228 billion. Non­-performing loans held by the SACCOs add up to an estimated Sh15 billion, indicating the bulk of borrowers have good records.  Bad loans in the banking sector are, however, at a decade­ high Sh170 billion, indicating that the defaulters could be shifting to the SACCO sector.

The sharing of positive information by SACCOs would further put pressure on lending institutions to reward good borrowers instead of using CRB reports to merely blacklist defaulters.

Published: 05 JANUARY 2017  Source: http://www.businessdailyafrica.com/

Share Booster

Boost your shares and get your loans instantly!!!!!!!!!!

In order to assist our members maximize on their individual loan eligibility as well as enable the SACCO strive towards achievement of set targets, we now have a share booster facility available.

 Benefits of the Share Booster facility

  • This move is also aimed at ensuring that no member’s loan applications is rejected on the basis of inadequate share deposits
  • It will also enable Just in time processing of loans especially long term development loans
  • It minimizes loan delinquency rates by ensuring issuance of quality loans
  • It has also seen a reduction of rejected and 1/3rd rule violation cases during data attachment
alphyjuma February 14, 2017 No Comments

Mobile Sacco(M-Sacco)

M_BANKING IS LIVE!!!!!!!!!

The Sacco has  Mobile baking services to add to a pool of the already existing alternative banking channels

Members can access money from his/her FOSA account from anywhere anytime!!!!!!!

Simply Dial *879# from your mobile phone to gain full access to your GM Cash account to be able to transact.

Ensure you have been registered with the Sacco to access this service.


About Gusii Mwalimu Mobile

At Gusii Mwalimu Sacco, we are constantly looking for solutions that add value to your time. We have developed a mobile Banking Solution to ensure that you can access our services from the comfort of our phone, allowing you to bank with us anywhere, anytime.

With Gusii Mwalimu Sacco’s omprehensive range of alternate channels of payment i.e. ATM channels and self-service banking options, you’ll find that saving or banking with us is as convenient as it is comfortable. Wouldn’t you agree that saving with us certainly is the most convenient option?

How to Register GM Mobile Cash

  • Fill in the GM Mobile application form available at our branches
  • On registration, you will receive an SMS from GUSIIFOSA with our GM Mobile PIN.
  • Ensure you go to the option of Change PIN and input a PIN that you will remember.

GUSII MWALIMU SACCO PAYBIIL SERVICE

The Pay Bill service is a cash collection service that allows you to send money to the Sacco to pay your loans, boost shares, deposit money to your account via M-Pesa.

To transact on Pay Bill;

  • Go to M-PESA on your phone
  • Select Lipa na M-PESA and Services
  • Select Pay Bill option
  • Enter the Business No. as 283052
  • Enter your payroll No.(TSC/PSN/Employer no.), followed by the transaction code-see table on codes below i.e. if paying for share deposit input 123456003002 (123456 being tsc number or payroll no.)
  • Enter amount you want to transfer
  • Enter M-Pesa PIN

(You will receive a confirmation from Safaricom once the transaction is complete. Keep this confirmation until you receive a receipt or confirmation from Gusii Mwalimu)

NB: To access the full transactional details and charges, access the Gusii Mwalimu Sacco brochure here (link this to downloads page)