List Of Tembo Sacco Products And Contacts

By Kelvin On Jul 20, 2023

In this article, we will look at various Tembo Sacco products. Tembo Sacco is a deposit-taking Sacco that’s been around since 1972.

The Sacco was initially formed to serve employees of East Africa Breweries Limited. Membership is now open to all industries. The Sacco has enjoyed great financial development since its inception. It currently has over $3.61 billion in assets and serves over 4,000 members.

List Of Tembo Sacco Products

a) BOSA Products

Back Office Savings Activities (BOSA) allow members to contribute to savings products while also having access to credit facilities.

Share Capital

It represents SACCO’s membership ownership. This product is non-refundable, although it can be transferred to another Sacco member if one leaves.

Ksh.20,000 is the minimum share capital per member. (1000 ksh.20 shares). Tembo Sacco offers attractive returns on this commodity, with an average rate of 20%.

Sacco Deposits Contribution

Deposits indicate money that a member can get back if they quit the Sacco and give enough notice.

The monthly minimum contribution is Ksh.1000. They serve as multipliers when a member applies for a loan and can be used to guarantee loans for other members. Deposits are refundable to members who give 60 days’ notice and have not been used to guarantee a loan.

Tembo Sacco deposits can earn up to 11.5% per year in interest.

BOSA Special Savings

This product is intended for long-term goals such as vacations, construction, school tuition, weddings, and special projects. Its monthly minimum contribution is Ksh.500.

It pays 10% interest semiannually, in July and January. BOSA A special withdrawal can be made once a year with 30 days’ notice.

Benevolent Fund

This is a member insurance policy that protects the member and close family members against death. To access this product, one must be a member with the required Share Capital of Ksh. 20,000.

Junior Savings

It is a savings account available for parents or guardians to save for their children. The money can be used in the future to pay bills for the children including school fees.

BOSA Credit Products

Loan Products

a) Long-term Loans

Jumbo Plus Loan

Only available to employees who are on a permanent basis and whose salaries are routed through Tembo Sacco
Savings are multiplied by 5 times.
The interest rate is 1.25% per month.
84-month (7-year) repayment period
Top-ups are permitted.
It must be completely guaranteed.

B. Medium term

Jisort Loan

One can be eligible for up to Ksh. 500,000.
Period of repayment – up to 24 months
A monthly interest rate of 3% (lowering balance)
A minimum of three guarantors must be Sacco members and must cover the entire loan.
Top-ups are permitted if applicable.
A loan guard protects the loan against death or permanent disability.
Loan applications are handled on the same day.
FOSA is in charge of disbursements.

Jijenge Loan

Ksh 500,000-1,000,000 can be awarded.
Repayment terms of up to 36 months are possible.
On a decreasing balance, the interest rate is 1.5% per month.
Members are given a check-off system.
A minimum of three guarantors must be Sacco members and must cover the entire loan.
Under the loan guard insurance, the loan is covered against death or permanent disability.
Top-ups are permitted once with a 5% processing fee on the loan amount applied.
Loan requests are completed quickly for a charge of Ksh 1000.

Car Loan

One can be eligible for up to Ksh 2,000,000.
Repayment terms of up to 36 months are possible.
On a decreasing balance, the interest rate is 1.5% per month.
A minimum of three guarantors must be Sacco members and must cover the entire loan.
Under the loan guard insurance, the loan is covered against death or permanent disability.

Hisa loans

This is a product-based facility that allows members to purchase corporate center shares.
36-month repayment term
Interest rate: 1.25% per month or 15% per year (if the balance is reduced).
There is no need for guarantors.

C. Short-term Loans

Jienjoy Loan

The most one person can qualify for at any given moment is Ksh 100,000.
Top-ups are permitted; however, a one-time top-up fee of 5% is assessed on the loan balance.
A monthly interest rate of 12% on a decreasing balance
Payment duration of up to one month
Ship with self-guarantors
Under the loan guard insurance, the loan is covered against death or permanent disability.
FOSA is in charge of disbursements.
Loan applications are handled on the same day.

Express Loan

The most one person can qualify for at any given moment is Ksh 200,000.
Top-ups are permitted; however, a one-time top-up fee of 5% is assessed on the loan balance.
A monthly interest rate of 5% on a decreasing balance
Payment terms of up to 12 months
A minimum of three guarantors must be Sacco members and must cover the entire amount.
Under the loan guard insurance, the loan is covered against death or permanent disability.
FOSA is in charge of disbursements.
Loan applications are handled on the same day, with a processing cost of Ksh 500.
Members who are less than 6 months old and have the ability to pay are eligible.

M-Tembo Loan

This loan is immediate and is applied for using the mobile platform.
Registration on the M-Tembo platform is required.
The maximum amount is determined by the member’s credit score.
The interest rate is 6% every month.
Repayment period of one month (30 days)
There are no guarantors.
The default penalty is 6% of the unpaid amount.
The defaulted loan is recovered from Deposits, and the applicant’s access is restricted.

Salary Advance

Salary earners whose pay is routed through Tembo Sacco are eligible.
One is eligible for up to 50% of their net salary.
The interest rate is 2% every month.
When a salary is received, it is deducted once.
It is only available on the 15th of each month.

Front Office Service Activity (FOSA) Products

1. FOSA Savings Account

Any member who saves with Tembo Sacco in the Back Office has access to this account.
Anyone can deposit and withdraw funds at any time.
Ksh 1,000 is the minimum account balance.
This account is compatible with mobile and ATM services.

Salary Account

This account is for Sacco members whose salaries are routed through the Sacco.
The minimum account balance is one hundred dollars.
This account is compatible with mobile and ATM services.
Any amount can be deposited and withdrawn.

Hekima Account

Hekima is a savings account from which one can withdraw up to three times each year. It pays a prorated interest rate of 10% per year and is market-linked. Ksh 1,000 is the minimum account balance.

Account for Fixed Deposit.

The minimum Fixed Deposit is $50,000.
The market and bank rates decide its interest rate.
The account holder has the ability to negotiate interest rates.

Tembo Sacco Banking Facilities

Standing orders
Cheque clearing
Bankers cheques
ATM Cards
EFTs
M-Pesa services
Paybill service

Tembo Sacco Branches

Tembo Sacco operates from the head office located at Tembo Plaza along Garden Estate Road in Nairobi.

Tembo Sacco Contacts

Phone: +254 722 99 24 69, 020 26 03 334

Email: info@tembosacco.co.ke