Asili Sacco: The Sacco Of Our Future

By Sarah Onwong’a

In the Billionaires club of Savings and Credit Co-Operative Societies in Kenya, Asili SACCO stands among the Top 40 Societies out of a possible 5,000 registered Co-Operatives in Nairobi County.

This was reported by the Director of Co-Operatives Nairobi County, Dolphin Aremo during the SACCO’s 49th Annual Delegates Meeting (ADM), in her account on the growth and development of Co-Operatives.

In the ADM meeting, graced by the Chief Guest, Director of Co-Operatives Nairobi County, Madam Dolphine Aremo, officials from the Ministry of Co-Operatives, Rosaline Mwithiga and Hillary Musina, Board of Directors and Supervisory Committee, Executive Management Team, Honorable Delegates and Former Delegates, Asili SACCO National Chairman, Mr. Evans Kegode Aluda, presented the performance report on the SACCO’s key growth areas.

Speaking on the financial performance of the SACCO, Mr. Kegode reported an increase in Total Assets, from Kshs. 2.74 Billion in 2020 to Kshs. 2.76 Billion in 2021.

Asili SACCO also recorded growth in its Revenue from Kshs. 263,306,529 in 2020 to Kshs. 273,634,110 in 2021, which represented a 3.9% growth.

Similarly, the SACCO’s Share Capital grew by 4.8%, from Kshs. 220,535,605 in 2020 to Kshs. 231,052,279 in 2021. Loans to Members increased in the year 2021 from Kshs. 1.372 Billion in 2020 to Kshs. 1.431 Billion, recording a percentage growth of 4.3 percent.

In the year ending 31st December, 2021, the SACCO increased its investments from Kshs. 29,422,294 in 2020 to Kshs. 110,063,489 in 2021, recording an impressive 73% growth.

The Chairman of the Supervisory Committee, Mr. Davis Balesa, reported on the growth of the SACCO’S Institutional Capital above the regulatory requirement ratio. from 7% in 2020 to 10.3% in 2021, representing a 3.3 percentage growth. This will improve the liquidity level of Asili SACCO and subsequently increase return rates to members in future.

Mr. Balesa correspondingly gave a summary on the comprehensive growth of the SACCO’s membership. By the

Asili Sacco National Chairman Mr Evans Kegode giving the National Chairman’s report during the 49th Annual Delegates Meeting held at KICD, Nairobi.

Nairobi County Director of Cooperatives, Madam Dolphine Aremo higlights the developments in the cooperative sector during the ADM. Asili Sacco Chief Executive Officer, Madam Grace Alinyo, During the Sacco’s Annual Delegates Meeting.

Asili Sacco members following the proceedings during the Annual Delegates Meeting.

The same was resounded by Dr. Ng’ang’a Gachara, PHD, of Strategic Fluent Analytica, a corresponding expert in the industry, who spoke on financial literacy and planning as a means of achieving business excellence.

ASILI SACCO PRODUCTS Asili SACCO has a diverse and innovative array of products that are favorable and affordable to different individuals, groups, institutions and businesses.

It is now possible for new members to access loans immediately they join the SACCO, through a product known as Karibu Loan

Asili SACCO’s mobile banking loan the (ASILI CHAP CHAP) enables members to sort out urgent financial needs. The Society also successfully migrated from MSACCO to Ezy Cash, a move that eliminated any existing challenges with mobile banking.

Currently, Asili SACCO is working towards 100% optimization of the ATM and EZY cash platforms to meet the customer’s expectations and reduce network intermittences with vendors.

The SACCO has also transformed its IT department into a fast and reliable digital front by upgrading to MS Dynamic 365, revamping their website, cloud backup and optimizing SMS, email and network, which have contributed towards agility, effectiveness, and efficiency of the Sacco operations.

- Open www.asilisocco.coop - Go to downloads ownload desired form and print - Fillally submit the duty filled form to info@asilisocco.coop

Honorary Secretary, Mr. David Angwenyi, left, awards former delegate, Mr. Michael Karanja.

Supervisory Committee Chairman Mr Davis Balesa giving his report on the financial status of the Sacco.

year ended 31st December 2021, the number of active members had grown by 3.3% from 5,059 in 2020 to 5,224. The Supervisory Chairman also reported on a positive decline in the number of dormant members from 5,738 in 2020 to 1,519 in the year ended 2021. DELEGATES EDUCATION DAY The delegates got an opportunity to learn more about the Co-Operative Act, emerging issues in the Co-Operative sector, roles and responsibilities of delegates, and Financial Management from the Chief Executive Officer, Grace Alinyo. Speaking to the 51 delegates present during the Delegates Education forum, the facilitator, Madam Jane Ngaruiya, urged them to mobilize and coordinate their savings to grow wealth before influencing others to save. This will reduce borrowing from multiple members outside the SACCO and increase financial growth over a period, thus resulting in the growth of the SACCO.

11. BBF I) Requirement for BBF claims-member - Burial permit or death certificate - Notification of death by beneficiary - Entitled to Kshs . 50,000/= for burial expenses II) Requirement for BBF claims-spouse - Burial permit or death certificate - Marriage certificate/ sw avit - Copy of death certificate to be certified with CIC and be REQUIREMENTS deliver - Enterance fees Ksh 1000 non refundable - Eligible for one wife/husband. - Rejoining after withdrawal of Ksh 1000/= - Entitled to ksh 25,000/= for burial expenses “Our Sacco, Our Future” - Minimum contribution of ksh 2,500/= II) Requirement for BBF claims-child - Monthly BBF contribution of ksh 500/= - Burial permit or death certificate - Share capital ksh 20,000/= - Birth Certificate - Eligible for aloan after 3 months - Can join even after retirement as a business member or still etain his PF number paying through pension and enjoy segmented - Eligible for maximum of four children - Entitled to Kshs 20,000/= CUSTOMER oducts and services. 12. KYC - ID photocopy CARE LINE - Duly fill the loan form Attach required guarantors, payslip and ID copy - 1 passport photo size - Signature sample 0729 875 784 orm to be stamped by employ - PIN certificate

All loans disbursed through fosa account - Loan must be payable by monthly basis.A default of 3 months will be listed with CRB (C redit Reference Bureau). - Normal loan are disbursed after 30 days and emergency loans after 2 hrs unless otherwise. - 1/3 rule on basic salary income applies on all loan applications y changes in the loan form must be countersigned - Remember the declaration part is mandatory ie the members consent or any form is vital. - Guarantors deposit must equal the amount applied. - In case of any loan default guarantors are jointly and verally liable. Guarantors will be notified and fed after three months default ery member must contribute Kshs . 20,000/= as share capital - Can only be transferable and not wathdrawable - Earn dividend as determined from time to time. - Share capital is not used for loan eligibility. - Can increase share capital through dividend capitalization - Fill the withdrawal form oduce alternative guarantors (where Applicable) ocessed after 3 days - Repayable amount credited in the member’ s Fosa account MEMBER’S GROUP LIFE COVER (BBF BENEFITS) Death benefit(accidental and natural causes) Total Permanent disability benefit Critical illness 49064-00100 Nairobi 0722 472 823/ 0733 472 823 020 263 0244 / 269 9305 info@asilisacco.coop asilisacco@yahoo.com www.asilisacco.coop Asili SACCO Society

MPESA PAYBILL NO. 638018

very member is required to fill a nominee form. - Incase of more than one nominee then indicate their The nominees can be changed from time to time depen ding on the wish of the member when he/ she is still ali ve. - Nominee ID copy, marriage cer avit or rth certificate must be submitted to the sacco Ksh 500,000 per member ASILI COOP CENTER LOWER NGARA ROAD Ksh 500,000 per member

Requirements of death claim - Chief’s letter indicating all beneficiaries - Copy of death certificate Ksh 150,000 per member worn avit/ Ma rriage certificate - Claimed within six(6) months . Failure to which claim cannot be made due to time lapse. - Paid to next of kin indicated in the fil e. ASILI CHAP CHAP LOAN - Operate FOSA Account - Monthly salary must have passed through FOSA - Maximum is Ksh 5,000 - Must be Registered with M-Sacco - Applied online by dailing *346#

I) Requirement for BBF claims-member - Burial permit or death certificate - Notification of death by beneficiary - Entitled to Kshs . 50,000/= for burial expenses II) Requirement for BBF claims-spouse - Burial permit or death certificate - Marriage certificate/ sw avit - Copy of death certificate to be certified with CIC and be deliver - Eligible for one wife/husband. - Entitled to ksh 25,000/= for burial expenses “Our Sacco, Our Future” II) Requirement for BBF claims-child - Burial permit or death certificate - Birth Certificate - Eligible for maximum of four children - Entitled to Kshs 20,000/= CUSTOMER 12. KYC - ID photocopy CARE LINE - 1 passport photo size - Signature sample 0729 875 784 - PIN certificate

MEMBER’S GROUP LIFE COVER (BBF BENEFITS)

Death benefit(accidental and natural causes)

Total Permanent disability benefit

ASILI CHAP CHAP LOAN - Operate FOSA Account - Monthly salary must have passed through FOSA - Maximum is Ksh 5,000 - Must be Registered with M-Sacco - Applied online by dailing *346#

MPESA PAYBILL NO. 638018

Ksh 500,000 per member ASILI COOP CENTER LOWER NGARA ROAD Ksh 500,000 per member

I) Requirement for BBF claims-member - Burial permit or death certificate - Notification of death by beneficiary - Entitled to Kshs . 50,000/= for burial expenses II) Requirement for BBF claims-spouse - Burial permit or death certificate - Marriage certificate/ sw avit - Copy of death certificate to be certified with CIC and be deliver - Eligible for one wife/husband. - Entitled to ksh 25,000/= for burial expenses “Our Sacco, Our Future” II) Requirement for BBF claims-child - Burial permit or death certificate - Birth Certificate - Eligible for maximum of four children - Entitled to Kshs 20,000/= CUSTOMER 12. KYC - ID photocopy CARE LINE - 1 passport photo size - Signature sample 0729 875 784 - PIN certificate

ASILI CHAP CHAP LOAN - Operate FOSA Account - Monthly salary must have passed through FOSA - Maximum is Ksh 5,000 - Must be Registered with M-Sacco - Applied online by dailing *346#

MPESA PAYBILL NO. 638018

MEMBER’S GROUP LIFE COVER (BBF BENEFITS)

Death benefit(accidental and natural causes) Ksh 500,000 per member ASILI COOP CENTER LOWER NGARA ROAD

10. DOWN LOADING FORMS FROM 11. BBF I) Requirement for BBF claims-member ASILIWEBSITE - Burial permit or death certificate - Notification of death by beneficiary - Entitled to Kshs . 50,000/= for burial expenses II) Requirement for BBF claims-spouse No. ITEM REQUIREMENTS 1. MEMBERSHIP - Enterance fees Ksh 1000 non refundable - Rejoining after withdrawal of Ksh 1000/= SOCIETY REQUIREMENTS ASILI SACCO - Burial permit or death certificate - Marriage certificate/ sw avit - Copy of death certificate to be certified with CIC and be deliver - Eligible for one wife/husband. - Entitled to ksh 25,000/= for burial expenses - Minimum contribution of ksh 2,500/= II) Requirement for BBF claims-child - Monthly BBF contribution of ksh 500/= - Burial permit or death certificate - Share capital ksh 20,000/= - Birth Certificate - Eligible for aloan after 3 months - Can join even after retirement as a business member or still retain his PF number paying through pension and enjoy segmented - Eligible for maximum of four children - Entitled to Kshs 20,000/= products and services. 12. KYC - ID photocopy 2. LOANS - Duly fill the loan form - 1 passport photo size - Attach required guarantors, payslip and ID copy - Signature sample - Form to be stamped by employ - PIN certificate - All loans disbursed through fosa account - Loan must be payable by monthly basis.A default of 3 months will be listed with CRB (C redit Reference Bureau). - Normal loan are disbursed after 30 days and emergency loans after 2 hrs unless otherwise. - 1/3 rule on basic salary income applies on all loan applications - Any changes in the loan form must be countersigned - Remember the declaration part is mandatory ie the members consent or any form is vital.

- Open www.asilisocco.coop - Go to downloads - Download desired form and print - Fillally submit the duty filled form to info@asilisocco.coop 3. Guarantors - Guarantors deposit must equal the amount applied. - In case of any loan default guarantors are jointly and severally liable. Guarantors will be notified and fed after three months default 4. Share Capital - Every member must contribute Kshs . 20,000/= as share capital - Can only be transferable and not wathdrawable - Earn dividend as determined from time to time. - Share capital is not used for loan eligibility. - Can increase share capital through dividend capitalization 5. Withdrawal - Fill the withdrawal form - Produce alternative guarantors (where Applicable) - Processed after 3 days - Repayable amount credited in the member’ s Fosa account MEMBER’S GROUP LIFE COVER (BBF BENEFITS) Death benefit(accidental and natural causes) Total Permanent disability benefit Critical illness

MPESA PAYBILL NO. 638018

6. Nominees Forms

Ksh 500,000 per member Ksh 500,000 per member Ksh 150,000 per member

- Every member is required to fill a nominee form. - Incase of more than one nominee then indicate their - The nominees can be changed from time to time depen ding on the wish of the member when he/ she is still ali ve. - Nominee ID copy, marriage cer avit or birth certificate must be submitted to the sacco 7. DeceasedWithdrawal

Requirements of death claim - Chief’s letter indicating all beneficiaries - Copy of death certificate - Sworn avit/ Ma rriage certificate - Claimed within six(6) months . Failure to which claim cannot be made due to time lapse. - Paid to next of kin indicated in the fil e.

BOSA PRODUCTS 1) Short Term Loans • EMERGENCY LOAN • SCHOOL FEES LOAN • REFINANCING LOAN • REFINANCING-2 LOAN 2) Long Term Loans • OKOA LOAN ASILI CHAP CHAP LOAN • ORDINARYNORMAL LOAN • SPECIAL NORMAL LOAN • SUPER NORMAL LOAN - Operate FOSA Account • MAENDELEO LOAN - Monthly salary must have passed through FOSA • • INSTANT NORMAL LOANS JIPANGE ASSETS - Maximum is Ksh 5,000 - Must be Registered with M-Sacco - Applied online by dailing NB: NO LIMIT FOR ALL LONG TERM LOANS *346# FOSA PRODUCTS • FOSA PRIDE • PRIDE RELOADED • SALARY ADVANCE • NORMAL LOAN DISCOUNT • FOSA SCHOOL FEE • FOSA ANGALAU FOSA ACCOUNTS • ORDINARY SAVING ACCOUNT • HOLIDAY SAVINGS • BARAKA SAVING (CHILDREN) • ASILI SUPER SAVING • EDUCATION SAVINGS SCHEME • FOSA MWANANCHI • FIXED DEPOSIT • HUSTLERS ACCOUNT • MALKIAS SAVINGS ACCOUNT FOSA SERVICES • BANKERS CHEQUE • POS • EZY-CASH • SALARY PROCESSING • ATM SERVICES • FOSA ACCOUNT OPENING • LOAN CLEARANCE • CASH MEMBER/BUSINESS MEMBER • FOSA LOANS ASILI CHAP CHAP LOAN - Operate FOSA Account - Monthly salary must have passed through FOSA - Maximum is Ksh 10,000 - Must be Registered with Ezy-Cash - Applied online by dailing *483*983# USSD *483*983# 638018

ACCOUNT NO: ID NO

Total Permanent disability benefit Critical illness Ksh 150,000 per member Critical illness Ksh 500,000 per member Ksh 150,000 per member 49064-00100 Nairobi 0722 472 823/ 0733 472 823 020 263 0244 / 269 9305 www.asilisacco.coop 49064-00100 Nairobi 020 263 0244 / 269 9305 info@asilisacco.coop asilisacco@yahoo.com Asili SACCO Society 0722 472 823/ 0733 472 823 info@asilisacco.coop asilisacco@yahoo.com www.asilisacco.coop Asili SACCO Society