close

Microlending Activity(Class-B Members)

OVERALL VISION

To alleviate poverty and improve living standards of the community around us.

OVERALL MISSION

To encourage thrift among members of the community through mobilization of funds for social and economic development.

MAIN OBJECTIVE

To build capacity of the community around us through micro-lending as part of our social responsibility.
Egerton University SACCO Ltd has taken its rightful position in the community by introducing MICRO-LENDING Activity in the FOSA section and strategically positioning itself to guide the community in dealing with poverty and to help them prosper.
Micro-lending objectives are to:-

  • To provide Financial Services to the community.
  • Mobilize savings and Resources for Development.
  • Alleviate poverty by availing affordable credit.
  • Build Economic stability and Empower the Community.

MICRO-LENDING Activity addresses various emerging issues in the community, it facilitates professional financial services to the community with a view of reducing poverty by generating self sustaining income.

The Egerton University SACCO MICRO-LENDING Activity is classified into two products:

ORGANIZED INSTITUTIONS.

Organized groups in the community such as Schools, Women/Youth groups, Companies, Factories,Business people, Welfare groups within and outside the campus and other Community Based Organizations(C.B.O’s) can access financial services.

INDIVIDUALS:

Individual Business persons running small Micro-Enterprises in the community like shops,Jua Kali artisans, Boda Boda, Groceries, Casual labourers and any other interested party earning regular or irregular income can be empowered financially through the MICRO-LENDING Activity.

SERVICES UNDER MICRO-LENDING:

  • Savings and Cash withdrawal accounts.
  • Group and individual accounts.
  • Fixed deposit accounts.
  • Loans and repayment facilities.
  • Security for loans(Insurance).
  • Salary processing for institutions.
  • Bankers cheques.
  • Mini-cheques for institutions/Group accounts.
  • Cheque clearance.
  • ATM services.
  • Affordable banking rates.
  • Customer friendly savings and credit facilities.

REQUIREMENTS TO OPEN A GROUP ACCOUNT.

  • A/C Opening balance of Kshs 500 only.
  • Invest Minimum Share Capital for Membership.
  • Group meeting minutes.
  • Officials ID copies.
  • Constitution and Registration certificate.
  • Free group passport photo taken on application