Mombasa based Excellent Sacco intends to open its doors to other professionals in a bid to spur growth of the sacco in the next few years.
The sacco, founded in 2009, was formed by the members of Excellent Security firm, where all the members are drawn from the security firm. The society was established to foresee the welfare of the members by providing financial support through issuing of loans.
Members of the sacco have been able to access various types of loans which include; the Normal loan, usually processed within a period of 2-3 weeks, the Emergency loan which is instant and processed immediately according to the urgency of the matter and Barnaba loan, which is a loan provided once an individual has taken both the Normal loan, and the Emergency loan and still needs an extra top-up loan to solve a certain issue.
Barnaba loan allows an individual to access up to a maximum of Ksh. 3000, an amount which has been extremely beneficial to members especially in times of distress.
Since its establishment, the sacco has witnessed an immense growth with currently having a membership of approximately 90 members. It has also seen an upward growth in savings from a start of Ksh.79,000 to Ksh. 4 million within the past few years.
An individual however, can start with a minimum savings of Ksh. 1000 and save for a period of 6 months
before accessing the loans which are tailored towards members’ needs.
Speaking to Sacco World, the sacco chairman noted that the sacco did well and received a recognition award back in the year 2011 for having paid its members the highest dividends of 15% which marked the highest paid out dividends at the time within Mombasa County. Concurrently, the sacco was also applauded the same year for its charity work, having given donations to the orphans in Shimo La Tewa Orphanage.
Progressively, Excellent Sacco however aims at growing its asset base and membership thus discussions are underway to see the possibility of opening the bond in the future to accommodate outsiders, spreading its wings in order to expand.
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