List Of Tembo Sacco Products And Branches

In this article, we will have a look at the products offered by Tembo Sacco. It is a deposit-taking Sacco that has been in existence since 1972.

The Sacco was initially established to serve East Africa Breweries Limited employees. Today, the membership is open to all sectors. Since its establishment, the Sacco has seen tremendous financial growth. Currently, it has an asset base of over 4.91 billion serving more than 4,000 members.

List Of Tembo Sacco Products

a) BOSA Products

Back Office Savings activities (BOSA) enable members to contribute towards savings products and at the same time access credit facilities.

Share Capital

It represents member’s ownership of the SACCO. This product is non withdrawable, but transferrable to another member of the Sacco if one decides to leave.

The minimum share capital per member is Ksh.20, 000. (1000 shares of ksh.20 each). Tembo Sacco has lucrative returns for this product- the rate averages at 20 per cent.

Sacco Deposits Contribution

Deposits represent money that a member can be refunded back upon placing prior notice when they decide to leave the Sacco.

The minimum monthly contribution is Ksh.1000. They act as multipliers when a member is applying for a loan and can be used to guarantee other members loans. Deposits are refundable to a member upon giving a 60 days prior notice, as long as they have not been used to guarantee a loan.

Tembo Sacco deposits attract an annual interest of up to 11.5%.

BOSA Special Savings

This product targets long-term plans such as holidays, construction, school fees, weddings and special projects. Its minimum monthly contribution is Ksh.500.

It earns 10% interest payable semiannually i.e. July and January. BOSA Special withdrawal can be done once a year upon giving a 30 days prior notice.

Benevolent Fund

This is an insurance policy for members that covers the member and immediate family members against death. One must be a member with the mandatory Share Capital Ksh. 20,000 to access this product.

BOSA Credit Products

Loan Products

a) Long-term Loans

Jumbo Plus Loan

Available only to the employees who are employed on permanent terms and whose salaries are channelled through Tembo
Multiplier is 5 times Savings
The interest rate is 1.25% P.M
Repayment period 84 Months (7 Years)
Top-ups allowed.
Must be fully guaranteed.

Jumbo Loan

One can qualify up to 4 times their Sacco
Repayment period up to 60
Interest Rate 1.25% per month on a reducing
Minimum of three guarantors who must fully cover the loan amount
The loan is insured against death or total disability under loan guard policy
Top-ups allowed.

Normal Loan

One can qualify up to 3 times their shares/deposits.
Repayment period- up to 48 months.
One must have been a member for 6 months with consistent monthly
Interest rate 1 % p.m. on a reducing
All loans must be fully secured by either guarantors or collateral
The loan is insured against death or permanent disability under loan guard policy
Top-ups allowed.

B. Medium term

Jisort Loan

One can qualify for up to Ksh. 500,000
Repayment period – up to 24 months
Interest rate 3% Per month (reducing balance)
Minimum of 3 guarantors who should be members of the Sacco and must cover the whole loan
Top up allowed subject to applicable
The loan is insured against death or permanent disability under loan guard
Loan request are processed same day.
Disbursements are done through FOSA

Jijenge Loan

One can qualify Ksh 500,000-1,000,000.
Repayment period up to 36 months
Interest rate 1.5% per month on a reducing balance
Given to members on check-off system
Minimum of 3 guarantors who should be members of the Sacco and must cover the whole loan
The loan is insured against death or permanent disability under the loan guard policy
Top up is allowed once with a processing fee of 5% on the loan amount applied
Loan requests are processed instantly with a processing fee of Ksh 1000

Car Loan

One can qualify for up to Ksh 2,000,000
Repayment period up to 36 months
Interest rate 1.5% per month on a reducing balance
Minimum of 3 guarantors who should be members of the Sacco and must cover the whole loan
The loan is insured against death or permanent disability under loan guard policy

Hisa loans

This a product based facility enabling members to acquire corporate center shares
Repayment period – 36 months
Interest rate – 1.25% per month or 15% Per annum (reducing balance)
No Guarantors required

C. Short term Loans

Jienjoy Loan

Maximum that one can qualify for at any one time is Ksh 100,000
Top ups are allowed, a one-off top-up fee of 5% is charged on the loan balance
Interest rate 12% per month on a reducing balance
Repayment period up to 1 month
Self-guarantor ship
The loan is insured against death or permanent disability under loan guard policy
Disbursements are done through FOSA
Loan requests are processed the same day

Emergency Loan

Maximum that one can qualify for at any one time is Ksh 200,000
Interest rate 1% per month on a reducing balance
No top-ups allowed for this loan
Repayment period up to 12
Minimum of 3 guarantors who should be members of the Sacco and must cover the whole
The loan is insured against death or permanent disability under the loan guard policy
Disbursement are done through FOSA
Loan requests are processed the same day

Express Loan

Maximum that one can qualify for at any one time is Ksh 200,000
Top ups are allowed, a one-off top-up fee of 5% is charged on the loan balance
Interest rate 5% per month on a reducing balance
Repayment period up to 12 months
Minimum of 3 guarantors who should be members of the Sacco and must cover the whole
The loan is insured against death or permanent disability under loan guard policy
Disbursement are done through FOSA
Loan requests are processed same day, processing fee of Ksh 500
Available to members less than 6 months old as long as there is the ability to pay

M-Tembo Loan

This loan is instant and is applied using the mobile platform
One must be registered on the M-Tembo platform
Maximum amount depends on the member’s credit score.
Interest rate 6% p.m.
Repayment 1 month i.e. 30 days
No guarantors
Penalty on default is 6% of the outstanding
The defaulted loan is recovered from Deposits and the applicant is blocked from accessing

Salary Advance

Available to salaried people whose salaries are channelled through Tembo Sacco
One qualifies up to a maximum of 50% of the Net salary
Interest rate is 2% p.m
Deducted Once when salary is received
One can only access it from the 15^th day of the month

Front Office Service Activity (FOSA) Products

1.FOSA Savings Account

- This account is available to any member who saves with Tembo Sacco in the Back Office
- One can deposit and withdraw anytime
- Minimum account balance is Ksh 1,000
- This account can be linked with Mobile and ATM services

Salary Account

- This account is for members whose salary is channelled through the Sacco
- The minimum account balance is 100
- This account can be linked with Mobile and ATM services
- One can deposit and withdraw anytime

Hekima Account

Hekima is a savings account which one can be able to withdraw to a limit of 3 times a year. It earns interest of 10% p.a. on a prorated basis and it is subjected to the market. The minimum account balance is Ksh 1,000.

Fixed Deposit Account.