This article focuses on Simba Chai Sacco membership eligibility and requirements. Simba Chai Sacco was established on 17th May 1977 by the accounts personnel of Uniliver Tea Kenya Limited (currently Ekatera Tea).
The society was registered as Kericho Hesabu. In 2009, the delegates of the Sacco passed a resolution to change the name of the Sacco to Simba Chai Sacco.
The Sacco is regulated by Sacco Society Regulatory Authority (SASRA) and is one of the largest deposit-taking Saccos in Kenya with an asset base of more than 1.96 billion.
Simba Chai Sacco Membership Eligibility
- Any permanent Uniliver Tea company employee.
- Farmers.
- Business people.
- Co-operate clients.
- Schools.
- Micro-credit groups and chamas.
Simba Chai Sacco Membership Requirements & Qualifications
A person who possesses the following qualifications shall be eligible for membership;
- Pays the entrance fee of Kshs 1,000 and pay for at least 100 shares of Kshs 20.
- Is within the field of membership of the common bond.
- Has attained the age of 18 years.
- Is a resident, within or occupies land within the society’s area of operation.
- Is in employment or in business within the society’s area of operation.
- Is an employee of the society or related investment of the society.
- Is a member of the immediate family of the primary member.
- Is of good character and sound mind.
Simba Chai Sacco Products
BOSA Products
- Normal loan.
- School fees loan.
- Hybrid savings.
- Emergency loan.
- Loan difference.
- Instant loan.
- Holiday savings.
- School fees savings.
- Leave savings/ retirement.
FOSA Products
- Savings account.
- Fixed deposit account.
- Overdraft facilities.
- Simba junior account.
- Corporate account.
- Salary processing.
- Salary advance.
- Sacco link.
- Laptop loan.
- Mpesa and M-banking.
- Flex salary advance.
- Solar products.
- Bankers cheque.
Savings Products
- FOSA savings.
- Holiday savings.
- School fees savings.
- Salary processing.
Investments
- Safaricom SIMEX.
- Shares in KCB.
- Shares in Co-operative Bank.
- Shares in KUSCCO.
- Shares in CIC.
Simba Chai Sacco Contacts
Head Office: Brooke Centre, Kericho Town.
Contacts: 0708 005 555/ 0722 232 507.
