Mpawa FAQs

 Access M-PAWA service via USSD or M-Pawa APP

 1. Dial *489# (USSD)on your phone

M-Pawa App can be downloaded from the Google Play Store.

A onetime pin is required to activate the Mobile App.

2.  A four digit start pin will be sent to your mobile via sms, use it to login change your pin.

3. An SMS confirming pin change shall be sent to your phone.

4. A menu will appear on your screen. It consists of:

v  My Account

You can check balances, last five transaction as mini statements, request for e-statements, find the location Stima Sacco branches and change pin

v  Funds Transfer

The maximum amount one can transfer is Ksh 300, 000

Internal transfers- Customers can transfer money within any of their FOSA accounts. Transaction charges apply where applicable

Transfer to another member- Customers can transfer money to another member by keying in the recipient’s member number. The money will be transferred to the recipient member’s prime account.

v  Mobile Wallet

This function allows you to transfer money to your mobile network operator wallet.

v  M-Advance

You can borrow M-Advance loan up to a maximum of Kshs 20,000

v  Airtime Top-Up

You can now buy airtime directly from your prime account.

v  Customer Enquiries

You can now send messages to customer care for assistance

 

Instructions on How to Deposit Money Using Pay Bill

Go to M-PESA , then Lipa na M-PESA

Enter 823244 as the business number

For payment into deposit, Enter your five digit Member number followed by the alphabet D, e.g.  00000D

For payment into shares, enter your Member number followed by the alphabet S, e.g.  00000S

For Payment into Prime enter you Prime Account number e.g. 5-02-00000-00

Enter the amount you wish to deposit (between Ksh10 – Ksh70,000)

Enter your M-PESA PIN

Confirm details are correct and press OK!

 

 

Savings Products

Stima Sacco has a wide range of savings products. These products are tailored to meet various needs of a diversified membership with each member’s unique need being catered for in this array of products and services

TYPES OF SAVINGS PRODUCTS OFFERED


1 SHARES OR EQUITY CAPITAL

Each member shall purchase at least one share of Ksh.100 each. Shares shall not be refundable or assignable as collateral for a loan, but a member may transfer his shares to other members on leaving membership of the Society.
Shares may earn dividends paid from net surplus after required transfers to reserves at the end of a financial year in accordance with the dividend policy of the Society.


2 DEPOSIT ACCOUNTS

These deposits may be used as collateral against borrowings from the Society and shall only be refunded when a member withdraws from membership and provided the member has fully repaid all his debts and is free from guarantee. Deposits may however be transferable from one deposit account to another provided the transaction does not contravene the Savings policy.
Non-withdrawable deposits shall be contributed on a monthly basis or at such prescribed periods and in such amounts as may be prescribed in this policy. Non-withdrawable deposits shall be refundable within sixty days after receiving a written notification from the member.
Interest on deposits shall be paid at a rate that shall be determined by the board at the end of the year after audit has been completed. The interest may be eliminated if the financial position of the Society and capital adequacy does not permit payment.
The Society shall operate the following accounts as non-withdrawable deposits:-

2.1 Deposits
Alpha deposits may be contributed on a monthly basis by members provided that no member shall contribute less than Ksh.1000. Members with loans shall contribute at least one percent (1%) of the loan taken subject to the following limits:-
Loan upto Ksh.2,000,000 mandatory minimum ksh.5,000
Loan upto Ksh.5,000,000 mandatory minimum Ksh.10,000
Loan above Ksh.5,000,000 mandatory minimum Ksh.15,000
Alpha deposits shall be used as collateral against borrowings both by an individual borrower or as guarantee for loans to other members.

2.2 Omega Deposits
Omega deposits shall be contributed on a monthly basis by members under the “Omega” category provided that no member shall contribute less than ksh.500. Omega deposits shall be used as collateral against borrowings both by an individual borrower or as guarantee for loans to other members under this category.
A member shall be at liberty to transfer his Omega deposits to his Alpha deposit account provided the deposits are free of any liabilities.

2.3 Fahari Deposits
Fahari deposits shall be contributed on a monthly basis by members under the “Fahari” category provided that no group shall contribute less than Ksh.3,000. Fahari deposits may be used as collateral against borrowings by the group account only.

2.4 Flex Deposits
Flex deposits shall be contributed on a monthly basis by members who do not fall under all the other categories of membership, but are regular patrons of some services offered by the Society, provided no member contributes less that Ksh.750. Flex deposits shall automatically act as collateral for all borrowings by the member, but shall not be used to guarantee borrowings by other members.

2.5 Biashara Deposits
Biashara Deposits shall be contributed on a daily, weekly, monthly, or as a member’s business cycle may permit. These deposits shall be contributed by members under the “Bishara” category provided that no member shall contribute less than Ksh.6,000 per annum and on a regular basis.


3 WITHDRAWABLE DEPOSITS

The Society shall operate withdrawable savings which shall be discretionary savings accounts. These deposits accounts shall prescribe terms and conditions of opening, operating and closing accounts, interest rate calculations and payments, penalties and other charges. In additions the SACCO shall make the following information available to members:-
(a)The minimum amount required to open an account and the minimum balance to maintain it;
(b) The minimum interest bearing balance;
(c) The interest rate and fees applicable;
(d) The penalty for early withdrawal or withdrawal above set limits, if any; and
(e) The maturity of a term account.
For joints and group accounts, disclosures made to any one of the members shall be deemed to be made to all members.

3.1 Prime Account
The Prime Account is a withdrawable deposit account that members use as a transaction account and can also be used for savings purposes. The account caters for members’ regular transactions like salaries and loans processing; cash and cheque deposits; electronic funds transfers; standing orders etc. The account operates as follows:-
a) The account maintenance balance is Ksh.1,000
b) The minimum interest earning balance is Ksh.15,000
c) Interest is calculated monthly and credited at the end of the year; that is 31st December every year.
d) The Prime Account holders are eligible for ATM card services which shall be issued and operated in accordance with the Society’s ATM card procedure.
e) A member can make regular savings to the Prime Account through a check-off arrangement with the employer.
f) The account attracts no monthly charges or account maintenance fees.
g) Withdrawal fees shall be in as stipulated in the Fosa Tariff Guide.
h) Maximum withdrawal limits will be in accordance with the Fosa Tariff Guide.

3.2 Twiga Savings Account
The Twiga savings account is a withdrawable deposit account which gives members a facility to save for certain eventualities like education, holiday, Christmas festive season, wedding etc. The account operates in the following manner:-
a) A member saves a minimum of 1,000/- per month usually through check-off or standing order.
b) A member who opens a new account has to save consistently for at least six months before they can withdraw, however for an existing account, a member may access the funds after every three months.
c) The account has got no minimum account maintenance balance.
d) Minimum interest earning balance is Ksh.7,000
e) Interest is calculated monthly but credited at the end of the year; that is 31st December every year.
f) Withdrawal fees shall be as stipulated in the Stima Sacco Tariff Guide.
g) The account attracts no monthly charges or maintenance fees.

3.3 Mustard Account
The Mustard account is a withdrawable deposit account that provides members with a savings facility for “fall back”. The savings that are done on a monthly basis, usually through check-off, target members who have a need to accumulate small savings for a long time, which they can withdraw when employment ceases prematurely, when they retire or when seriously ill. The account works in the following manner:-
a) A member saves a minimum of Ksh.300 monthly through check-off.
b) All deposits from Ksh.300 and above earn interest which is calculated monthly and credited at the end of the year.
c) Interest rates are on a graduated basis; that is the higher the deposits the higher the rate.
d) Withdrawal of 25% of the deposits is allowed every three years or when a member leaves employment either prematurely, retires normally or is critically ill.
e) Mustard Savings cannot be used to offset an individual or a defaulter’s loan unless a member is a defaulter himself or has pledged the savings as collateral for a loan.
f) Interest is calculated monthly and credited at the end of the year; that is on 31st December every year.
g) Withdrawal fees shall be in as stipulated in the Fosa Tariff Guide.
h) The account attracts no ledger or maintenance fees.

3.4 Junior Star Account
The Junior Star Account is a savings account designed to provide a savings facility for parents to save for their children who have not reached the majority age. The account helps parents to plan for their children’s education through savings accumulation for a long period of time. The account operates in the following manner.
a) The member opens an account for each and every child as he wishes.
b) The account name is the child’s name, while the parent has the sole mandate to operate it.
c) The minimum monthly saving for each account is Ksh.250 mainly through check-off but any other mode is also acceptable.
d) Withdrawal from the account is permitted after every four months provided a balance of Ksh.500 is maintained.
e) Withdrawal before four months are over may be permitted at a charge of Ksh.150 per withdrawal.
f) Minimum interest earning balance is Ksh.5000
g) The rate of interest will be based on amount and time of deposit; the higher the amount and the longer the period, the higher the rate.
h) The account attracts no monthly charges or account maintenance fees.
i) Withdrawal fees shall be in as stipulated in the Fosa Tariff Guide.
j) Children receive a birthday card every year.

3.5 Fixed Deposit Account
The Fixed deposit account is a withdrawable deposit account where depositors can place short term deposits for specified periods of time usually between one to twelve months. The account targets members with large sums of money that they have put aside for investment and they are fairly certain of the period that they can commit the funds. The account operates as detailed below.
a) Fixed Deposit Account is suitable for deposits where the customer is fairly certain of the period that he can commit the funds.
b) Minimum deposit Kshs.50,000
c) Interest is computed daily and credited at the maturity of the contract period.
d) Accrued interest is forfeited if a depositor withdraws the funds before the maturity date.
e) The customer is issued with a Certificate of Deposit upon depositing the money.
f) The Certificate of Deposit details the amount deposited, date deposited, interest rate applicable, contract period and the maturity date.
g) Upon maturity the depositor can rollover the principal together with the interest or collect interest and rollover the principal or collect both principal and interest.

3.6 Silverseed Account
The Silverseed account is a withdrawable deposit account that targets savers who have a need to accumulate some funds for investment and do not wish to tie the deposits for a specified period in the Sacco.
a) The account targets both members’ funds to deposit for unspecified period of time and those that wish to accumulate some funds through monthly savings.
b) The account allows monthly savings of Ksh.5000 through check-off.
c) Minimum interest earning balance is Ksh.10,000
d) Interest is on a graduated rate; the higher the amount the higher the interest.
e) Withdrawal fees shall be in as stipulated in the Fosa Tariff Guide.
f) Withdrawals are done as and when a member wishes to do so without restrictions.

3.7 Fahari Savings Account
The Fahari Savings account is a withdrawable deposit account that targets members with group savings commonly known in Kenya as “chama”. The members of the group need not be Sacco members provided one of the group members is a Stima Sacco member. The terms and conditions of the account are:-
a) The group must have at least one member who is a Stima Sacco member.
b) The group must at least three signatories to the account.
c) Minutes of the group meeting authorizing the officials to open the account shall be required to open the account.
d) The group must have a name preferably registered.
e) The mode of contribution is check-off, standing order or by direct deposit.
f) Minimum account maintenance balance is Ksh.2,000
g) Minimum interest earning balance is Ksh.20,000
h) Withdrawal fees shall be as stipulated in the Fosa Tariff Guide.
i) The account has no monthly charges like ledger fees, account maintenance etc.

Credit Products

The Society shall give loans and advances of tenors ranging from one month to 60 months or such other tenor as may be determined by the BOD. The amount granted to any one individual will range from 1000 to 10% of core capital or as may be determined by the board of directors from time to time.
The following loans are available but their names and attributes are subject to review by the Board of Directors in accordance with the provisions of this policy.


1.1 Development loans

Development loans are Normal or Super. The two loans differ in size and price.
a) Development loans shall be granted for investment purposes
b) To qualify for a loan, an applicant must have completed three months membership or such other period as the Board may determine from time to time
c) Applicants may be required to attach Supporting document as proof of project viability
d) Applicants must attach two most recent original pay slips or any other documents as proof of ability to repay the loan applied.
e) Loans will be repaid from a member’s salary or from members other incomes and no member will be subjected to deductions in excess of 2/3rds of his monthly salary or income. Where total deductions exceed two thirds of a member’s salary, the loan shall be reduced accordingly
f) The total of all outstanding loans, including emergency and school fees, and supa-sosa must not exceed three times an applicant’s deposits.
g) Only one development loan shall be granted at a time.
h) Every loan must be guaranteed.
i) Other securities such as land, cars, shares, insurance policies and share certificates may be pledged as security.


1.1.1 Normal

a) Repayment period will be 48 months. However a Member who qualifies for a loan equivalent to two times of his deposits because of 2/3 rule may be allowed to repay his loans within a period of sixty months.
b) The interest rate shall be 1% per month on declining balance or as shall be determined by the BOD from time to time
c) The total of all outstanding loans, including Supa-Sosa, emergency and school fees must not exceed four times a member’s deposit.


1.1.2 Super Loan

a) Repayment period shall be 60 months or as may be determined from time to time.
b) The interest rate shall be 1.25% per month on declining balance or as may be determined from time to time.
c) The total of all outstanding loans, including Supa-Sosa, emergency and school fees must not exceed four times a member’s deposit.
d) Salary or business income must be channeled through FOSA


1.2 Emergency loan

a) Emergency loan shall be granted for unforeseen circumstances.
b) The total of all outstanding loans, including school fees, emergency and development loan, must not exceed three times a member’s deposit.
c) Repayment period shall be twelve months
d) The interest rate shall be 1% per month on declining balance or as may be determined by the BOD from time to time.


1.3 School fees loan

a) School fees loan shall be granted for school fees purpose.
b) Repayment period shall be 12 months
c) The interest rate shall be 1% calculated on declining balance or as shall be determined from time to time
d) The total of all outstanding loans, including emergency and development loan, must not exceed three times an applicant’s deposit.


1.4 Fosaflex loan

a) Members who are eligible for this loan are those who channel their salaries through FOSA.
b) Deductions towards this loan repayment shall not be more than 30% of regular net salary
c) Application shall be accompanied by four original of latest pay slips
d) Loan must be fully guaranteed by eligible guarantors.
e) Repayment period shall be up to 36 months or as may be determined from time to time.
f) The Interest rate is 1.5% per month on declining balance or as may be determined from time to time
g) Top up may be allowed after a period determined by the BOD at a 2.5% commission or as the BOD may decide. Premature top up shall attract an additional 2.5% commission.
h) The Loans applicant must open a Flex saving account and undertake to save a minimum of kes1000 or 0.5% of loan whichever is higher.
I) Maximum loan amount will be Kshs 1000,000.00 or as will be determined from time to time.


1.5 Fosa advance

a) Members who are eligible for this loan are those who channel their salaries through FOSA.
b) Maximum amount will be 200,000.00or as may be determined from time to time.
c) Interest rate is 1.5% per month on declining balance or as may be determined from time to time
d) To up may be allowed at a 2.5% commission ors as the BOD may decide
e) Repayment period will be 12 months or as may be determined from time to time.


1.6 Bridging Finance

The bridging finance facility is available to members and shall be for the purpose of clearing various debts with an aim of acquiring a loan. The management shall determine the types of debts that will be eligible for this facility.
a) The loan must be repaid within one month or when the anticipated loan is granted.
b) Commission shall be 5% of the cleared debts.
c) A Member who has not met conditions for reapplication period will be charged an additional 2.5% of the cleared debts.


1.7 Discounting

This allows a member to get the value of a definite receivable earlier than its due date.
a) Such receivables include but not limited to:-
i. Loans approved and are due to be granted in one month’s time.
ii. Refunds of deposits those are due for payment within sixty days
iii. Anticipated incomes
iv. An un-cleared but reliable cheque
b) The discounted amount will be charged interest of 2.5% per month.
c) Maximum repayment period is 2months.


1.8 Fahari loan

The eligible applicants for this loan are registered groups on the following condition
a) To be eligible to borrow the group must contribute alpha deposits consistently for six months.
b) Loan amount will be up to three times of the group savings or ten million whichever the lower subject to ability to repay within 70% of monthly savings
c) Attach a Certificate of registration
d) The interest rate to be 1.25% p. Month on declining balance or as may be determined from time to time
e) Maximum repayment period 36 months as may be determined from time to time
f) Security will be tangible collateral or guarantee by the group members.
g) The minimum monthly contribution after borrowing must be at least 1% of the loan.
h) The minimum monthly contribution after borrowing must be at least 1% of the loan.
i) Application must be signed by the authorized signatories.


1.9 Insurance premium finance loan

This loans is for the purpose of paying insurance premium
a) The loan amount will be equivalent to the actual insurance requirement subject to ability to repay.
b) The loan must be sufficiently guaranteed
c) Interest rate shall be 1.5% per month on declining balance
d) Repayment period shall be 12months


1.10 Salary advance

a) Members who are eligible for this loan are those who channel their salaries through FOSA.
b) This facility allows an applicant to get 50% of the net salary in advance.
c) Repayment period is one month
d) A commission will be 1.5% per month or as may be determined from time to time.


1.11 Omega loan

a) To qualify the applicant must channel salary through omega salary account
b) The applicant must save omega deposits for three months
c) The applicant must attach contract document as proof of engagement.
d) The loan will be times four of the omega savings up to a maximum of Kshs 30,000
e) Interest rate is 1.5% p.m. on declining balance.
f) Repayment period shall be 10 months
g) Top up after 5 months
h) The loan must be secured by four eligible guarantors


1.12 Omega advance

a) To qualify the applicant must channel salary through omega salary
b) The Omega account holder can borrow up to Kshs 5,000 as an advance.
c) Initially the applicant must attach at least 3 latest pay slips
d) The interest rate charged will be at 5% p.m. or as will be determined from time to time
e) The advance must be guaranteed by one guarantor.


1.13 Supersosa

This loan facility will cater for members who have Super Loan or normal and need additional funds.
a) The loan amount will be 4 times of deposits.
b) Repayment period shall be 12 months
c) Interest rate currently at 1.25% p.m. on declining balance
d) The loan will be secured by 4 guarantors.


1.14 Makeover loan

This loan enables members to acquire products like Tanks, mattresses, laptops, bicycles scooters, fridge cookers TVs etc.
a) Maximum loan Kshs 100,000 subject to the ability to repay.
b) Interest rate shall be 1.5% p.m. on declining balance
c) Repayment period shall be12 months
d) Security will be 2 guarantors.


1.15 Biashara loan

This loan shall be granted to business people who bank their business income regularly at FOSA
a) Maximum loan Kshs 1,000,000 subject to the ability to repay
b) Interest rate shall be 1.5% p.m. on declining balance
c) Repayment period shall be 36 months
d) Security will be 4 guarantors. Or collateral

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