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Q. How one benefit does from the long term investments i.e. fixed assets and retained earnings?

Tuesday, 14 September 2010 10:12 administrator
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A. When a society retains earnings, these funds are used to purchase Assets to facilitate operations. The society Saves when no rent is paid.

It is also statutory requirement for a society to retain a portion of its current year profits for growth.

 

Last Updated on Tuesday, 14 September 2010 10:14
 

Q. How can one avoid over-reliance on loans for emergency and school fees needs?

Tuesday, 14 September 2010 10:12 administrator
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A. Patronize all savings products, practice dividends retention, borrow wisely pay promptly. Borrow to invest and not for consumption.

 

Q. Can my relatives join Stima Sacco?

Tuesday, 14 September 2010 10:11 administrator
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A. The current by Laws allows a members spouse and children to join the SACCO. The SACCO is exploring ways of growing its membership. Allowing other relatives may be considered in future.

 

Q.How does one patronize SACCO products in general and FOSA products in particular when the SACCO has no physical presence elsewhere other than Nairobi?

Tuesday, 14 September 2010 10:11 administrator
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A .Currently the SACCO operates one branch at Nairobi with12 service centers countrywide. The service centers are coast, kisumu,Nakuru,Eldoret,Nyeri,Olkaria,Kisii,Lodwar,Turkwel,Seven forks, Migori and , Kakamega. Members in these centers can access loans of up to Ksh100, 000 on approval of their branch officials. Members in Moyale, Marsabit, Garissa and Wajir communicate to the head quarters through their delegates. All members can access their FOSA prime accounts using their ATM cards. (Pesa point and SACCO link visa enabled card.)

 

Q. Why is it necessary to fill different loan forms for different loan products?

Tuesday, 14 September 2010 10:10 administrator
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A. Previously, it has been a requirement to fill different forms for different products. The SACCO has designed a new form to combine the detail requirements for all loans. These include discounting and bridging Finance.

 
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