Chama Products

Nafasi Sacco helps BUILD andGROW your Chama.

Do you have a Chama? If yes, we have the right financial products just for your Chama. As a Chama, you will have access to our financial services which includes and not limited to; Baraka Chama Account, Baraka Chama Loan, Gold Save Account, Nafasi Shares among others.

Accounts and Savings

Baraka chama account is  available to members operating formalized joint accounts such as Baraka investment groups, public/private organizations e.g schools, NGOs, CBOs, churches etc to help transform members lives through investment chamas.

This account offers:

  • Flexible and frequent withdrawals
  • Access to tailored support service
  • In house cheque provided
Loans and Advances

This loan product targets members in registered Investment groups/companies engaged in common Investments

This loan is advanced to either individuals for onward aggregation or to the company based on its ability to repay

Investment group constitution or Company articles and memorandum of association required in accordance with SACCO lending policy

Access Requirements:

  • Group Investment proposal
  •  Guarantee by investment group directors on behalf of the shareholders
  • Loan Security deposit – up to 15%
  • Physical asset collateral- The investment itself
  • Loan Term – Up to 5 years

The group can graduate or be recommended to project loan.

Maximum loan to be determined by the by-laws from time to time

Directly qualify investment group for opportunity under NAFASI Housing.

Baraka Group Member Loan – This is where group members can access their own working capital loans in addition to the investment loan or even where there is no such investment

Access Requirements:

  •  Main investment project share as security for the loan, or
  • Co-guarantor ship by fellow group members
  • Loan Security deposit- up to 30%

Household chattels with appropriate consent by spousal consent

Cross Cutting Products

Available Kenyans of majority age willing to join NAFASI upon positive identification.

Each share is worth Ksh 20 and one is required to buy 500 shares to join – total Ksh 1,000

Shares grant the member respective rights as per Nafasi By-Laws

Minimum shares is Ksh 50,000 of which one is allowed to build/purchase gradually over time

Maximum shares are as per the by-laws and applicable laws

Share to be transferred to next of kin or new members as the case may be.

Available to all adults as minimum requirement for membership. All members have rights to NAFASI products and service. Shares earn dividends in accordance with SACCO annual performance. Shares can be transferred to other members or next of kin as the case may be.

Saving for a purpose/ goal related savings eg holiday, investment, etc

Linked to national and international funds transfer service providers, Mpesa, etc

• No opening Balance, and
• Deposit any amount, anytime

Limited withdrawals

Earns Interest earning at the end of the year on pro-rata

Other issues:

  • Free standing orders
  • Monthly/regular check-off to the account
  • Advisory services/reminders on the set goals
  • NAFASI Loan to support the goal, in case of shortage
  • Free SMS reminders on progress towards the goal

Saving for the next holiday destination

Linked to domestic and international holiday products through partnerships with travel companies

  • No opening Balance, and
  • Deposit any amount, anytime

Withdrawals or Transfers are allowed towards payment of the holiday package

Earns Interest earning at the end of the year on pro-rata

Other issues:

  • Free standing orders
  • Monthly/regular check-off to the account
  • Advisory services/reminders on holiday options
  • Free SMS reminders on progress towards the goal

Loan to acquire assets as per the schedule provided

Asset terms guided by the current guidelines given from time to time, as well as any existing MOU

Term of up to 5 years, varying with asset type/years etc (as per applicable schedule from time to time)

Loan size- 100% of the asset price (see asset financing schedule)

One-month account operation required to channel the Income or written commitment acceptable approved at the discretion of Board & Management

Disbursement in cheque drawn/RTGS in favor of the vendor

Security – Asset registered jointly, comprehensively insured through NAFASI insurance agency, and the Sacco interest noted accordingly as well as installed with tracing devise at borrower’s cost

Perfected asset documents (above) lodged with the SACCO’s lending department

Loan to landlords under agents with whom NAFASI has MOU

Unsecured loans to landlords for up to 36 months

Securities options:

  • Deed of rental assignment
  • Agent guarantee & indemnity
  • Guarantee by the registered owner, if not the borrower is not the owner eg parent

Loan security deposits (minimum of 25%). Exemption to the LSD can be issued through proper authorization as per the policy

Refinancing allowed during loan term

A general purpose advancement of funds against grain under documented and confirmed storage within the NCPB silos and other private grain silos under formal bodies such as east Africa grain council

Open to members with ABILITY TO REPAY and a favorable risk factor as per warehouse receipt value (quality, quantity and valuation thereof), CRB credit score and credit history

Qualification amount is 60% of confirmed receipt value (60% of the purchase price of grain in store)

1) Duration of the advance will be up to six months, but payment will be bullet in nature as the grain in store is being released

2) Securities: Lien on confirmed storage documentation endorsed and lodged in the Saco as security, and only released against full loan repayment

Where the member commit to continuously build their loan security deposit as they continue trading in grains, exemption to the upfront LSD will be given through proper authorization as per the policy