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Table of Contents

About Maisha Bora Sacco

Sometime in the autumn of 1974, a small group of Unilever (Then East Africa Industries Ltd {EAI}) factory workers whirled away their mid-morning break over a cup of tea. They mulled over their life challenges mostly revolving around personal financial needs. Yet at that time of the month they wouldn’t access any salary advance from the HR department and their money lender wouldn’t consider them for a second loan until the first one was repaid. They were concerned that they could no longer meet the rising cost of living against ‘flat pay slips’. There were a myriad of bills to be settled and yet end month seemed an eternity. But wait! Someone had an idea. They could form a savings scheme to collect individual savings and advance loans from the pool. And voila! Kimbo Sacco was born!

The objective of the society was to create a vehicle to promote a savings culture among the employees of Unilever and to lend out short term micro loans to the members for personal development, school fees and medical expenses.

Society was registered and lived under the name Kimbo Sacco until October 2003 when we acquired our current name Maisha Bora Sacco after the sale of Kimbo brand by Unilever. This development further created an opportunity for the Sacco to broaden the common bond to accommodate members outside our traditional bond of Unilever and Research International. The change of name also reflected the diversity in our membership further leveraging the strategic direction to grow the Sacco.

Over the years the society has grown from strength to strength to become a commercially autonomous, democratically controlled and self-reliant business enterprise. This is due to the support received from our members and other stakeholders at large. Currently, our asset base stands at 2.08 billion; our loan portfolio is 1.8 billion. The assets are supported by member deposits of 1.7 billion, share capital of 101 million and other liabilities. The Sacco has also experienced growth is staff numbers and professional experience.

Maisha Bora Sacco has achieved key milestones as under:-

• Acquired SASRA licence in 2012
• Attained a 1 billion loan book in 2015
• Attained a 2 billion balance sheet in 2015
• Attained double digit dividend/interest payout for over the last 5 years
• Implemented a core ICT platform
• Pride to have the highest Sacco saver in Nairobi County
• Being able to accommodate alternative loan collateral e.g. Property besides guarantors

Maisha Bora Sacco has won some prestigious awards in the recent past as under:-

Awards	Position
Best managed SACCO – Company/NGO sector	1st Position
Best in education and training services – Company/NGO sector	1st Position
Lowest expenditure SACCO – Company/NGO sector	1st Position
Highest average savings – Company/NGO sector	3rd Position
Best loaning services SACCO – Countrywide 1st Position	3rd Position

Maisha Sacco Philosophy

VISION:-

“To be the preferred financial services provider in the region ”

MISSION:-

“Transforming lives through innovative financial solutions”

CORE VALUES:-

To facilitate and support the achievement of the vision and mission, the following values shall guide operations, behavior and building of the organizational culture. In the conduct of its affairs, the Board Members, Employees and other stakeholders of Maisha Bora SACCO shall embrace the following values:

Team Work: “We recognize that teamwork is a crucial part of our business as it is necessary for us to work well together. We make deliberate effort to collaboratively work together to achieve our goals. We cooperate and use our individual skills and provide constructive feedback while recognizing our differences as individuals.”
Integrity: “We strive to be transparent and accountable in all areas of our operations. We appreciate and reward exemplary services at all times by promoting accountability by encouraging openness and fairness to one another and among all stakeholders.”
Stakeholder Responsibility: ” Maisha Bora SACCO is a responsible partner. We strive to enhance Corporate Social Responsibility through sustainable programs that benefit our members’ lives and their communities. This means giving back to the local communities and being environmentally conscious. This we achieve through advancing loans for our members to acquire water harvesting tanks, Eco-loos, solar lighting solutions and energy saving cook stoves.. We have also created an environment where all stakeholders share in the decision making. We recognize the benefits of synergy. We strive to create partnerships through team spirit that supports each other as we perform different functions to achieve a common goal.”
Professionalism: “In our effort to enhance professional competence and provide high quality services, we uphold the right skills, competences and behaviors’ among our employees. We seek to attract and retain qualified staff as well as provide quality training to our staff to bridge assessed knowledge gaps and consequently increase their competency levels.”
High performance culture: “Achieving sustainable growth requires commitment from the whole SACCO to build a culture that can adapt to ongoing changes in a competitive environment. We endeavor to identify and act on opportunities for positive change.The SACCO Board and management create a high-performance culture by setting clear expectations, defining employees’ roles, creating a trusting environment, and encouraging employees’ growth and development.”

MOTTO:-

“TUUNGANE KWA MAISHA BORA! (COOPERATION FOR BETTER LIVES)”

Maisha Bora Sacco Management: Board of Directors

Maisha Bora Sacco Society Ltd is governed by the constitution of Kenya; Acts of Parliament and the rules and regulations made therein; the Sacco by-laws and the policies of the Sacco.

The highest decision making organ of the Sacco is the Annual General Meeting (AGM) which elects nine (9) officials from amongst the members to sit in the board as directors and an oversight (Supervisory) Committee of three (3) members. The board is the governing body of the Sacco and includes the Chairman, Vice chairman, Treasurer and Honorary Secretary who are elected by the board from amongst the members of the board. Members of the board hold office for a period of three (3) years with one-third of the board members retiring every year but are eligible for re-election. There is a Nominating Committee to vet and clear the prospective candidates for elections.

The BOD operates through specialized sub-committees responsible for various society activities as under:-

Supervisory Committee
The Supervisory Committee consists of three members who must not be employees of the Society’s or serving on the Management Committee or any other Committee of the Society.

The Supervisory Committee is responsible for the Society’s compliance and internal control and oversight. It is also responsible for the truth and accuracy of the Society’s financial condition, and for making sure that the Society’s administrative practices and procedures are adequate to safeguard the members’ and the Society’s rights and interest.

The supervisory committee counter checks the effectiveness of the society’s internal controls through:-
• Verification of all transactions of the Sacco society
• Writing periodic report to be tabled at board meetings
• Presenting its reports to general meeting

Finance and Administration Committee
FINAD Committee duties are to:-
• Review and make recommendations to the board on the financial plans of the Sacco and ensure their adequacy and soundness in providing for the Sacco Society current operations and long term stability.
• Review, discuss and make recommendations to the board concerning significant financial planning, management and reporting issues of the Sacco society

Credit Committee
The Credit Committee holds such meetings as the business of the Society may reasonably require.
The credit committee’s duties are to:-
• Ensure establishment and review of appropriate credit policy consistent with the relevant provisions of the Regulations and by-laws.
• Ensure that the problem in loan accounts are adequately identified and classified as prescribed in the Regulations.

Education Committee
Education committee duties among others are:
• Review and recommend education programs for members, board members, and the management for approval by the board.
• Monitor implementation of educational programs formulated to ensure that the members and the board are well trained and prepared for the tasks they are entrusted with.

Audit Committee
The audit committee has a duty to:
• Ensure establishment and review of the internal control system.
• Review performance and findings of the internal auditor and recommend remedial actions regularly and at least once in every three months.

Maisha Bora Sacco Management Staff

The board recruits the Chief Executive Officer (CEO) of the Sacco who sits in board meetings and also attends general meetings as an ex-officio member.
The Society is run under the leadership of the CEO who works closely with the Senior Management Team.

The following are the current Sacco Senior Management Staff:

Samuel Ngure – CEO.
Joackim Ngere – Finance Manager.
Paul Bwire – ICT Manager.
Patrick Fundi – Credit Manager.
Isabel Yapkoibei – Loans Officer.
Abigael Mutie – Customer Care.
Janet Kalunda – Accountant.
Mercyline Nyamokami – Assistant Accountant.
Nelson Kirui – Assistant Accountant.
Florence Chepkoech – Teller.
Naomi Oyola – Teller.

Maisha Bora Sacco Membership

Maisha Bora Sacco membership structure as follows;


Membership	Description	Share	Entrance	Monthly payment
Code		capital	fee


				Savings	Capital	GFE

A1	regular	20,000	2,000	1,000	–	100

A2-1	corporate	20,000	5,000	3,000	–	100

A2-2	chama	20,000	5,000	3,000	–	100

A3-1	capital investor	20,000	2,000	–	–	–

A3-2	exited member	20,000	2,000	–	–	–

B1		15,000	2,000	500	500	100

B2		10,000	2,000	500	500	100

B3		5,000	2,000	500	500	100

B4		1,000	2,000	500	500	100

B10		<1000	–	–	–	–

This means a new member requires only a minimum of 3,000/= to join the Sacco and get to enjoy all services including loans @ 3 times of deposits and FOSA loans.

Maisha Bora Sacco membership is drawn from the following organizations

Unilever Kenya Limited
•    Ex-Unilever Kenya employees
•    Employees of other reputable companies
•    Companies capable of making regular check off contributions
•    Microfinance groups
•    Institutions (Schools, Churches, Hospitals, Other Saccos)
•    SMEs
•    Individuals
•    Children and youth
•    Civil servants
•    Pensioners

Maisha Bora Sacco Loan Products

Maisha Bora Sacco Savings Products

1. Share Deposits

You need to contribute at least Kes 1000 every month on this account
Entitled to a loan up to three times what you have contributed to this account.

2. Share Capital Investment Account

Features
•    Investment maximum limit is Kshs. 1,000,000
•    No monthly contributions if member has invested the maximum amount
•    Funds are not refundable but transferable
•    Up to 25% annual returns
•    Eligible to all members

3. Maisha Investment Plus

(You can now invest your cash in Maisha Invest Plus (MIP) Account)

This is an account for investors and members who would like to deposit their cash and/or dividends in an interest earning account while being able to access the invested funds on demand.

FEATURES

· Invest for a specified period of time and receive a monthly interest payment

· Interest earned can be paid monthly, quarterly, half-yearly or annually

· Annual interest is computed as 70% of the prevailing Central Bank Reference rate plus

o 0.2% for investment period of up to 6 months &

o 0.5% for investment period of more than 6 months respectively

· Investment amounts may be paid in installments or through a lump sum

· You can use money in your MIP account to secure/guarantee loans

· You can increase your investment ANYTIME

· You may access the principle amount at the end of the investment period

· Funds withdrawal notice is 7 working days

PAYMENT METHODS

1. Bank

Bank Name:	Co-operative Bank	Equity Bank
Bank Branch:	Enterprise	Enterprise
Bank Account Number:	01120000568600	0800292523510
Bank Account Name:	Maisha Bora Sacco Ltd	Maisha Bora Sacco Ltd
Bank Swift Code: (for cross border payments only)	Kcookena	EQBLKENA

Please indicate your member number and mobile phone number on the banking slip/RTGS/Standing order advice.

2. Paybill Number: 600110 (put your member number as account number).

3. FOSA banking hall at the Sacco office.

NB: After banking, please bring the slip/RTGS/Standing order advice to the office or email it to info@maishaborasacco.com ; accounts@maishaborasacco.com and advice that the funds be credited to your share capital account.

4. 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 up 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.
Features
•    Minimum amount to fix is Kshs. 5,000
•    No monthly deposits
•    No maximum limit
•    Earns attractive annual returns of up to 11%
•    Refundable with interest upon maturity
•    Fixed deposit can be used to secure a loan

5. Fosa Savings /Joint/Group Account

Open a joint or group account with Maisha Bora that will earn 3% interest on balances
No limited withdrawals

6. School Fees saving

Open a joint or group account with Maisha Bora that will earn 3% interest on balances
No limited withdrawals

7. BOSA Deposits Account

Features
•    Monthly contribution of Kshs. 1,000
•    No maximum limit on savings
•    Can be used to secure a loan
•    Earn attractive annual returns of up to 12%
•    Funds refundable after 60 days of notice to exit

Maisha Bora Sacco FOSA Products

Fosa personal Loan

•    Maximum amount is pegged on a members ability to pay
•    Not pegged on shares deposits
•    Interest rate of 1.25% per month on a reducing balance
•    Maximum repayment period of 36 months
•    Security options: Guarantors’ deposits, member deposits, Fixed deposits, Property
•    Quick Processing period: Up to 4 days
•    1% once-off processing fee
•    1.5% once-off insurance

Fosa Plus Loan

Features
•    Maximum loan amount: Kshs. 1, 500, 000
•    Interest rate of 1.5% per month on a reducing balance
•    Maximum repayment period of 36 months
•    Security options: Guarantors’ deposits, member deposits, Fixed deposits, Property
•    Quick Processing period: Up to 4 days
•    1% once-off processing fee
•    1% once-off insurance fee
•    Membership spanning at least 6 months and evidence of ability to pay

Fosa Savings Account

Open a joint or group account with Maisha bora that will earn 3% interest on balances
No limited withdrawals

Fosa Current Account

Features
•    Monthly deposits are not restricted
•    No maximum limit on savings
•    Can be used to secure FOSA loans
•    Earns attractive annual returns of up to 3%
•    Personal cheque books are available for this account
•    Unlimited withdrawals
•    Member can withdraw using ATM card

Fosa Individual/Group/Joint Savings Account

Features
•    Monthly deposits are not restricted
•    No maximum limit on savings
•    Gives access to FOSA loan
•    Earns attractive annual returns of up to 3%
•    Personal cheque book available
•    Unlimited withdrawals

Shamba Loan

Feature

· The loan is to finance Maisha Bora Ventures projects for willing and qualifying applicants

· Maximum financing of 90% with the buyer raising 10%

· Annual interest rate of 15% reducing balance

· Loan not pegged on deposits

· Applicants to be appraised through the normal process

· Collateral to be the plot being purchased

· Loan period- 5 years

Maisha Bora Sacco Other Services

House Keeping Services

Maisha Bora Sacco has a cleaning department that does cleaning services to offices. Currently Maisha Bora is doing all the cleaning work of Unilever Kenya offices and CIC insurance offices.

Maishabora Ventures Ltd

Maishabora Ventures Ltd which is an investment subsidiary of Maishabora Sacco. Shareholding is open to individuals,registered groups,sole proprietorship,partner-ships and limited companies.The minimum shareholding is 5 shares @ Ksh 1,000 per share translating to minimum investment of Ksh 5,000.

Opportunities for Shareholders

High yielding, low-risk investment through purchase of shares in the company
Dividends earnings
Capital gain as the share price is expected to appreciate
Preference in project allocation
Special discounts on project
Acquisition of real assets of affordable prices

Maisha Bora Sacco Membership portal

You can access the membership portal by clicking here

Maisha Bora Sacco Contacts

Contact Us

Maisha Bora Sacco Society Limited
Unilever Kenya Ltd, Commercial Street, Industrial Area
P. O. Box 72713-00200
Nairobi,Kenya
info@maishaborasacco.com
Phone: +254 709 446 000 (customer Care Help line)

That’s it! For more information visit Maisha Bora website by clicking here