To become a member of Cent Cent SACCO one must buy ten thousands membership shares of one United States cent each (US1c) which translates to a consideration of one hundrend United States dollars (US$100). Those wishing to join but are unable to outlay one hundred United States dollars (US$100) at one go are allowed to purchase membership shares in multiple of ten United States dollars (US$10) that is one thousand (1000) shares at a time over a period they are comfortable with.
Cent Cent SACCO requires a certain investment in Fixed Assets including the Technological System/Hub to enable it to be a hundred percent digital SACCO (CAPEX) as well as Operating Expenses (OPEX) to be incurred before the SACCO becomes self sustaining. The general assembly in their meeting on the 25th of July 2015 resolved to open to all members the financing of establishment costs both CAPEX and OPEX through issuance of 1750 non-voting 9% Preference Shares of one hundred United States dollars (US$100) each. This window will be closed as soon as the SACCO can sustain its operations.
Main Savings is the Sacco Core Saving that every member must have in order to access all Sacco products and services while enjoying annual interest returns based on Sacco’s profitability. The account is opened by an initial deposit of ten dollars $15 after one has been admitted as a member in the Sacco.
The objective of Main Savings account is to encourage regular uninterrupted savings for the purpose of building one’s long term savings for future use and development goals through cheap Sacco loans.
If you are looking to borrow money for an investment, buy an asset/equipment, take out a loan to meet personal needs, then having a Sacco Main Savings Account where you make regular contributions will make you eligible for any of these loans and other financial products to reach your goals.
You must have been a member for six months to qualify for a loan, saving regularly and consistently is to your advantage depending on the magnitude of the loan you intend to take out.
The more money you contribute to your Main Savings Account, the bigger the loan you can qualify for. You will be eligible to borrow up to four times (x4) the amount you have saved in your Sacco Main Savings Account.
Become a member of the Sacco and consistently contribute to your Main Savings for a minimum of six months before you apply for a loan. Find out what you need and the benefits of becoming a Sacco member.
Do you have money that is earning you very little to no returns? Are you tired of losing money in your bank account to bank fees while it earns you nothing? Do you want to generate income through the Sacco?
The Cent Cent SACCO Negotiable Fixed Term Deposit is a fixed income investment designed to give you guaranteed and competitive return on your money. It offers flexible investment periods and earns you interest, which you are then paid together with the principal amount invested upon maturity.
With The Cent Cent SACCO Negotiable Fixed Term Deposit , you can fix your money for 3 months, 6 months or 12 months and earn a guaranteed interest of 24% – 48% p.a after which you can then withdraw the principal amount together with the interest earned, at the end of the fixed period.
| Principal Savings | 3 Months Interest Earned | 6 Months Interest Earned | 1 Year Interest Earned |
| At least $25 | 24% p.a | 36% p.a | 48% p.a |
Cent Cent SACCO Negotiable fixed term deposit will be invested in securities and financial instruments that guarantee safety, liquidity and return on investment. For this reason the Sacco investment options will be limited to:
At any given point pooled funds earn at the highest level of the sum-total of the pool, for example some financial institutions do not give interest for amounts less than one hundred dollars ($100) and some will not give interest for amounts less than ten thousand dollars ($10000) dollars. But if your one cent contribution is sitting in a pool that has already exceeded the non interest earning threshold it means in that pool your single cent earn interest at the highest rate possible.
A member who invests their money in a Fixed Term deposit account can opt to do any of the following once their investment has matured.
The member will automatically receive both the principal and interest earned upon expiration of the investment term, from the Sacco. The monies will normally be transferred to member’s bank account of choice.
A member can request the Sacco to roll over both the principal and interest earned for another investment term of 3, 6 or 12 months. The instructions to roll-over must be made in writing and should be received at least one week before maturity. The member can also choose to roll over only the principal amount while the interest is paid to him/her.
On maturity, you can request the Sacco to transfer both the principal and interest earned to your Sacco Main Saving account for the purpose of taking a loan or boosting of Main savings account for future loans. You may also choose to participate in other collective investment opportunities available through the Sacco.
These are loans granted to members owning formal small enterprises of commercial and industrial activities, services, simple production, crafts, etc., and members’ start-up enterprises are also considered if bundled up with hand holding/entrepreneurial coaching. These loans are given for the following purposes:
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