COTA SAVINGS AND CREDIT CO-OPERATIVE SOCIETY LTD
Cota Savings and Credit Co-operative Society was formed to empower our community through business trainings, financing and grants for decent send off in cases of unforeseen eventualities. Welcome on board!
STRATEGIC OBJECTIVE
To inculcate a savings culture among young people and access to loans at competitive rates to develop and improve their economic, social status and empower them in the event of unforeseen eventualities by pooling of resources together.
Our Products
Emergency Loans
- Amount borrowed shall not be more than 80% of the member’s savings.
- It attracts a one-off interest of 10%.
- Member’s savings will be used to settle the loan when it’s unpaid and past deadline.
- Borrowers are eligible to borrow immediately after payment.
Normal Loans
- These is given at a value that is four (4) times (*) your savings.
- No interest rate applicable.
- It requires at least 2 guarantors who are active members.
Benefits of Membership:
- Members qualify for loans after three months.
- Faster disbursement of loans (24 hours)
- Opportunity to cultivate savings culture without interruptions.
- Access to credit products with no interest rate for normal loans.
- Free education seminars and business consultations.
- One is able to acquire land on instalments after three (3) years of savings.
SACCO Membership Categories
- ID/Passport copy and one passport size photo.
- Registration fee Ksh 500.
- Minimum daily savings of Ksh. 50.
For Registered, unregistered welfare associations and self-help groups:
- Registration fee Ksh 1,000.
- ID copies, 1 passport size photo of each official.
- Minutes confirming election of officials and agreement to open an account with us.
- List of all members, contacts and ID No. and
- Formation guide lines/ constitution.
- Minimum daily savings of Ksh. 50.
Walfare
Non Refundable Registration of Kes 300
Benefits Includes;
- 50% Scholarship for covered members to pursue: Hairdressing, Beauty and Computer Packages.
- Ksh 50,000 in CASH, to cover; Transportation of the Body, Clothing of the Body, Trolley, Executive Coffin, Gazebo Tent, Lowering Gear, 2 Tents and 200 Plastic Chairs, Mortuary expenses & Public Address.
Membership Categories
200 Monthly
- This category covers only the registered member.
- Monthly contribution is Ksh. 200.
250 Monthly
- This category covers only Husband and Wife.
- Monthly contribution is Ksh. 250.
300 Monthly
- Covers Nuclear family and children below 17 years.
- Monthly contribution is Ksh. 300
600 Monthly
- Covers the nuclear family, parents and in-laws of the Principal.
- Monthly contribution is Ksh. 600.
Eligibility
- Must be an Active Member with continuous monthly remittances for four months.
- Maximum Age of 80 years.
- Children are covered from four months to eighteen years but cover can extend to 24 years upon proof of the beneficiary being in school/College/University.
Requirement to claim
- Burial Permit.
- Photocopy of ID/Photocopy of Birth certificate.
- Letter from your Area Chief Officially Stamped
Contributions
- Go to Mpesa in your safaricom line
- Choose Lipa na Mpesa
- Buy Goods and Services
- Enter Till Number: 9191387
- Enter amount Ksh. XXX
- Your M-pesa PIN then Send
For more Information: SMS/ WhatsApp the Word SACCO to: +254751775577, Email: cotasacco@gmail.com Visit our office at 1 Flr Faulu Bank House Kariobangi along Outering Road, Rm 2.