Central Financing Programme (CFP)


A pool of funds for SACCOS for liquidity management, Investment and Inter-lending to member SACCOS

CFP Objectives



1. Build & Maintain liquidity stability in SACCOS.

2. Inter-lending.

3. Centralizing Financial Power among SACCOS for Investment.


PRODUCTS IN CENTRAL FINANCING PROGRAMME (CFP)




1. ORDINARY SAVINGS | WITHDRAWABLE | ANYTIME



  • SACCOS may withdraw its savings at anytime
  • Competitive interest paid on the balance at the end of the month.
  • Minimum monthly savings


2. COMPULSORY SAVINGS | ACCUMULATED | WITHDRAWABLE



  • A Member SACCOS is encouraged to maintain 5% of its total assets with the CFP as liquidity reserves.
  • Earns high interest rate.
  • High priority for qualification for loan.


3. FIXED DEPOSIT |BASED ON TERM AND RANGE



  • Fixed for agreed period.
  • Attractive interest rates.
  • Certificate of deposit issues.
  • Can be used as security for the loan


4. LIQUIDITY LOANS | SHORT TERM | PAYABLE IN 6 MONTHS



  • Finance liquidity constraints affecting member SACCOS.
  • Maximum loan is 3 times its savings with the CFP.
  • Negotiable interest rate.
  • Loan approval in 24 hours.
.

5. DEVELOPMENT LOANS | LONG TERM | 24 MONTHS



  • Finance assets acquisition or refurbishment of office.
  • Maximum loan: 3 times its savings with CFP.


REQUIREMENTS FOR CFP



  • A SACCOS must fill and submit CFP EXPRESSION OF INTEREST FORM.
  • A SACCOS must be a fully paid up member of SCCULT (1992) LTD.
  • A SACCOS must be in good standing with SCCULT (1992) LTD. i.e Paid annual contribution and other required contributions.
  • Monthly savings for not less than 6 months.
  • A SACCOS must fill and submit CFP LOAN APPLICATION FORM.
  • Resolution from Annual General Meeting (AGM), checked and passed by Co-operative officer to borrow from SCCULT and maximum liability.

 
 
 
 
 
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