A pool of funds for SACCOS for liquidity management, Investment and Inter-lending to member SACCOS
1. Build & Maintain liquidity stability in SACCOS.
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.