All You Need to Know About Stima Sacco

Stima Sacco, established in 1974, is one of Kenya's prominent Savings and Credit Cooperative Societies (SACCOs). Initially founded to serve employees of the Kenya Power and Lighting Company.

It has since expanded its membership to include Kenyans globally, foreigners residing in Kenya, individuals from formal and informal sectors, business persons, groups, and corporations.

Stima Sacco Membership Categories and Requirements

Stima Sacco offers membership to individuals, groups, and corporates under different categories:

• Individual Membership: Requires a completed application form, national ID or passport, KRA PIN, and passport photo.
• Group Membership: Requires a registration certificate, minutes of the group's meeting, group constitution, and KRA PINs of signatories.
• Corporate Membership: Requires directors' resolution, certificate of incorporation, memorandum and articles of association, and KRA corporate PIN.

Each membership category has specific share capital thresholds and cumulative loan limits.

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Stima Sacco Savings Products

Stima Sacco offers various savings accounts to cater to different financial needs:

• Shares Account: Long-term savings which attracts dividends.A bona fide member is required to have minimum share capital of Ksh25,000. 
• Alpha Deposits: Continuous monthly savings that earn interest annually. The deposits are factored in when taking a loan or when guaranteeing a member’s loan facility. 
• Prime Account: Transactional account with no interest. It does not charge monthly charges for balances above Ksh15,000.

Other Special Accounts

• Twiga Savings: Targeted savings for specific goals like school fees and holidays.
• Junior Star Account: Children's savings account with structured withdrawals.
• Msingi Bora Account: Long-term savings plan for education expenses.
• Mustard Account: Retirement savings account with interest and partial withdrawals allowed annually.

Read Also: Frequently Asked Questions About Saccos in Kenya

Stima Sacco Loan Products

Stima Sacco provides diverse loan products. For a normal loan, the interest rate is 1% per month on reducing balance.

Here are some loan products:

• Personal Loans: Development loans, salary advances, and emergency loans.
• Business Loans: Working capital loans, asset finance, and trade finance.
• Mortgage Loans: Offered under the Kenya Mortgage Refinance Company (KMRC) and Makaazi Poa micro-mortgage product.
• Collateral-Based Loans: Secured using land, motor vehicles, or other acceptable securities.

Stima Sacco Digital Banking Services

Stima Sacco offers digital solutions through its web portal, mobile app (M-Pawa), and USSD (*489#), enabling members to manage their accounts, transfer funds, and access loans conveniently.

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Stima Sacco Returns

Stima Sacco has an asset base of over Ksh53.8 billion and it has over 170,000 members and 12 branches. 

Like with other Saccos, Stima Sacco offers interest on savings and annual dividends.

Here are the dividend and interest payment over the last 3 years:

2024 - Yet to be Announced

2023:

Interest - 11% 

Dividend - 15% 

2022: 

Interest - 11%

Dividend - 15%

2021

Interest -10.75%

Dividend - 14%