Baringo Teachers Sacco Society Limited was registered on31st August, 1976 by Ten(10) Members with Savings of Ksh.60,000/=.
Area of Operation - the Republic of Kenya, specifically Baringo County- Baringo Central, Koibatek, East Pokot and North Baringo, Marigat,Mogotio and Some neighbouring Districts.
Active Members are 7,723 with over 32,850 Account Holders in all FOSA Sections.
To encourage Savings among Members and to create a source of funds that Members can borrow loans at a reasonable rate of interest. Thus improving their standards of living by building their Economic Status.
A model and dynamic SACCO empowering Members/Customers through high quality Financial Products and Services.
To Mobilize Members and Savings,then offer high quality,Competitive and Market driven financial products and Services using appropriate Technology.
United We Prosper
Statistical Performance as at 31st December, 2010 Audited Accounts thus: -
(a) Membership (COSA) - Active 7 723.
(b) Account Holders (FOSA) - Active 31 031.
(c) Share Capital (COSA) - Kshs.35.5Million.
(d) Members Equity Shares - Kshs.183.3 Million. Kshs.1, 176 Billion
(i) Rates of Dividend, Interest and Bonus for 2010 are 10% , 9.2% and 10% respectively.
(k) Highest Saver - Kshs.1.86 Million.
(l) Highest Loanee - Kshs.1.9 Million. Total Assets Kshs.2.2 Billion
Baringo Teachers Sacco Society Limited Products:
Central Office Services Activity – COSA
a. Normal Loan – Repayable in 60 Months. Interest 12% p.a.
b. School Fees Loan - Repayable in 12 Months. On Decreasing Balance
c. Emergency Loan - Repayable in 12 Months. ( = 6.5 % P.A)
d. Refinance (Top up) - Additional Loan with 1.5% Interest on Reducing Balance where 0.5% is deducted upfront..
e. SACCO Quick Loan - Repayable in 60 Months. Interest 1.25% p.m. on ReducingBalance but 0.25% is paid instantly from the Loan Approved.
f. Services – Credit Advisory, Conference hall Facilities, Chairs and Public Address Systems for Hire.
Front Office Services Activity (FOSA)
We have Five (7) FOSA Branches
OPENING FOSA ACCOUNT
• Personal Savings Account
• Micro-credit Activity
- This Activity was stared in 2003 with the objective of mobilizing local resources and building economic sustainability, hence alleviating poverty. Today, the Total Savings amount to Kshs.100.4 Million while Loans stand at Kshs.173 Million.
- Micro-credit Activity targets Members of Community who are not in formal employment. Micro-credit Services are provided through organized Associations, Groups and informal merry-go-round groups who are involved in valuable forms of Savings mobilization for a common purpose and alleviating Members