Kilifi Teachers Sacco Society Ltd

Kilifi Teachers Sacco Society Ltd was started when less than 100 members in Malindi started mobilizing savings (shares) on 26th June 1972 but it was not until 14th September 1974 when the society was officially registered.

The major objective of the Sacco has all along been to afford members-most of whom are low-income earners- an opportunity to save, thereby creating a pool from which they can borrow at an affordable interest for productive and provident purposes. Statistical information shown below gives an indication of the level of the Saccos growth since inception.

From the time of inception upto 1990, the Kilifi Teachers Sacco offices had been based in Malindi, until they were shifted to Kilifi. However, due to the rapid growth, the Sacco has now a Head office and two branches at Kilifi, Malindi and Mariakani respectively.


To be an outstanding Sacco in providing efficient, effective and affordable financial services in Kenya


To provide competitive, member driven and easily accessible financial products and services to improve the socio-economic welfare of our members

Kilifi Teachers Sacco FOSA Services(SASA SECTION)

This section was formally launched in November 1998 as part of the Sacco?s business expansion initiatives. Services and products offered in the Front office include:

• Savings Accounts

Ordinary Savings Accounts

Minimum Balance Kes.1,000.00

Minimum Interest Bearing Balance Kes.2,000.00

Interest rate 7 % p.a.

• Premium Savings Accounts

Available to Fosa members who contribute a minimum of Kes. 500.00 p.m [incl. Security of Kes. 100.00]. After six (6) months of continuous contribution, these members become entitled to a loan twice their savings.

• Special Savings Accounts

These include Children, Holiday, Medical and School fees accounts

• Fixed Deposit Account

Minimum Amount Kshs.10,000.00

Minimum period 3 months

Rates between 8% - 10.50% p.a

• Cheque encashment

This is done for members & 3rd parties at affordable commissions

• Salary Processing

This service is offered to teachers, civil servants, Local govt. employees, B.O.G and others in public & private institution.

• Pension Processing

This a service provided for retired members. A retired member need not withdraw from the Sacco ? can retain membership and still access to loans/advances and recovery done thro? their monthly pension.

• Credit

-Ordinary Advance -Offered at a rate of 5% p.m at a maximum repayment period of 6 months.

-Prestige Advance-Offered at a rate of 7% p.m at a maximum repayment period of 10 months

-One-Month Advance-Offered at a rate of 3% p.m repayable within the same month granted.

-Special Advance Offered to assist those members wishing to off-set existing loans in order to apply for bigger loans. Loan offset interest is 5% while the advance is charged 3%. Recovery of the principal advance & interest is done summarily from the proceeds of the new loan facility granted.

-Advance Top-up is on offer for members who may wish to get an additional advance on top of the existing one. The existing advance is offset at 10% but when granted repayment is done at 7% p.m.

• SMS Alert Service

-Balance enquiry

-Mini statement

-ATM Account blocking

-Loan Processed Alerts

Kilifi Teachers Sacco BOSA products

• Loans

Loans are granted at a maximum of three (3) times a members shares (borrowing power) but more emphasis is given to the ability to repay which is assessed through the pay slip.Normal/Development loans are granted monthly. Emergency and school fees loans are considered on a weekly basis and Scholar plus loans granted between – November – March and July-August. However some degree of flexibility is allowed for College fees as and when they arise. Currently the interest rates are differentiated among the loan products as follows: -

A. Normal Loan B. School Fees

C. Scholar Plus

D. Emergency –

E. Karibu Loan

• Banker’s chequesOffered in partnership with Co-operative bank.

• Savings Products

BOSA Monthly contribution at 10% of gross salary or minimum of Kshs.1000/= for salaried members while FOSA clients minimum monthly contribution of Kshs.400/= (non-salaried members.)

Kilifi Teachers Sacco Loan Production: Security Fund

The risk of default of loans through death is covered under a Security Fund Scheme whose premiums are financed by members contribution of Kshs.100/= p.m.Every member pays Kes. 100.00 p.m that goes towards financing premiums to Kuscco and C.I.C for insurance covers for shares and loans respectively.

Upon a members demise the Next of Kin becomes entitled to payment: for funeral expenses of Kes. 50,000.00, an equivalent of shares & long-term deposits (as at time of death), meaning getting twice amount of savings and clearance of loan (in case of any) and interest.

Kiilifi Teachers Sacco Contacts

P. O. Box 712-80108, Kenya.



Telephone: 041-7522572/7525017

Fax: 041 - 525001

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