Victoria Boda Boda SACCO

Victoria Boda Boda SACCOThe organization was formed by a team of young energetic Christian boda boda operators and registered with the Ministry of Co-operative and development as savings and credit society. It offers consultancy on business financial and economic empowerment to generally low income earners. As a statement of purpose, our beloved country is rated among the very poor in the world with higher percentage earning very low income from low income services they engage in and no one is to advice them on what they have earned.

The aim of Victoria boda boda is to engage its members into higher income generating activities and be useful members of the community as this will reduce poverty and domestic squabbles. It asks its target group to get engaged in saving with the SACCO and see their small income getting much and boosted with loans. Our mission and objective is to have a happy economically and socially empowered society.

Our target groups are all low income earners and HIV/AIDS affected and infected individuals and also church, schools, institutions and other employees.Interms of financial services, we offer various saving schemes that is ordinary, special, business, development, market day and retirement saving schemes. We also offer various loaning schemes and other product schemes like medical insurance schemes (NHIF), Burial and Benevolent Fund (BBF) and National Social Society Cover schemes.

In terms of loan eligibility and conditions, borrower must have been saving shares for at least a period of not less than 16 weeks to get first loan. The loan will be categorized to a certain maximum level that is from 5000/=-200000/=. Remember your effort on payment qualifies you more for any maximum loan. The loan maximum repayment period is between 18 weeks to 4years. Group loan will be guaranteed collaterally by the members of that group and their shares will be considered to be for such a loan if approved. In terms of loan security, the borrower shall pay certain fees that is insurance, loan processing and lawyer fee, every loan shall need security, the borrower shall be appraised before a loan is approved and riders daily cash flow will be considered.

The loan processing period shall be two weeks unless early arrangements are made, emergency loan shall be handled accordingly depending on it’s urgency, repayments are encouraged to be made daily., material loans and development loans are treated the same with interest rate of 2.5% charged per month this will depend on the market rates. Material loan include Tuktuk, Motorbikes, Bicycles and some others.

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