Designed to avail financial solutions to investment groups through financing collective group’s projects, purchase of land, property development, purchase of equipment, asset finance i.e. PSV e.g. cabs, vans, buses.
Benefits
Access to financing up to 10 times groups’ saving
Access to financing up to 10 times groups’ saving with a maximum of Kes 250,000,000.
Access to Facilities
Access to Facilities of up to 10 times the total group’s savings.
Flexible repayment terms
Flexible repayment terms of up to 72 months.
Availability of 2nd facility
Availability of 2nd facility subject to Qualifying Criteria.
90% financing on investment
We finance 90% of investment and the group contributes 10%.
Contribute 90% to repay facility
We commit 90% of your monthly contribution to facility repayment.
What we need from you*
Requirements for Opening an account:
i. Self Help Group
- Copy of Certificate of Registration.
- Copy of Constitution.
- Original Minutes duly confirmed and signed by chairman & Secretary authorizing opening of account, Signatories should be stated and mode of operation well stated.
- Copy of Pin Certificate for the Signatories.
- National ID Cards & copies of KRA PINs for authorized office bearers.
- 1 Passport size coloured photo for each signatory.
- Societies-Reference from the Ministry of Social Services.
- Search fee - Kes 1,500.
- Audited books of accounts if more than one year since registration. If less a template is provided by the bank.
- List of members.
ii. Groups Not registered:
- ID copies of signatories.
- KRA PIN copies.
iii. Society
- Copy of Certificate of Registration.
- Copy of Constitution – Signed by Chairperson, Secretary and Treasurer.
- Original Minutes duly confirmed and signed by chairman & Secretary authorizing opening of account, Signatories should be stated and mode of operation well stated.
- List of members.
- KRA PIN for the society.
- ID Copies for the signatories- Chairman, Secretary and Treasurer.
- KRA PIN copies of signatories.
- Search fee - Kes 1,500.
- Audited books of account if more than one year since registration. If less template provided by the bank.
- One passport size coloured photo for the signatories.
iv. Limited company
- Certificate of incorporation.
- Memorandum and articles of Association/ CR1, CR2, CR8.
- Company KRA pin copy.
- Directors' ID copies.
- Copy of company KRA PIN.
- One passport size photo coloured photo for the directors.
- Audited books of account if more than one year since registration. If less template provided by the bank. If less than one year a template provided the bank.
- Search fee - Kes 1,000.
- Board Resolution.
Qualifying Criteria
- Open to registered and non-registered groups.
- Groups of 5-50 members.
- Banking history: - 6 months - If the chama/investment group has a banking history elsewhere they will be required to open an account with KCB and get financing immediately. No waiting period for new to bank. Required to provide Security - What we buy for the chama is the security to the facility.
- Ability to repay the facility.
Collateral/Securities
- Fully secured by land.
- Lien against FDR.
- Quoted Stocks at NSE.
- For ABF finance - Secured by motor vehicles; Plant & Equipment (as per existing ABF product guidelines and checklist).
Rates & Fees*:
1. Internal
- Competitive profit rate.
- Competitive commission rate.
2. External
- Valuation fees, legal fees (for preparation and registration of securities), stamp duty (where applicable).
