TVT Sacco
TVT Savings and Credit Co-Operative Society (SACCO) is member-based financial institution. Like other SACCOs, TVT SACCO operates on co-operative values, identity, and principles which includes social responsibility, openness, integrity, honesty, and caring. It was started in June 2012 and was officially registered on 7th August same year. Like other SACCOs, TVT SACCOs is not a charitable organization. It has to collect revenue, ensure that all loans are paid on timely basis, take financial decisions, that benefits all members pay salaries, recruit new members and compete with other SACCOs and financial institutions.
OBJECTIVES
The main objective of the TVT SACCO is to combat poverty by enabling the poor to learn how to grow their limited resources. Specifically, TVT Sacco aims at economically empowering women and youth in the society to be financially independent. Membership to TVT SACCOs is open to whoever belongs to all TVT beneficiaries irrespective of the race, colour, religion, creed, job status, and gender. Members are required to put their savings together and provide loans to their own members at very reasonable rates of 0.8% per month. Furthermore, members are required to make a mandatory minimum monthly contribution of at least Kshs 500 (US$5)
The other objective of the TVT SACCO is to promote the culture of saving farm produce and sell when the prices are favorable to farmers. Farmers who decide to store their farm produce in the TVT grain bank, are entitled to take loan from TVT SACOO based on the prevailing market value of the stored produce. Thus, the produce stored in the TVT grain bank acts as collateral for the loan taken from the TVT SACCO.
MANAGEEMNT FO THE SACCO
As of January 2023, TVT SACCO had registered 500 members. TVT SACCO being a nondiscrimination entity means that every person of sound mind and above 18 years is eligible to be a member of the SACCO. To be a member one must pay registration fees is Ksh. 500 (US$ 5) and share capital of ksh.1000 (US$10). Thereafter members are required to make a mandatory minimum monthly contribution of at least Kshs 500 (US$5). TVT SACCO is very flexible when it comes to policies such that one can pay from the comfort of their seats by using MPESA. Members guarantee each other using their shares at the interest rate of 0.8% per month
TVT SACCO is managed by a professional management team of 9 members of the Board elected by all SACCO members in an annual general meeting. In addition, there is a supervisory/oversight committee that oversees implementation of the decisions made at the AGM and also checks the SACCO Transactions. The oversight committee meets on quarterly basis
It is the responsibility of TVT Sacco management to collect revenue, ensure that all loans are paid on timely basis, take financial decisions, that benefits all members pay salaries, recruit new members and compete with other SACCOs.
TVT SACCOs as not charitable organization and therefore the interest which is charged on the loans should be enough to cover the cost of the administration and the interest cost on savings.
BANKING DETAILS
Payment to TVT SACCO through the MPESA platform are as follows:
PAYBILL NO. 400222
ACCOUNT NO. 255507#members name. For instance, if the of the member is Lucy Muthoni, then the account number would: 255507#Lucymuthoni
BENEFITS OF TVT SACCO
Once a member is registered and pays membership fee, he/she becomes a partial owner of TVT Sacco and is entitled to use all the TVT facilities. Every member is required to be disciplined to support growth of TVT SACCO for the best interest of their members.
Successes of TVT Sacco are passed on to both current and potential members by offering higher interest rates for savings, lower interest rates on loans compared to others in the same locality.
The TVT SACCO in corporation with the TVT grain bank offers loans to farmers who are members using their farm products as collateral.
TVT SACCOs plays a crucial role in supporting local groups and individuals who are keen on starting small businesses.
TVT SACCO leverages prevailing technology to make it easy for members to make their payment. Use of MPESA facilities to make payment to the SACCO has removed the risk of carrying cash to the TVT office or the bank. Furthermore, TVT SACCO has introduced the facility of electronic registration form therefore making it possible for anybody to be a member from any location, without having to go physically go the TVT SACCO.
Finally compared to the traditional banking institutions, TVT SACCO offers better customer services because building of a healthy customer relationship is one the main core values of the TVT SACCO.
For the time it has been in operation, TVT SACCO is doing wonders when it comes to boosting financial inclusion with regard to youth and women in the rural communities. Lives of youth who would otherwise be jobless have been transformed through the cheap loans and business mentoring by the management of TVT SACCO
Join TVT SACCO and together we will grow to our optimal levels of success
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