New England Kenya Diaspora Sacco is a fast-growing Savings and credit cooperative in the Diaspora and provides financial services to those who want to increase access to financial services.
This fast growth is due to finances mobilized through joint efforts by the members who have build up the capital which they now use to finance their own economic development and has also been the easiest way to purchase property at a very low interest rate.
New England Kenya Diaspora Sacco is owned, managed and run by its members in accordance with the Sacco’s by-laws and the members benefit by owning Shares making each member an owner of the cooperative.
A member’s contribution can be split between various types of savings accounts. Secured savings or Regular cash savings. Savings unlike shares are withdrawn on demand.
Members are encouraged to save toward loans. Loans are ratio based on member’s savings and shares, and members can borrow up to three times the amount of their savings. Loans include,
• Personal loans
• Emergency loans
• Mortgages and home equity
• Business startup loans
• Advanced air ticket loans
Emergency loans are short-term quick loans available to members to meet unforeseen circumstances, not budgeted for.
Unlike banks or other financial institutions where interest rates are fixed and may not be negotiable, New England Kenya Diaspora Sacco interest rates are favorable to our members because we are not driven to make profits for financial growth but to enable our members growth who also benefit by sharing the net profits. Net profits are shared between all members in the form of dividends, based on a member’s shareholding percentage. This is one way where your Money works hard for you.
Its also good to note here that New England Kenya Diaspora Sacco IS NOT;-
• A “Pyramid Scheme” or some form of a merry go round
• A bank that will turn away people as bad credit risks
• A subsidiary, franchise or branch of a company or financial services loan scheme
• A “loan shark” with intentions of exploiting people
• Profit is not the motivating factor. Service to membership is the drive and motive of this Sacco.
New England Kenya Diaspora Sacco objective is to provide investment opportunities as well as a mechanism for Kenyans living in the Diaspora to save and borrow money at a low cost, in order to meet their socio-economic needs.
New England Kenya Diaspora Sacco Ltd is registered in Kenya and operated in accordance with the Co-operative Societies Act Cap 490 Laws of Kenya.