The Defence Savings and Credit Co-operative Society (DESACCO) recently held a sensitization forum at the Defence Intelligence Academy in Embakasi Garisson, Nairobi.
The forum enlightened over 150 service members on the services offered by the sacco.
The sacco is marking two years since inception.
Major Lilian Wanjiru, the Head of Business Development at the sacco, urged participants to join it.
She said its core mandate is to enable members to save and provide credit for personal development.
“DESACCO is open for membership to all serving and retired Kenya Defence Forces (KDF) personnel. It is tailor-made to help the members save and access credit at affordable rates,” said Major Wanjiru.
She said that within the two years of existence, the sacco had registered over 11,500 members.
“Our aim is to surpass the 20,000 mark by end of year,” she said.
Major Wanjiru (pictured above addressing the Sacco members) said the sacco has a working capital of Sh516 million through members’ contributions.
It has so far loaned members Sh289 million.
She indicated that members who intend to own residential homes shall be facilitated through morgages.
“DESACCO shall enable its members to build or purchase their residential homes by operationalizing the KDF mortgage scheme,” she said.
One is eligible to be a member if they are serving in the military or have retired.
To join, they submit a duly filled application form and pay a one off fee of Sh500.
This is followed by monthly contributions of at least Sh3,000.
Lieutenant Edwin Murori, the Front Office Service Activities (FOSA) manager confirmed that members who want to acquire their own land shall be facilitated through the mortgage facility.
“DESACCO shall finance its members to build their own houses in any part of the country on condition that the land title deeds are in their names.
Affordable and decent housing is a major asset for our members,” said Lieutenant Murori.
The loan facilities available include Sharia Loan (for Muslim members), Karibu Loan (for new members), Holiday Loans (for vacation), Emergency Loans (for urgent need), Elimu Loan (for members who want to further their education), Development Loans as well as Premier Loans.
Additionally, DESACCO has a benevolent kitty.
It covers death of spouse, parents and children of the principal member and him or her as well.
- This story was first published by KDF. PHOTO/Courtesy.