We take this opportunity to thank all the members for the support accorded in 2015. As we progress with operations for 2016 we would wish to advice members as follows:
Development loans reviews:
In recognition of the economic changes and the need to meet members’ demands we have reviewed the interest rates on development loans as follows:
Loans Below 1 million: 1.08% per month or 13% per annum
Loans above a million: Payable in 48 months: 1.08% per month or 13% per annum
Payable in 60 months: 1.17% per month or 14% per annum
Monthly Development loan installment: We are changing from the fluctuating installment to fixed installment in order to reduce the repayment constraint.
The reviews are effective from 1st March 2016 for new loan applications including top ups, all other terms and conditions remain
Share Capital: To strengthen our capital base and offer an opportunity for members to invest, this year we will be undertaking a shares drive campaign, effectively we intend to review the minimum shareholding from 15,000 to 25,000, modalities to be used will be communicated in due course , in the meantime members are advised to effect monthly contributions .
ADM Delegates: In readiness to the forthcoming ADM All regions are advised to confirm the delegates and incase of changes the position to be filled. Each region is expected to have 5 Delegates
Attached please find the 2015 delegates list.
Kariuki Kitabu - Chairman