COUNTY PROFILES: 14 Quick Facts On LATO SACCO

COUNTY PROFILES: 14 Quick Facts On LATO SACCO

By PATRICK KIMANZI / COUNTY DIARY

1. Lato SACCO is based in rural areas in the semi-arid Kitui County, Mwingi East Sub-county, Mwingi Central constituency in NGUNI Ward.

2. We offer soft loans to our esteemed members;

a) Boresha loan (Business loan)

b) Elimu loan ( Education loan)

c) pepea loan ( Asset financing loan)

d) Afya loan ( Emergency loan)

3. We sale shares and savings

a) value of our share is Ks.200

b) our savings is from Ks.100 and above.

4. We loan our members through small micro groups known as WATANO.

5. Since our target clients are  low earners in the community ( we give them goats every year after reaching a threshold of ks 8000 his/her savings )

6. We too give out dividends to the clients who have invested in shares.

7. Our clients pay their loans based on the Reducing Balance model.

8. Since we are in a digital era, we disburse our loans through mobile phones whilst small loans are disbursed at the group level. This is to save our clients time and cost.

9. To the members who are in need of our loans through savings. We multiply ones savings three times your the initial oan.

10. We use group based methodology to our clients.

11. We too give back to the community through:

a) Tree planting in all government institutions to all our catchment areas.

b) Erection of bodaboda and stage shades in strategic areas

c) Formation of football clubs to reach the youths in the community.

d) supporting vulnerable people in the community through our Trust Kit.

12. Joining LATO SACCO is simple;  by paying a non- refundable registration fee of Ks. 100.

13. We offer business account to the formal groups and institutions, where they can bank with us.

14. We still have personal account for individuals where you can save your money by either in current account or fixed deposit account known as Mumbi account.

Ends