MAFAIM SACCO LIMITED
C/O P.O.BOX 21123-00505, NAIROBI
E-MAIL: [email protected] Invest your money in many trades, and of these days you will make a profit, Eccl 11:1
Mafaim info
Entrepreneurship cont.
Stage 3: Developing a business
vision
Next, the entrepreneur should devel-
op a business vision through a business
plan. The entrepreneur must define
what product and/or service they
want to offer and how they are going
to do so. From simple steps like deter-
mining a name for the new business to
deciding the location of the company,
the entrepreneur should map it all out.
Although a complete 80-page business
plan is not always necessary , written
direction is essential. This can seem
tedious and unnecessary to the entre-
preneur, but it will be helpful in the
long run.
Stage 4: Finding resources and
using the resources obtained im-
plement the business plan.
With an idea and plan in mind, an en-
trepreneur must find resources to
pioneer the business. With resources
at hand, there is a lot of work to be
done at this point. Marketing the up-
coming business is key and social me-
dia is the way to go this day and age.
Facebook, Twitter, Linked in, Google+
and an e-mail account are critical for
the soon-to-be business. Whatever
the product or service that will be
offered from the business, it
must be tested over and over again
to make sure there are no flaws . Em-
ployees must be hired and trained if
necessary.
Stage 5: Define your business ex-
it strategy.
In the end, the entrepreneur will have
an exit strategy. Defined in the original
business plan, the entrepreneur will
know when they want to move on to
something else. Some choose to make
their venture a family business to be
passed down for generations, while
others want to build it up and sell as
fast as they can. At this time, we hope
that the entrepreneur is content with
their success and the hard work they
put into it.
By Micah Omato
“ you say you are chained by circumstanc-
es; you cry out for better opportunities,
for a wider scope, for improved physical
conditions, and perhaps you inwardly
curse the fate that binds your hand and
foot. It is for you to speak…. I know this
pathway looks barren at its commence-
ment...but if you undertake to walk it.. You
will be astonished at the magical changes
which will be brought about in your
outward life”….James Allen
Dear honorable
members, I would like
to take this oppor-
tunity to welcome
you to our 2014
annual education day.
This year’s Education
theme is ‘Pay slip
haitoshi’ .
As the theme
suggests, I would like
to encourage all of us
as we borrow, think
of ways that you can
invest in order to
generate extra in-
come whether you
rely on pay slips or
involved in a business
venture.
Evaluate the purpose
of the loan and how
much you need and
NOT what can you
get.
Once you identify the
core purpose of the
loan, you will be able
to invest wisely and
realize the objectives
of the loan. As you invest, always
remember to put
your money to a via-
ble venture that will
grow your worth.
Your value will go up
and when it comes to
borrowing, you will
have an upper hand in
income margin.
We have come from
far as a united
SACCO and we are
still going far. I would
like to personally
thank the founders of
our SACCO for
setting a solid base
and growing us this
far. Let us thank our
officials for their hard
work and commit-
ment they input to
ensure that we are all
where we are. They have devoted
their time to stay a
little bit late at work,
or some hours of
their weekends so as
to be able to serve us
all. Not forgetting our
fellow members for
their various contri-
butions towards our entrepreneurship
skills or facilitating
our being in the
SACCO.
As you reflect on
this year’s theme,
remember to
borrow wisely,
invest wisely and
repay promptly.
PAYSLIP HAITOSHI
October 2014
Mafaim Info
INSIDE THIS
ISSUE
Education Chair 1
My other pocket
2
Sacco Officials 3
Loan products 4
Joining MAFAIM
SACCO 5
Sacco updates
Recipe
6
Entrepreneurship 7
Entrepreneurship
cont.
8
Invest your money in many trades, and one of these days you will make a profit. Eccl.11:1
NEWS LETTER
Daniel Kiprop,
Vice Chairman and
Education chair
Mafaim info
MY OTHER POCKET from the treasurer
Education is a continuous
process of gaining knowledge on
a variety of issues through vari-
ous ways and forms.
New information or remem-
brance of old information
improves our knowledge. As your Sacco officials, we pride
ourselves in highlighting some
issues that would help you
members understand and inter-
act freely and productively with
your SACCO OF CHOICE.
From the treasurer’s office, I
wish to share on what belongs
to you but is not within your
immediate reach/control; hence
the question;
‘What is in my other pocket?’ We mostly have liquid cash in
hand or in our personal or busi-
ness bank accounts. This can be
considered to be what is in our
pocket for we can make use of
it at our discretion and conven-
ience. However, what is held in other
deposit facilities such as in Sacco
shares and deposits, company
shares, fixed assets etc are not
within our immediate access
and hence can be considered
the contents of the other pock-
et. They, however, constitute a
very important part of our
wealth and give meaning to our
future. How well do we manage this
other pocket? From the Sacco perspective,
each one needs to respond to
the question; ‘what is in the
pocket called Sacco and how
well do I manage it? What is my
response to the following
questions?
What is my monthly con-
tribution to my Sacco
Account?
Do I present my bank
deposit slip to the treasur-
er or any other designated
Sacco official upon any
payment
Do I get a receipt for my
deposits?
Do I make monthly pay-
ments for my loans on
time?
Do I get my Sacco state-
ment on a quarterly basis
or at least once in a year?
What is in my other pocket
seeks to emphasize the need for
each Sacco member to play an
active role in managing their
account with the Sacco and by
extension their wealth with
other entities such as banks,
companies, chamas etc. A YES
answer to the above questions
would be an indicator as to how
well or interested you are in
knowing what is in the other
pocket.
Member contributions to the
Sacco in form of shares, depos-
its and other savings constitute
his/her assets held with the
Sacco while loans constitute his/
her liabilities. To best manage
what is in your Sacco pocket,
one needs to: 1. Maintain a personal record
of all payments remitted to the
Sacco with details of date,
amount and purpose (such as
how much for shares, deposits
and loans). This can be in form
of a NOTE BOOK or FILE.
2. Communicating promptly to
the treasurer on any payments
made to the Sacco account via
email or otherwise preferably
with scans of the deposit slip.
3. Submitting the Deposit slip
to the treasurer or any other
designated Sacco official and
getting a Receipt for the pay-
ment made. Payments made through bank
agents do not give details of the
member name or member num-
ber on the bank statement and
should be avoided as much as is
possible for it may end up in
suspense account as unallocated
deposit.
4. Getting a Sacco Statement
of Account at least every quar-
ter or year.
5. Giving Feedback on any
unclear records/entries on your
Sacco Statement.
Remember, knowing your rights
as well as your obligations as a
member and executing them
effectively means successfully
managing what is in the other
pocket.
I wish you all a successful
investing.
Martin Kioko – Treasurer
Tel: +254-722-880-409 Email:
Knowing what you know you
ought to know is knowing
that you know and you
actually know!
Entrepreneurship
Mafaim info
Are you really an Entrepreneur?
An Entrepreneur is an owner or man-
ager of a business enterprise who
makes money through risk and initia-
tive. In today’s world, business is a
very competitive environment that
unless you have the principles of rais-
ing a successful business, chances are
that your competitors will swallow you
as a small fish.
Therefore; an entrepreneur shifts eco-
nomic resources out of an area of low-
er productivity and into an area of
higher productivity and greater yield.
Entrepreneurship therefore represents
ideas, innovation, talent, organizational
skills and risk. It is the act of being an
entrepreneur or “ the one who un-
dertakes innovations, finances and
business acumen in an effort to
transform innovations into econom-
ic goods”. This may result in new or-
ganizations or may be part of revitaliz-
ing mature organizations in response
to a perceived opportunity.
Entrepreneurs’ progress and advance
through many different steps and stag-
es when aspiring to open a new ven-
ture. Every entrepreneur is different,
as are each of their new businesses.
Therefore, everything moves at a
slightly different pace. Some companies
will take years before the official
launch, while others, like technology
companies, will take a matter of
weeks. There are stages that every
entrepreneur will undergo.
Stages in becoming an
entrepreneur
Stage 1. It all begins with the
idea.
Anybody can have an idea. An entre-
preneur is someone who does some-
thing about it. Oftentimes, entrepre-
neurs gain inspiration from something
that they are passionate about. Other
times, ideas seem to materialize when
the entrepreneur is not necessarily
looking for one. The foundation of a
business is started by an idea, no mat-
ter how it is attained. At this stage.
The entrepreneur is ecstatic and can-
not wait to get their idea into motion.
The next steps show the evolution of
the entrepreneur as they form their
business.
Stage 2: Evaluation of the idea
After brainstorming an idea, an entre-
preneur must evaluate the idea. Is
there really a market for this idea? Is
this idea worthy and viable? Will this
business work? An entrepreneur must
identify the opportunity that comes
with this innovative thought. He or she
must also recognize the future goal
and life plan of this business idea. It is
helpful to also decide the business
model the entrepreneur wants to build
on.
SACCO UPDATES
Mafaim info
RECIPE
NEW MEMBERS
1.Saitoti Lelegwe
2 Joan Mwende
3. Samson Kyalo M
4. Josephine Masila
5. Francis Ndung’u
6. Joel Githinji
7. Janet Mwangangi
8. Bernard Musembi
9. Benjamin Muli
10. Alfred Omondi
11. Rodgers Okello
12. Stephen Omufwoko
13. Joseph Musyoka
14. Philip Mwaura
15. Jimmy Masaba
16. Joseph Kariuki
17. Rajab Shirumba
18. Woodrow Kipkosgei
19. Lorna Serah
20. Samuel Maina
21. Jacob Chege
22. Samuel Ouma
"This sauce can be used for:
spaghetti, ravioli, chicken Parmesan,
or anything Italian! It's very quick
and very easy! Anything from sea-
soning to spices can be adjusted
without compromising the basic
flavor of the sauce. Sometimes we
add bell peppers or tomatoes with
green chilies.
Add anything you like."
Recipe by SUNNILOVE
Basic Spicy Tomato Sauce
Ingredients
Original recipe makes 6 servings
2 tablespoons extra-virgin olive oil
1 cup diced onion
4 cloves garlic, chopped
1 (28 ounce) can crushed tomatoes
2 teaspoons crushed red pepper flakes
2 teaspoons Italian seasoning salt to taste
Directions
Heat the olive oil in a large skillet over me-
dium-high heat.
Cook the onion in the oil until translucent.
Add the garlic and cook and stir another 2 to
3 minutes. Stir in the tomatoes, red pepper
flakes, and Italian seasoning. Season with salt.
Cook until completely heated, another 2 to 3
minutes.
SACCO OFFICIALS
Mafaim info
Chairman
Pr.Moses Mwanzia
Vice & Education Chair
Daniel Kiprop
Secretary
Pamela Disi
Treasurer
Martin Kioko
Credit Chair
George Wafula
Credit Secretary
Elima Kimutai
Credit Member
Lemmy Njenga
Education member
Paul Omumia
Education Secretary
Janet Ngarika
Supervisory Chair
Lawrence Mbagara
Supervisory Secretary
Clarice Omungu
Supervisory member
Jared Oginga
Mafaim info
LOAN PRODUCTS
1.0 Normal/Development Loan
Repayable up to a maximum of 36 months at
1% per month interest charge.
2.0 Refinancing loan: Borrowed to finance a
development loan and is payable within the
remaining periods of the existing development
loan term at 1% per month interest charge.
3.0 Emergency loan: Borrowed in case of an
emergency to a
maximum of KES 100,000and is repayable
within 12 months at 1.5 % per month interest
charge.
4.0 Education loan: Borrowed to finance
education to a maximum of KES 100,000 and
is payable within one
calendar year when issued at 1.5% per month
interest charge.
5.0 Buy-out loan : Loan borrowed to buy out
all your existing loans; Development, Re-
finance, Emergency, Education or Goodies.
It’s evaluated and paid out as a development
loan and is repayable for a maximum of 36
months.
During payment of the requested amount after
approval, the following will be deducted and
charged;
*Processing fee of Kshs. 3,000, *Outstanding
Loan balance inclusive of the remaining inter-
est for all loans payable within 12 months.
qualify for another buy-out loan after having
serviced the current buy-out for a period of one
year and has paid half of the buy-out.
6.0 Christmas savings: It is a savings plan for
members to put aside at the SACCO to be re-
leased at the end of the year, to the member for
their Christmas spending
7.0 Okoa Mteja loan: It’s an instant loan to a
member received via Mpesa to a maximum of
KES 10,000 and is repayable within one month
at a rate of 10% per month. Exceeding repay-
ment after one month, one will have to pay
additional interest on the total amount that was
to be refunded.
8.0 Safe Keeping: Members can give their
valuables documents for safe keeping at the
SACCO for a fee of KES 500 per year.
9.0 Goodies: Loan borrowed in December to a
maximum amount of KES 100,000 to finance a
purchase of a specified item (s) and is payable
within one calendar year at an interest rate of
1.5% per month. Receipts should be presented
otherwise it will amount to a penalty fee of
KES 1,000.
George: 0734 699 672
Elima: 0722 981 198 / Lemmy: 0727 102 527
Loan application can be done six months after being enrolled as a Sacco member with an
entitlement of up to 3 times of one’s deposits .
Mafaim info
Joining MAFAIM SACCO
A person of either sex shall be eligible for
membership if he/she possesses the following
qualifications: -
(a) Is within the field of membership
consisting of the following common bond
(i) Is a regular employee of Mission Aviation
Fellowship Europe, Kenya programme, Africa
Inland Mission, its affiliates and subsidiaries.
The prospective members or organization shall
be required to forward a letter of commitment
to effect the mode of remittance and awareness
to pay from the declared securities and/or
terminal benefits and dues owed to the Society
in the event of default and/or termination of
employment.
(ii) A regular employee of other organization
other than those mentioned above or an
individual in business.
The prospective member will be required to
present a recommendation /introductory letter
from an existing member of the SACCO who is
of good reputation.
(b) Is not less than 18 years of age.
(c) Is not a member of another Sacco in the
country
(d) Has not been convicted of a cr iminal
offence involving fraud or dishonesty
(e) Is of good character and sound mind
and will submit a letter of introduction from an
existing society member.
(f) Is an employee of the Sacco and not a
member of any other Sacco within the Sacco’s
area of operation.
(g) Will submit a list of two credible
referees with their full current contacts.
OTHER REQUIREMENTS Dully filled form. The minimum that a new member has to pay is Kshs 8,000 comprising of;
Kshs 2,000 non-refundable registration/membership fee,
Kshs 5,000 for shares
Kshs 1, 000 for deposits. Afterwards, one can pay the minimum contribution of Kshs 1000 monthly which goes to his/her deposits and recommendation letter from an existing member/employer
BANK DETAILS ACCOUNT NAME MAFAIM SACCO LTD
ACCOUNT NUMBER 01120001816401 BANK CO-OPERATIVE BANK OF KENYA LTD
BANK BRANCH NAIROBI BUSINESS CENTRE