Savings – NDITHINI COMMUNITY DEVELOPMENT ASSOCIATION

"People Empowering People"

Biashara Current Account(B.C.A)

This is the account that joins the share holder and the bank. Once you become a share holder, you open such an account. The minimum balance is Ksh 200

Associate Savers Account(A.S.A)

Registered groups/schools/churches or self help groups. Minimum balance Kshs 400

A ledger fee of Kshs 10 p.m

You are required to produce photocopies of:

Certificate of registration
By-laws or the constitution of the group
Minutes of the current meeting that you proposed to open an account with us
Two passport photographs of the signatories of the account
Photocopies of national ID of the signatories

Mandatory Saving Account(M.S.A)

For KCMs (Kikundi cha Mkopo)

Criteria For Membership of KCM

Membership 5-9 members
No close relative e.g spouses, brothers, parents, in-laws, sister etc
18yrs plus Kenya and a holder of national ID
Of Sound Mind
Of no criminal Record
In a legally accepted business
Must be willing to guarantee members loans
Willing to attend KCM/Muungano meetings
Willing to borrow
Willing to repay other members loan in case of default

Credit Policy

The N.R.F.S credit policy is developed by the board under F.S.A guidelines
No shareholder or borrower can access a loan more than 10% of the N.R.F.S shareholding(share capital)
The Ndithini Rural Finance Services use the group based lending system i.e any shareholder should be a member of a group known as K.C.M (Kikundi cha Mkopo) so as to access a loan
The group based lending system helps to spread the credit risks associated with micro-loan through the co-guarantee mechanism
K.C.Ms are formed by people with common interests and the formation methodology is self selection