WRITERS’ SACCO BRIEF

What is Writers’ Sacco?

The writers’ Sacco is a savings and lending  plan open to writers and other specialists based online. These are:

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  • Academic writers
  • Article writers
  • Transcribers
  • Translators
  • Graphic designers
  • Web designers
  • Copywriters
  • Researchers
  • Programmers
  • Bloggers
  • Other online workers 

Why Writers’ Sacco?

Those who work online earn some income. Unless the fund is pooled, the online worker does not benefit from low interest loans or save for emergencies in a cheap way. The idea follows that of other established Saccos as such as those of the civil servants. It borrows from table banking commonly referred to as chamas.The examples of Saccos are metropolitan, waumini, teachers and police Saccos. The benefits of being a member of the writers’ Sacco include:

  • A friendly, flexible savings plan 
  • Lowest interest rate of 0.9% p.m.  on reducing balance
  • No registration fees  required 
  • No hidden charges
  • Loan facilities  of up to 3 times the amount saved
  • Security of the  loan guaranteed by the fellow writers
  • Repayment period of 6  months or 72  months

How does it work?

The writers’ Sacco is designed in a simple but effective way to enable the writers saves within their earning cycle. The writer registers in person or online through a registration form. Only the ID and signature are required for complete registration. Once   you become a member, you can start saving after orientation (knowing other members). There will be a paybill number for the writers’ account. The minimum one can save is sh.100 per day. There will be four payment options: The first is a one-off payment of sh.3, 000 for a whole month; the second for daily contribution of sh.100 (minimum); third is sh.750 for weekly deposit and the last is the fortnight payment of sh.1500 (minimum). A late payment fine of sh.50 is charged at the end of the month. The reason for the penalty is to enforce discipline in remittances. The deposit amount of sh.100 per day is the bare minimum. When you need your cash, say during the low season, you can demand your full or part of your money. It will be sent to you through Mpesa or bank account within 12 hours or less, depending on the urgency. There are no hidden charges like processing fee. After deducting the normal sending charges, you get back your money. The deposits, however, do not earn interest.

How do I know how much I have saved?

The paybill number is effective because it leaves a record of the transaction. There will be an excel record at a central location to tally remittances and must match that phone /bank transfer. The member will also forward the payment message to the Sacco number for record purposes.

How safe will be my money?

Many people fear losing their money through fraud. The writers’ Sacco will seek registration within a few months of operation in conformity with the requirements of Saccos Societies Regulatory Authority (SASRA).Before then, the writers will operate on the basis of mutual trust. There will be regular meetings and updates through social media platforms. Members and officials will be vetted thoroughly to ensure that only honest people become members. 

How will the savings grow?

It is simple, if you save sh.100 daily, you will have sh.3, 000 at the end of the month. This amount is the bare minimum. If you save sh.750 every week, you will have sh.3000 in a month. If you do not withdraw it and wait until year end, you will have saved a cool sh.36, 000.

How do I apply for a loan?

Once you have saved, say, sh.5, 000, you can request for sh.15, 000(three times the savings). You will  get two writers to each guarantee you sh.5000.The repayment period is  72 months at an interest rate of 0.9%  per month on a reducing balance. A defaulter will not in future qualify for a loan beyond their savings.You need to be in continuous membership for at least 3 months to apply for a loan.

How is the writers’ Sacco better than the banks and other Saccos?

  • It offers the lowest interest on loans
  • Personalized service since members know each other
  • It is tailor-made for online workers
  • No security required beyond  a  guarantor
  • No a  lot of paperwork
  • Quick processing of loans or deposit refund, typically within a day.
  • No processing fee or hidden charges
  • Free registration
  • Dedicated service 24/7
  • Low minimum deposit and fine
  • Flexible service

What if I want to leave the Sacco?

You will claim your full amount and stand discharged.

Are the writers Sacco registered?

No, the Sacco will operate as a table banking group(chama)until it fulfills the requirements of SASRA (The SACCO Societies Act 2008. It will however be registered as a business to give it a legal face .It will however use the name writers Sacco as a trading name.

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