MAFAIM SACCO LIMITED

C/O P.O.BOX 21123-00505, NAIROBI

E-MAIL: mafaiminfo@yahoo.com 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:

kiokomartin@gmail.com

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