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Jambora Savings and Credit Co-operative Society Limited (the “Sacco”) was started in 2017 with the objective of providing a mechanism for Jamii Bora Bank (now Kingdom Bank) employees in Kenya to save and borrow at affordable rates in order to grow the employees’ socio-economic needs. The Sacco later expanded to include other stakeholders of the Bank as a need had been identified amongst them. The Sacco currently serves the staff and immediate family members of all Kingdom Bank stakeholders, their affiliates and good standing members of the public.
With an initial membership of 150 members in 2017, the Sacco membership has grown exponentially and now boasts over 1,600 members. The Sacco’s head office is currently housed at Kingdom Bank Towers on Argwings Kodhek Road, Kilimani.
The Sacco derives its mandate from the Co-operative Societies Act 2004 and its revised Act of 2012, the Sacco Act 2008, and its By-laws. The affairs of the Sacco are directed by the Board of Directors (BOD) elected by members in the Annual General Meeting (AGM).
The core functions of the Sacco are: Savings: Disbursement of Loans and Investment.
Jambora Sacco offers various products through its back-office function. At the back office, long and short-term loan products are issued to members for property acquisition, growth of their businesses, development needs as well as education and emergency needs.
Jambora Sacco has held two annual general meetings so far, in 2017 and 2019. The Sacco has consistently been growing its membership base for the past four years.
The Sacco broke even in its first year of operation and reported a profit of KES 416,583 but no dividends were declared in 2017, with the earnings ploughed back into the business. The Sacco reported a profit of KES 569,446 in 2018. During the AGM held in 2019, members voted for the 10% dividend pay-out to be re-invested into their individual share capital. For the financial year ending 31 December 2019, the Sacco reported a profit of KES 1,445,690 and the Board approved a dividend pay-out of 10% of the share capital. Jambora Sacco reported a profit after tax of KES 2,938,104 in the year 2020.
Membership Eligibility
Individual Membership
To join the Sacco one needs to:
- Complete Membership Application Form
- Attach copy of Kenyan National Identity Card or Valid Kenyan Passport
- Attach coloured passport size photograph.
Joint Membership
To join the Sacco one needs to:
- Complete the Joint Membership Application Form.
- Attach copy of Kenyan National Identity Card or Valid Kenyan Passport for both applicants.
- Attach colored passport size photograph for both applicants.
Group Membership
To join the Sacco one needs to:
- Complete group membership application form.
- Attach minutes of the group’s meeting resolving to join Jambora Sacco.
- Attach copies of Identification Cards, Passport and photos of all the group members.
- Attach copy of group’s registration certificate.
Our Annual General Meeting
TO ALL JAMBORA SACCO MEMBERS/ OFFICIALS & INVITED GUESTS
Notice is hereby given that there will be an Annual General Meeting on 25th June 2022 at the Kingdom Bank Ltd Headquarters Training Room along Argwings Kodhek road, Kilimani estate starting from 12:00pm.
Agenda
- Read the Notice convening the Annual General Meeting
- Address by the Chairman
- Address by the Chief Guest
- Confirmation of minutes of Annual General Meeting held on 25th August 2021
- Receive and adopt the Audited Accounts for the year ended 31st December 2021
- Receive and adopt the budget for the year 2021/2022 and proposed budget for 2023
- Disposal of surplus
- Pass Resolutions
- Appointment of Auditors for the year 2022
- Election by rotation
- Any other business (for which 14 days’ notice would have been received).
DATED AT NAIROBI THIS 10TH DAY OF JUNE 2022.
BY ORDER OF THE BOARD
