It’s always hard to determine the wealth of many rich Kenyans because most of their wealth is ill-gotten and so not accounted for. Richness in Kenya is what everyone seek for through engaging in daily efforts in this world. Some Kenyans even go to the extent of engaging in ill ways to acquire wealth in Kenya.  But money is money, right?

Many people have highlighted the Kenyatta family as the richest but here we are not talking about family. We want to know that one individual who brags to be the boss of all. Exempting to count cash stashed in foreign accounts, we need to identify that one Kenyan who has it all. The retired president Moi is touted to be worth 300 billion Kenyan shillings. Quite a sum, right? The old man owns vast lands in the rich fertile lands of Kenya, also with investments in a service industry like Insurance and Banking.

 

It would be fair to give the man the trophy of the richest man in Kenya. Former president of Kenya is the richest person in Kenya, though he does not always show it off. He ruled Kenya for close to 25 years. Over the years the former president of Kenya, Moi gathered a lot of riches to even have overtaken the richest families in Kenya before his time.

Now I know you are wondering how rich the Moi family can be?

Personal loans are rife with pitfalls.Used correctly,they can save a significant amount compared to payday loans,overdrafts and pawnshops.Personal loan is a loan where you don’t put up any collateral,such as your house or your car,that the lender can reposses if you default.Because the lender has no guarantee for the loan other than your own reputation,you’ll have a higher interest rate other than you would with a collateralized loan.Since one is not putting up any collateral ,the loan terms will be based on your credit worthiness-your credit history,your income and what other debts you have.One has to be sure to check your credit history and score for any inaccurancies before applying.One can know their credit score by checking it for free by signing up for a credit monitoring service and cancelling during the grace period.

Where to got personal loan

-Banks-Federally chartered credit unions with limits on the rates they are allowed to charge

-Credit unions-They not-for-profit companies.Can help even if one has less-than-perfect credit

-Payday lenders-This is an alternative program that provide loans at the lowest price to people who would otherwise be denied.

-Peer-to-peer lenders-Its easy to qualify for peer-peer lending groups loans although rates might be a bit higher.Examples of such groups may include Lendingclub and Prosper.

-Credit building groups.

All personal loans require income verification such as W2 or paystub and an identification such as passport,identity card or a driver’s licence.

How to apply for a personal loan

• Give some basic information about yourself to the lender by filling a form.

• Check your rates and review your loan options

• Once lenders invest in your loan,money is deposited directly into your bank account.

The monthly loan repayments are fixed and will be automatically deducted from your bank account.There are no hidden fees or repayment penalties and the loan’s interest rate is fixed.

The personal loan can be used for wide variety of ways to enhance your life or business such as:

-Dept consolidation loans-Free yourself from credit card debt

-Home improvement loans

-Personal loans for business use

-Auto and vehicle loans

-Short term and bridge loans with no prepayment penalties

-Green loan-Financing for environmentally friendly projects.

What to do to get loan faster

One can get loan faster by submitting all required information and documents promptly.Additional information can be provided as the application as the application is processed via email.The progress on loan application can be tracked through verification stage system which indicates how far along the information submitted is verified.

 

Banking in Kenya is the most advanced mode of society in which the people have embraced and have ensured that their money are safe in the banks. Banks offer their customers the best services they can to ensure that their customers are happy and will view banking of their money beneficial to them than any other form of saving money. Most of the people in the society use banks for their savings and therefore they try to find the best banks that have high interest rate in order to get most out of the money.

Ecobank is therefore one of the banks which ensure that the people can be able to access banking services with ease and conveniently. Ecobank was established to enable the people to bank their money easily and efficiently. This bank has a lot of services which may or may not be found in other banks. The services they offer ensure that their customers are the sole beneficiaries and that it provide the best customer and bank relations.

The first services that Ecobank provides that may not be found in other banks is the rapid transfer service in Ecobank. This offers the customer the fastest, convenient and most reliable means to transfer money. Ecobank offers a fast, convenient and reliable means to transfer money across the sub region. To use this service, contact Ecobank branch near you and issue them with a signed written instruction to withdraw money from your account in the form of a cheque or a letter-stating your account name, number and amount to be withdrawn. Present your acceptable Id or a passport. With the Rapid Transfer method, you can as well pay for utility bills from anywhere along paying bills abroad from your Ecobank account based in Kenya.

Secondly, Ecobank present the customer with the Foreign Exchange programme which becomes your partner as they are market leaders in Foreign exchange transaction whereby they guarantee flexible and well-structured deals, timely, comprehensive and assured delivery with competitive rates. Ecobank also through the Foreign Exchange programme ensure that they present the customers with the most highly skilled experts who provide their customers with special advisory services on how to use the Foreign Exchange programme and make a lot of benefits from the service.

Thirdly, Ecobank provide their customers with a variety of loans on which the customers can borrow loans and pay back within a reasonable period of time with what Ecobank term as low interest rates. They present the customers with the personal loans or the business loans. The personal loans ensure that the people who have personal accounts have been presented with the most important opportunities that they can really get from any other bank. The personal loans offered by Ecobank include;

• Personal loans to finance the rent payment, asset and equipment acquisition, salary advance, personal problems, funerals and much more.
• Car and Moto Loan to enable their customers own their dream cars, motor bikes or vehicles for commercial use such as Matatus and buses. They ensure that the payment period is reasonable and have the most competitive rates and repayments options are very convenient to the customers.
• Mortgages/Home loans is yet another loan that is offered by the Ecobank which present their customers with flexible loan packages for the house of their dreams, or exclusive retreat where their children can grow up in a relative comfort and safety.

Lastly, Ecobank due to their good services, they have different forms of accounts which present variety of features to the people who are interested in banking in Ecobank. The accounts can be personal or business accounts which are opened by an organization or corporation. The common accounts that most Ecobank customers prefer are the current account and the saving accounts. The Current account present the account holder with different benefits and features that they can enjoy as Ecobank Customers. The features that the current account comes with include cheque services, linked saving account, standing order, SMS alert, monthly e-statement, Debit Cards with Master Card available and internet banking. On the other hand, the saving accounts ensure that the account holders get most out of their money and save for the future. The Ecobank Saving Account present the older with a debit card which gives them access to over 4,000 ATMs and POS terminals across Africa. Other features that are accompanied by the saving account is internet banking services,, mobile banking, SMS-alert, monthly e-statement and much more.

Banking in Kenya has become one of the most emphasized sector in the country for the safety and convenience of the bankers. This has seen the established of different banks which provide a lot of good and safe banking services. The banks have been able to embrace the advancement in technology to ensure that the banking services are fast and smooth in their transactions. Technology has also improved banking services which has seen the introduction of the internet banking services.

Kenya banks have therefore advanced in all level as known they have also used technology to enable them to send and receive funds from other banks locally and internationally through Electronic Fund Transfers. The most established banks have been able to partner with other banks for their success.

I&M bank is one of the Kenyan banks which ensure that their customers are able to enjoy their services to the fullest by partnering with international bank service providers. I&M bank is a private owned bank that has a rich heritage in banking offering a full range of corporate and retail banking services. this bank have a vision to become a company where the best people want to work and the first choice where the customers want to do business and where the stakeholders are happy with their investment. The bank has been able to open up other branches in the world in countries for their better provision of their better banking services. The I&M bank are to be recognized for ethical practices and fully respect rules and regulations, be perceived as an institution which has fresh ideas and is keeping pace with the technology to improve product delivery platforms for products and services.

As an established banking company, I&M bank offers a range of dynamic transfer services enabling the customers to conveniently make transfers locally and internationally. The Fund transfer services include the following;

Brisk Transfer

This is the fastest funds transfer with East Africa as it is a special fund transfer service allowing the customers to transfer funds to beneficiaries located in Kenya, Tanzania and Rwanda in different currencies such as United State Dollars (USD), Kenya shillings (KES), Tanzania Shilling (TZS) and Rwandese Franc (RWF). The major benefits of using this services is that it is a quick funds transfer as the beneficiaries receives funds on the same or next working day, low and reasonable charges hence cost-effective, efficient and convenience as funds can be transferred to both customers and non-customers throughout I&M bank network across East Africa.

SWIFT

This is another fund transfer service offered by this bank that ensure their customers can be able to transfer funds from their bank accounts to other bank accounts of other bank in Kenya or other countries. This service is telegraphic transfers done by our correspondent banks across the globe in a wide range of currencies. Charges for this will vary according to what your bank will charge and the telegraphic transfers are usually effected in 3 working days. There are various currencies which this method can support most of which are US dollars (USD), Euro, Great Britain Pound, Japanese Yen, Indian Rupees, South Africa Rands, Australian Dollars and Swiss Francs.

Western Union

This is one of the easiest ways to send money to friends and family anytime of the day or night almost anywhere in the world. In this service, you may remit funds through an agent of Western Union to any receipt in Kenya. Western Union remittances can be received and sent through most branches in Kenya and in countries abroad.

Money Gram

This is an online fund transfer service that has a global reach through a network of 300,000 local agents across 197 countries and territories. Money can be remitted through an agent of MoneyGram to any recipient in Kenya. MoneyGram remittance can be received and sent from most branches of I &M bank. You can be able to find an agent for the transaction to be successful by visiting their site at www.moneygram.com and clicking on the ‘find an agent link’.

 

 

 

There is no doubt that the number of banks which are setting up base in Kenya today has been rising exponentially over the recent years. This has even seen the entry of various international banks into the Kenyan market. Sharia compliant banks in Kenya are also increasing in number pretty much. Basically, the banking industry in Kenya is growing at a fast pace, and that is definitely something that Kenyans ought to be proud of.

With this in mind, accessing banking services in Kenya has become quite simple in the modern day Kenya. You can register and open an account in Kenya in whichever bank you prefer.  You can access ATM services in Kenya while in any town or shopping centre in Kenya. However, these developments are pretty much vivid within Nairobi. In Nairobi, you will come across an ATM machine in every corner you go to.  This includes shopping malls, supermarkets, recreational centers, bars and entertainment joints among many other places in Nairobi.

Most of these ATM machines in Kenya are VISA branded. This means that, if you have a VISA card in Kenya, you can withdraw your money at any of ATMs in Kenya, regardless of having a different bank. However, withdrawing and depositing money at the ATM in Kenya is not the only thing that you can do with your VISA card in Kenya and especially in Nairobi.  With your VISA card in Nairobi, you can enjoy a wide range of benefits such as;

Worldwide Acceptability of VISA card

When a Kenyan has a VISA card in hand, the Kenyan can enjoy access to their money at over 28 million banking outlets across the globe.   You can withdraw your money at any ATM at any time as long as it has a VISA sign. What else can you ask for? This is definitely the best thing that would ever happen to you.

Purchase Goods and Services using VISA card in Kenya

Secondly, when you have your VISA card in Kenya, you can conveniently pay for services and goods at the hotels, supermarkets, hospitals, fuel stations and many other retail outlets all over Kenya.  Remember that, in all these scenarios, you can swipe your VISA card in Kenya at no extra charge.  Remember that, when you are doing your shopping in Kenya, you could also withdraw your money at those shops using their Cash Back services in Kenya. Withdrawing at the Cash Back services in Kenya comes at a minimal fee.

Pay your bills and save time with VISA card in Kenya

Thirdly, when you have your VISA card in Kenya, you do not have to worry about queuing at the ATM or bank branch in Kenya in order to withdraw money. If you want to pay for bills in Kenya, you can use your VISA card to pay up at any supermarket in Kenya. You can also use VISA card to pay for a wide range of utility bills in Nairobi.

Using a VISA card is safer than carrying cash

Since you are the only one with access to your VISA card in Kenya, you can be rest assured that your money is safe at all times. Even if you lost the VISAcard in Kenya, your money will still be intact.  Money can only be withdrawn from your account by someone who clearly knows your PIN number. That is why Kenyans are always advised not to share their Pin numbers with other people so as to keep your money secure.

Deposit cash directly to your account using VISA card

Last but not least, you can still use your VISA card to deposit cash in Kenya into your bank account. Remember that you can do this any time at any deposit ATM in Kenya.

Kenyans are now embracing VISA cards usage in Kenya. Banking could never get any easier and user friendly like it is in Kenya.

Mwalimu Sacco Nairobi Branch is located in Co-operative house along Tom Mboya Street. The Sacco was started in the year 1974. It was formed under cooperatives Societies Act as a Sacco society with an objective of mobilizing savings to customers and providing credit services. The Sacco mainly targets TSC secretaries, TSC teachers in Secondary and other tertiary institutions and the staff of the Sacco. The Sacco has the vision of to become a World Class Co- operative financial Institution. The Sacco’s mission is to mobilize funds, Provide Credit and other financial Services to the customers at competitive terms.

Emergency Loans

• The loan is granted for in any circumstance.
  
  

• Repayment period is 12 months.

• Only one Emergency loan can be granted at a time.

• The loans are given within a member’s entitlement.

• The limit amount is a members deposits X 6 (subject to 1/3 rule).

• The interest rate is 1% per month on reducing balance

• Principle loan repayment to be done separate from interest repayment

Fees Loan

• The loan is granted for educational reasons.

• Repayment period is 12 months.

• Only one loan is granted at a time.

• The loan is given according to member’s entitlement.

• Maximum loan amount is a members deposits X 6 (subject to 1/3 rule).

• The interest rate is 1% per month on reducing balance.

• Principle loan repayment is done separate from Interest charges repayment.

Normal Loan

• Normal loans shall be granted as short-term loans for investment purposes.

• Repayable in 36 months.

• Only one normal loan shall be granted at a time.

• Maximum loan granted is a members deposits X3 (subject to 1/3 rule).

• The interest rate is 1% per month on reducing balance.

• Principle loan repayment is done separate from interest charges.

Development Loan

• Development loans are granted for medium-term loans for investment reasons.

• Repayment period is 48 months.

• Only one loan is granted at a time.

• Maximum loan amount is a members deposits X 3 (subject to 1/3 rule).

• The interest rate is 1.1% per month on reducing balance.

• Recovery is done at a monthly flat rate which combines principle amount and interest repayment.

Super Loan

• The loans are granted as long term loans for investment reasons.

• Repayment period is 60 months.

• Only one loan can be granted at a time.

• Maximum loan amount granted is a members deposits X 4 (subject to 1/3 rule).

• The interest rate is 1.2% per month on reducing balance.

• Recovery is done at a monthly flat rate which combines principle amount and interest repayment.

Vision Loan

Vision 72

• Vision loans are granted as long-term loan for investment reasons.

• Repayment period is 72 months.

• Only one loan is granted at a time.

• Maximum loan granted is a members deposits X 6 (subject to 1/3 rule).

• The interest rate is 1.4% per month on reducing balance.

• Recovery is done at a monthly flat rate which combines principle and interest.

 Vision 60

• It is granted as long-term loan for investment reasons.

• Repayment period is 60 months.

• Only one loan is granted at a time.

• Maximum loan granted is a members deposits X 6 (subject to 1/3 rule).

• The interest rate is 1.3% per month on reducing balance.

• Recovery of the loan is done at a monthly flat rate which combines principle and interest repayment.

Hazina Sacco Society Limited is a nationwide Savings and Credit Co-operative society which was early established and registered under the Co-operatives Societies Act with their main objective being to afford its members an opportunity to accumulate their savings, thereby creating a source of loanable funds. This Sacco draw its members from various Governmental ministries, Parastatals, Non-Governmental Organization (NGO) and the private sector where the interested individuals from this institutions register in Hazina Sacco Society Ltd kitty for the access of all the services offered.

Hazina Sacco Society Ltd ensure that they provide quality and efficient financial products and services through effective mobilization of resources and prudent administration of credit for socio-economic advancement of members. All the service provision is based on Professionalism, Competence, Integrity, Transparency and Accountability, as well as Equity.

Hazina Sacco offers a wide range of unique and tailor-made BOSA (Back Office Services Activity) products and services to the satisfaction of the members. The services and products that they offer include loans where the Sacco offer a variety of loans which include:

• The normal/development loans which are granted 3 times to members shares/deposits and are charged at 1% per month on reducing balance and the maximum loan a member can get is Ksh 6 million repayable in 60 months and subject to the 1/3 rule.

• Top-Up loan as a new product to members with loan balanced who wish to get normal loans. Members are allowed to request for this loan and a commission of 10% is charged on the outstanding loans. The loan is also treated as a normal loan and therefore all applications should be received on or before 20th of every month while the 10% commission and the balance of the loan is reduced from the new loan.

• Normal loan after cash repayment where members who wish to clear their outstanding normal loans by cash and get new normal loan without having to wait for the stipulated period of three months, will be required to pay a 5% commission on outstanding normal loan balance in cash or be deducted from the loan approved.

• Emergency loans which include in-patient treatment, court fines, civil cases and other unforeseen emergencies. The maximum amount of loan to be granted is dictated by ability to repay and subject to the 1/3 rule and 3 times the shares/deposits limits and repayable within 12 months with no documentary evidence for the granting of the loans.

• School fees and College fees which offer a maximum of Ksh 500,000 per member annually repayable within 12 months for college and university fee while nursery and secondary school fees loans maximum is Ksh 200,000 per member per year repayable within a period of 12 months.

• Medical Outpatient Loan is given of up to a maximum of Ksh 50,000 repayable within 12 months with no documentary evidence require.

Hazina Sacco Society Ltd also as a financial provider for its members presents the members with other products in terms of savings and include;

• Welfare Fund where the interested members contribute towards this kitty with Ksh 100 per month and the payments are done in steps where members’ spouses are given Ksh 30,000 to Ksh 40,000 per year per member and their children (only two) from Ksh 10,000 to Ksh 20,000 per year per member. However several terms are effective in this saving scheme where if the spouses and children are members, then the member would be considered independent, names and supporting documents should be forwarded to the office for record purpose and updated if/when necessary and 40% of amount contributed to welfare fund will be refunded to a member who has never claimed the welfare benefits and the refund would be made at the time of withdrawal from the Sacco.

• Holiday Saving Scheme is another service by Hazina Sacco Society Ltd which can also be known as the Jipange Saving Account where the members earn an interest at a rate determined by the Front Office Activity Services (FOSA) on the amount that the members contribute to the kitty during their holidays.

Eazzy 247 this is a mobile banking service that gives the user the chance to access banking services of Equity through the use of a mobile phone. Eazzy 247 is accessible in the following networks: Airtel and MTN USSD, Safaricom, YU and Orange Airtel Moneymembers registered with Airtel money can access the Bank services through withdrawal and depositing and also checki. ng the account statements. It was launched in September 2011 as a commerce service by the legacy of Zap product.

M-PESA ATM Withdrawal The service is available 24 hours a day, it allows the M-PESA customers to withdraw and deposit cash to their Equity accounts, the PIN provided ensures security to the customer, the service is very reliable and it has ensured customer satisfaction. Read More. Orange Money customers access their accounts through the Orange lines, the account number is given and also a PIN number to ensure that the client is given security. The customer can deposit money and also withdraw using the lines

YuCash is an authorized Agent to operate and offer YuCash services. All the Equity outlets provide the services and the customers can withdraw cash and deposits cash using their mobile banking. M-KESHO account holders are enabled to transfer funds through Bank Account by use of mobile phones, the service also allows cash deposits and withdrawals.  

Bank Accounts

• Equity ordinary account.

• Current Account.

• Jijenge Account.

• Junior Account.

• Teen Member.

• Achievers Student Account.

• School fees account.

• Fixed Deposit Account.

• Social Institutions Account.

Bank loans

• Agricultural loans.

• Asset finance loans.

• Consumer loans.

• Micro Business loans.

• SME loans.

• Maji loan.

• Jamii Safi loan

Self-Banking Services

• ATM services.

• Instant Account opening.

• Card services.

• Pay pal withdrawal services.

• Visa personal payments.

• China Union pay

• Mobile Banking.

• Online Banking.

• Money Transfer.

• Equity cash back.

Equity Agency

Willing Business people can register to become Equity Agents, the Bank ensures that they select the right partners to operate the agency.

The following are the requirements of becoming an Equity Agent:

• The applicant should own a business which has been operating for at least two years before the day of application.

• The business should have the legal permits for its existence.

• The business should be located strategically ensuring security, accessibility and visibility.

• It should have maintained high moral standards and good reputation during its time of operation.

• It should be having a good catchment of the business.

• A duly completed Agency Banking application form and signed.

• Copies of National IDs for principal applicants.

• Certificate of good conduct.

• Business profile for the last 18 months through a brief description.

• Bank and loan statements from other institutions.

• Three copies of pre signed Contract of Equity Agency.

• Accompany the application with certificate of incorporation or registration if applicable.

• Attach Articles and Memorandum of association and Partnership deed if applicable.

• Attach Board of resolution if applicable to companies and partnerships.

• Business permit which should be valid showing the commercial activities carried on by the business.

• Financial records for the past two years which should be audited.

• A map sketch for the business location and home.

• Reference of credit by bureau (Credit Bureau Report).

• Passport size photos for every applicant.

• Curriculum Vitae of the applicants.

• Colored photos showing interior view which shows the premises, interior view showing the business stock and an outside photo showing the neighborhood.

• Relevant supporting documents of Agent appraisal form and visit form.

 

 

Equity bank in Kenya is one of the leading financial service providers in Kenya. Equity bank in Kenya offers banking services to the Kenyans in most major towns in Kenya. Equity bank has stretched beyond the borders of Kenya to offer financial bank services in the larger East Africa region including Rwanda and South Sudan. As of June 2010, Equity bank in Kenya had an estimated asset base value of over 1.5 billion U.S dollars which has exponentially increased over the years. Equity Bank in Kenya began as Equity Building Society close to two decades ago in 1984. The Equity Building Society in Kenya then transformed into a microfinance institution in Kenya before gaining full commercial bank status in 2008. Regionally, Equity Bank began its expansion in Uganda when it absorbed the Uganda Microfinance Limited which was a microfinance institution with twenty eight functional branches and fourteen agency branches. The Uganda Microfinance Limited then changed its name to Equity Bank Uganda and began operating under this new name in 2009.

Equity Bank then began operations in South Sudan in Juba in 2008, and subsequently in Rwanda in 2011. As of 2012, Equity Bank has close to 140 Equity bank branches within Kenya, 40 Equity bank branches in Uganda, 7 Equity bank branches in Rwanda, 2 Equity bank branches in Tanzania and 4 Equity bank branches in South Sudan. Out of the 140 Equity bank branches found in Kenya, 38 Equity bank branches are located in Nairobi, the capital city of Kenya.

There are two Equity bank branches in Nyeri town in Kenya. The first Equity bank branch in Nyeri town in Kenya began opposite the Nyeri Kenya Commercial Bank branch in Nyeri town. The Equity bank branch in Nyeri town opened its doors to the public in the early 21st century, around the year 2001. The Equity bank branch opposite KCB Nyeri Branch in Kenya then gave rise to a second Equity bank branch in Nyeri town along Uhuru Road in Nyeri on Pamki House in Nyeri town. Pamki House in Nyeri town is located next to the Safricom retail shop in Nyeri town close to the famous Samrat Supermarket in Nyeri. 

Equity bank in Kenya has a large following and customer base in Nyeri town in Kenya given that the Equity bank interest and withdrawal rates in Kenya are somehow friendly to the farming populous fond in the area. Equity bank is also famous for giving bank fees loans in Kenya to wanting clientele.