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Six ALFs in MMC receive registration certificates under Self-supporting Cooperative Societies Act

ALF to obtain loans up to Rs 10 Lakh and tender for Government contracts

Mail News Service

Jamshedpur, June 1: In a program organized at the Collectorate Auditorium, Deputy Commissioner Vijaya Jadhav presented the registration certificates of Self-supporting Cooperative Society to six Area Level Federations (ALFs) under the Jharkhand Self-supporting Cooperative Societies Act, 1996. The event took place under the Deendayal Antyodaya Yojana National Urban Livelihood Mission. Several dignitaries including Director DRDA Saurabh Sinha, Director NEP Jyotsna Singh, DTO Dinesh Ranjan, Executive Officer of Mango Municipal Corporation Suresh Yadav, District Cooperative Officer Vijay Pratap Tirkey, District Social Welfare Officer Neha Sanjana Khalkho, and CDPO Durgesh Nandini were present.

The Executive Officer of Mango Municipal Corporation announced that following the certificate issuance by the Cooperative Department, the six ALFs will be eligible to obtain loans up to Rs 10 lakh without a guarantor for self-employment purposes. Additionally, they will have the opportunity to bid on tenders worth up to Rs 10 lakh in any government department. The registration of ALFs with the Cooperative Department has made Mango Municipal Corporation the first municipal body in the entire Kolhan division to achieve this milestone. The six ALFs which received the registration certificates are Chhatra Chhaya Mahila Vikas Self-supporting Committee Ltd, Nari Shakti Mahila Vikas Self-help Society Ltd, Agsar Mahila Vikas Self-help Society Ltd, EPIL Mahila Vikas Self-help Society Ltd, Surbhi Mahila Vikas Self-help Society Ltd, Prerna Mahila Vikas Self-help Society Ltd.

Under the Deendayal Antyodaya Yojana National Urban Livelihood Mission, an Area Level Federation is formed among approximately one hundred or more women of ten self-help groups. After formation, the smoothly functioning federation receives registration under the Jharkhand Swavalambi Sahakari Samiti. In this context, an application for the registration of ten federations was submitted to the District Cooperative Office of East Singhbhum Jamshedpur. After the necessary actions and rule-based procedures were followed by the District Cooperative Office, East Singhbhum, registration certificates were granted to six Area Level Federations today, following approval from the state-level office.

These ALFs comprise predominantly women beneficiaries of self-help groups who have established their businesses, achieved self-reliance, and improved their economic conditions while financially supporting their families. The registration certificates of the self-supporting cooperative society will provide them with opportunities to further expand their businesses. As per government directives, Mango Municipal Corporation has already formed 36 Area Level Federations. Upon the formation of an Area Level Federation, the government can provide up to Rs 50,000 as a revolving fund to assist in business and self-employment ventures.

The program was attended by CMM Nirmal Kumar, CO Nandi Purti, Pushpa Toppo, Urmila Devi, CRP Gayatri Nayak, Sheela Devi, Pratima Devi, Manorama, Laxmi, Holi, Ruby Singh, Romani, Tanushree, Organization Karta Saraswati Singh, and others.

Aspire to do better than the best: DC

DC Vijaya Jadhav encouraged the representatives of women groups to explore new opportunities for self-employment. She emphasized the need to move beyond traditional practices and acknowledged that the success of self-help group (SHG) models in urban areas has been relatively less compared to rural areas. She urged the ALFs to break this myth and discover self-employment prospects in new areas. The DC suggested exploring better packaging and marketing of rural produce in cities, such as promoting products like karanj oil, honey, and homemade nutrition for the treatment of malnutrition, which possess multiple medicinal properties. She assured the women’s committees that if there is sufficient demand, priority would be given to allot government shops. Furthermore, she pledged to provide space for the sale of their products in the collectorate premises. As an experimental initiative, some women committees related to self-employment in food items will be allowed to sell their products in the collectorate premises starting from June 2.

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Savings and Credit Cooperatives, popularly known as Saccos are member-based financial institutions that offer financial services to their members. The first Sacco was formed by European settlers back in 1908 and Saccos such as Caritas Sacco have since grown to be the most preferred financial institution among the working class.

Caritas Sacco. Photo: @Caritas Sacco
Source: Facebook

The main objective of Saccos is to pull members’ resources together and invest them in beneficial ways. This helps the members to lift each other economically. Saccos like Caritas Saccos first started as self-help groups where the membership was restricted to people sharing a similar link like an employer, religious belief, or living in the same town.

They have since evolved to the level of a microfinance bank and membership is open to everyone willing to buy shares or invest money. Here is all you need to know about Caritas Sacco.

About Caritas self-help group

Caritas self-help group was founded in 1983 by the first African Bishop, Maurice Michael Otunga, in Kiriko Parish, Gatundu North. He realized that most of the parishioners had socio-economic needs and encouraged the spirit of self-reliance by initiating the first Self Help Group/initiative.

The Kiriko Parish Christians, together with their Cardinal, Father Mukui, contributed 20 shillings each, and a total of 680 shillings were collected on that Sunday. This marked the journey of the Caritas self-help group, which ended up being introduced in all parishes and outstations.

The over-30-year-old Self-Help Program is currently being run by the Archdiocese of Nairobi with an emphasis on savings and credit. In an aim to create financial access and reduce poverty among its members, Caritas Sacco decided to establish a microfinance bank in its strategic plan for 2009-2013.

The bank was licensed by the Central Bank of Kenya in June 2015, leading to the opening of the first Caritas Microfinance Bank branch on 15th June 2015.

Caritas Sacco registration

Caritas Sacco has made their registration easy for anyone who wants to join them. You can visit your nearest branch or Caritas microfinance banking agent with your:

• Copy of National ID or Passport
• KRA PIN
• Download Caritas Pay App on the Google Play store.
• Click on new user.
• Input your customer details and follow the prompts.
• Save that account number and continue saving with Caritas Microfinance Bank.
• Dial *810# and request for account opening.

Caritas Sacco app

Caritas Sacco. Photo: @Caritas Sacco
Source: Facebook

With the emergence of mobile banking and savings, Caritas Sacco has an app where their customers can open accounts and track their savings. There are two ways on how you can use the app, and they include:

Registration

For the new account holders to access Caritas mobile banking services, follow the procedure below. Dial *810#- First time, you will receive an OTP with four digits number.

Redial *810#- You will be prompted to enter the reference number (4-digit number prompted to set new pin then confirm new pin)

Mobile banking via Caritas MFB USSD *810#

Dial *810#. Enter your pin to access the main menu. Choose your desired service from the menu and follow the instructions. Always log out after completing the transactions.

Caritas Sacco branches and locations

Caritas Sacco has grown over the years. The growth has seen them open up the following branches to help them serve their customers better.

• Caritas Microfinance Bank Head Office – Cardinal Otunga Plaza Annex, Ground Floor
• Caritas Microfinance Bank Corporate Branch – Cardinal Otunga Plaza Annex, Ground Floor.
• Caritas Microfinance Bank Retail Branch – Cardinal Otunga Plaza, Ground Floor.
• Caritas Microfinance Bank Kawangware Branch – Junction of Naivasha and Kikuyu Roads.
• Caritas Microfinance Bank Donholm Branch – Off Manyanja Road, Near Naivas Supermarket.
• Caritas Microfinance Bank Karuri Branch – St. Martin D Porres Catholic Church, Karuri, Banana Hill.
• Caritas Microfinance Bank Thika Branch – Thika Bazaar Building, Along Kenyatta Highway, Thika Town.

Caritas microfinance bank internet banking

Caritas Sacco. Photo: @Caritas Sacco
Source: Facebook

Caritas has continued making it easier for its customers to access financial services by introducing mobile banking. To access Internet banking, one needs to request Internet banking via the branch or written request via email and filling an application form.

A username and password will be created and sent to the registered email for the new user created. You will then be required to;

• Log in through their website: www.caritas-mfb.co.ke
• Next, click on Channels
• Then, select Internet Banking
• Click on NET BANKING LOGIN. This will automatically re-direct you to the login in page, where you will be required to Enter your username and click on login.
• You will then be required to click on an image verification before clicking login.
• An OTP will be sent to the registered email or phone number, and then click submit.

Caritas SACCO interest rates

Generally, Saccos charge their members an average of 1% per month. This low interest is meant to encourage their members to invest. Caritas SACCO also has reasonable rates depending on your chosen loan and payment duration.

Caritas Sacco contacts

Caritas Sacco is located at Cardinal Otunga Plaza Annex, Ground Floor, Cardinal Otunga Street, Nairobi. Their offices are open from Monday to Friday from 8 a.m. to 4:30 p.m. and from 8 a.m. to 12 noon on Saturdays.

They can be reached via phone at 0205151500/0729986331. They are also on social media as Caritas Microfinance Bank, or you can write them an email at info@caritas-mfb.co.ke.

Caritas SACCO is among the many reliable and trusted SACCOs n the country currently. They have grown to become one of the leading & fastest-growing microfinance banks. They offer a range of services, including current and savings accounts, term loans and asset finance, LPO finance, insurance, and foreign exchange solutions.

DISCLAIMER: This article is not sponsored by any third party. It is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!

Tuko.co.ke featured an informative article about Tai Sacco. So, would you like to know how to join Tai SACCO? Registration is straightforward, and you will enjoy the perks in no time.

Source: TUKO.co.ke

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