WHAT IS MICROFINANCE?
Microfinance refers to the provision of financial services to low-income clients, including consumers and the self-employed. It also refers to the practice of sustainably delivering these services.
Afya Deposit Taking Microfinance Limited has already applied for a license to begin its trading activities. Once trading commences the company will provide all Microfinance services as outlined above.
WHO OWNS THE AFYA DEPOSIT TAKING MICROFINANCE?
Afya Deposit Taking Microfinance is owned by the members of Afya Sacco Society, Afya Investment and Afya Holding Societies.
WHO QUALIFIES TO OPEN AN ACCOUNT IN THE AFYA DEPOSIT TAKING MICROFINANCE?
a.) Members of Afya Sacco Society and its subsidiaries. b.) Any Kenyan Citizen who is 18 years old and above and who meets all account opening requirements.
PROCESS OF PURCHASING SHARES.
The Afya deposit taking Microfinance Limited herein called Afya Microfinance is offering shares to members of Afya Sacco Society, Afya Investment and Afya Holding Societies. All members are invited to buy the shares by filling the shares application form.
1. The nominal value per share is Kshs.1,000=.
2. The minimum shares are 5 shares valued at Kshs.5,000= and the maximum is 60,000 valued at Kshs.60,000,000=.
3. The shares are sold in Multiples of Kshs.1,000=, starting from Kshs.5,000=, 6,000=, 7,000=, 8,000=, 9,000=, 10,000= upto the maximum.
4. Members can apply for emergency, capital, fosa advance or personal loans to buy the shares.
5. After allotment and payment members will be issued with share certificates.
6. Payments can be done by depositing cheques or cash in any of the FOSA branches i.e Afya Centre, KNH, Nakuru, Eldoret, Kisumu, Kakamega, Nyeri, Meru Kisii and Mombasa.
The Chief Executive Officer
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