Paints and coating manufacturer, Crown Paints has launched Kenya’s first savings and credit union for painters in East Africa dubbed Team Kubwa SACCO.
Born out of the success of the company’sTeam Kubwa initiative, the SACCO aims to financially empower members of the loyalty program and help them develop a savings culture to achieve their desires.
“Painters play a fundamental role in our business. Being the treasured partners in our value chain, Crown Paints, has seen the need to provide them an avenue for financial support and in addition help them ease the economic burdens that have been escalated by the coronavirus (COVID-19) pandemic,” said Crown Paints Kenya Plc Chief Executive Officer Rakesh Rao.
Speaking during the launch, Rao noted that the savings and credit union will enable members of the Team Kubwa program to raise capital to enhance and grow their businesses while still enjoying all the other benefits of the program such as redeeming points for instant rewards including airtime, shopping vouchers, KPLC tokens, home appliances, professional tools and more.
Eva Wachiuri one of the Sacco officials, also a painter and Interior Decorator applauded the move saying “Team Kubwa Sacco has come at an opportune time when I can save for my long-term investments and ultimately for my retirement projects when I exit the industry as it’s physically engaging and productivity dwindles with age therefore it is paramount to plan accordingly.”
Team Kubwa SACCO is facilitated by Crown Paints and is exclusively run by painters. All Team Kubwa members are eligible to join. To become a member of the SACCO, one needs to register, buy shares, and start saving to qualify for loans.
Registration costs Ksh 1,000 in points or cash however; there is an Early Bird Discounted registration of Sh100 for the first 1,000 painters. To register, one can use the Team Kubwa points and access the Team Kubwa App or send an SMS with the words ‘Sacco 1,000’ to 20543.
Buying shares involves a non-refundable Share Capital at Sh 10 for 500 shares.
The shares can be bought in installments by using points through the Team Kubwa App or by messaging ‘Sacco 600’ to 20543 or in cash through Paybill 400222 and using the Business No: 581307 with registered name.
After registering and buying shares, painters can start saving, in points or cash. Borrowing funds from Team Kubwa SACCO can be done after 6 months of membership and continuous contribution.