Kenyans in diaspora excited as Pamoja Canada Diaspora Sacco launched in Toronto

Kenyans living in Canada and other invited guests during the launch of the Pamoja Canada Diaspora Sacco Society Limited in Toronto. [Courtesy,Pamoja Canada Diaspora Sacco]

Kenyans living abroad now have a reason to smile following the launch of the highly anticipated Pamoja Canada Diaspora Sacco Society Limited.

The high profile unveiling in Toronto follows three years of very intense preparations. The event was attended by Kenyans living in Canada and graced by Kenya High Commission and other invited guests from across the Greater Toronto Area.

The Diaspora Sacco draws its identity from its vision, mission, core values and its overarching goal. It aims to promote thrift, welfare and mutual economic interests among its members through provision of savings, investments and loan opportunities.

It gives Kenyans in the diaspora and the returnees confidence as they now have something to resonate with in relation to their grand projects back at home.

The Diaspora Sacco has pledged to provide members with high-quality and engaging services where they can access and benefit instant, short term, emergency, education, development and asset loans.

It allows members to mobilize their savings, thereby providing affordable loan facilities for the promotion of their social and economic well- being through cautious management and product diversification, while considering the interests of all stakeholders including the Muslim Community.

For their saving modes, members can opt to spread their portfolios in main, fixed deposit, young dreamers, emergency or holiday accounts. Other Sharia- Compliant products are in the process of being launched in 2024.

“The prosperity of our Kenyan Diaspora in Canada and their strength as a community is a function of their savings and investment in Kenya and Canada. The launch of Pamoja Canada Diaspora Sacco is therefore an invaluable vehicle in that journey and a solid investment option. To bring its promise into fruition, Kenyans much invest and make the leadership accountable every step of the way. Together we can!” said Amb. Moni Manyange.

“Besides offering the Normal Sacco Products specifically tailored for the Kenyan Diaspora Community, Pamoja Sacco will pioneer to provide special sharia- compliant products to the Kenyan Muslim community who are often excluded from the existing financial system. The sharia-compliant products aligned with Islamic financial principles will be rolled out effective July 1 2024. Our ultimate goal is to unlock opportunities and remove all financial barriers to investment and wealth creation for all Kenyans in the Diaspora,” said Ephraim Mwaura, Pamoja Canada Diaspora Sacco Board Chair.

Sharia-Compliant Products that Pamoja Canada Diaspora Sacco will offer align with Islamic finance principles. The strategic effort underscores the Sacco’s unwavering dedication to ethical practices and its commitment to meeting the diverse needs of its members. To ensure the highest standards of ethical finance, a special Sharia Compliance Committee will oversee the development and governance of Sharia-Compliant products and procedures.

As the first Sharia-compliant Kenyan Diaspora SACCO, Pamoja Canada Diaspora Sacco sets a new benchmark in inclusive financial services. This pioneering initiative represents a transformative development in the financial landscape, catering to the unique needs of the Muslim communities and promoting Sharia- compliant financial practices.

By addressing the financial needs of its members while adhering to Islamic principles, Pamoja Canada Diaspora Sacco not only fosters financial inclusion but also emerges as a leader in ethical banking for Kenyans in Diaspora.” Mohamed Abdi who is a Kenyan Diaspora Muslim leader based in Canada commented.

Among those who attended the colorful launch included the Kenya Deputy Head of Mission from Kenyan High Commission to Canada Amb. Moni Manyange as Chief Guest.

Other special guests included Brampton City Councillor Rod Power, Former MPP Faisal Hassan, City of Brampton Assistant to Mayor Patrick Brown Mr. Abdi Omar, Kenyan Somali Community Leader Mr. Mohamed Abdi as well as Kipkemboi Movie Film Directors Leonard Farlinger, Joel Richardson and Jeniffer Jonas.

The Pamoja Sacco was represented by Board Chair Mr. Ephraim Mwaura, Board Vice- Chair Mr. David Feldman and Board Member Ms. Mwende Mbevi during the pomp and color celebrations.

Criteria of becoming a member of Pamoja Canada Diaspora Sacco Society Limited - Be a Kenyan currently residing in Canada as Newcomer, Student, Permanent Resident, Dual Citizen or is a Returnee.

-Has a valid Kenyan Passport of Identity Card.

-Has attained the age of eighteen (18) years.

-Be of good moral character and have a sound mind.

-Has applied for membership and met all criteria for membership.

-Has paid the membership registration fee of Kshs. 15,000.00 or approximately 150 Canadian Dollars.

-A member will be responsible for their minimum monthly Savings or Deposits of Kshs. 5,000.00.

-A member may continue to grow their Share Capital by purchasing minimum share capital worth Kshs. 20,000 (20 shares at Kshs. 1,000 each) payable within 6 months.

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