Savings and credit co-operatives like Safaricom Sacco have helped millions of Kenyans actualize their investment dreams by providing financial solutions to investors with financial muscle. By pooling their money together, members can get bigger loans at favourable interest rates. However, to benefit from all this, learning how to join Safaricom Sacco should be your first step.
Safaricom Sacco is one of the leading financial service providers in Kenya. It was established in 2001 to promote a saving culture among its members. This Sacco takes pride in offering the best products for different individuals and groups.
Safaricom Sacco is a savings and credit cooperative society founded in 2001. It is licensed and regulated by the Sacco Society Regulatory Authority (SASRA).
Can anyone join Safaricom Sacco? Not everyone is eligible to join the Sacco. Membership is only open to the following:
Like any other Sacco, one must meet the minimum requirements to become a member of Safaricom Sacco. So, what are these requirements? The registration requirements vary from one type of membership to another as follows:
After attaining all the above registration requirements, becoming a member will take just a few steps. These include:
The first step to becoming a Safaricom Sacco member is obtaining and filling out the membership form. The form is available on their website or at the nearest branch.
It captures all the necessary details about you. You can drop off the duly filled form at any of their branches or send it as a parcel for the physical application.
After filling in the registration form, members must attach a few documents that will help capture their membership details. They include:
Members are required to pay a Ksh1,000 membership fee upon registration. The money will be used to process your membership application and capture your details on the Safaricom Sacco portal. The amount is payable once, and it is also non-refundable.
Upon fully registering as a member of Safaricom Sacco, you are required to make timely payments of your monthly contributions. These contributions act as security whenever you want to borrow a loan from the Sacco.
You can make payment through Mpesa Paybill, bank, or an automatic employer check-off. If you prefer making your monthly contributions via the Mpesa Paybill, here are the steps to follow:
Safaricom Sacco members are expected to pay the sinking fund. This is an amount paid for a self-insurance scheme for their deposits and loans in case of death. The members' next of kin and nominee use the money for funeral expenses.
How much is Safaricom Sacco's sinking fund? Safaricom charges Kshs 300 for the sinking fund. Half of this amount is directed to the sinking fund's account, while the other half covers the institutional ratio deficit.
Safaricom Sacco members are required to pay a share capital of Kshs 40,000. Apart from earning annual dividends, the amount gives them the right to become shareholders. It also offers different types of development shares.
How do you qualify for a loan on Safaricom Sacco? You should have either three or six months of consistent savings. The former is for short-term loans, while the latter is for long-term loans.
You can apply for the loan using either of the following methods:
Here is a detailed step-by-step guide on how to settle your loan using your Mpesa:
Once the payment is successful, you will receive a message from SAFSACCO confirming your payment. Depending on the type of loan you are paying, here are the codes to key in when entering your ID number as the account number:
You now know how to join Safaricom Sacco. Being one of the best-rated Saccos in the country, high returns on dividends and favourable loans are guaranteed. Luckily, with a few steps outlined above, you can easily begin your journey to saving for future prosperity.
Tuko.co.ke shared an article about the best Saccos in Kenya for savings and investment. Saccos aim to bring together people from similar social and economic backgrounds.
The best-managed Saccos in Kenya protect their stakeholders' interests and offer low-risk opportunities to grow wealth. So, which are the best Saccos in Kenya? Find out here.
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A collage of the Safaricom House and a coin tress glass jar
A person is holding money and a pen
Safaricom Sacco members meeting