This article focuses on Ammar Sacco membership eligibility and requirements. Ammar Sacco was initially registered as All Churches Sacco in December 2004 under the Co-operative Societies Act Cap 490, to cater for the financial needs of its members.
It was until the year 2019 that the Sacco rebranded and changed its name to Ammar Sacco. It opened its FOSA in January 2012 and has been licensed by the Sacco Societies Regulatory Authority (SASRA).
Ammar Sacco Membership Eligibility
The Sacco’s membership is open to all. It draws its members from;
- Business people.
- Farmers.
- Civil servants.
- Teachers.
- Youth.
- Women.
- Persons with disability.
Ammar Sacco Membership Requirements
- Fill an account opening form which is available on the Sacco’s website or can be obtained from its office.
- Attach certified copies of ID and KRA PIN.
- Registration fee of Kshs 500.
- Buy minimum share capital of 200 shares of Kshs 20 each worth Kshs 4000.
Ammar Sacco Products
(a). Loan Products
1. Business Loans
- Repayable within a maximum of 36 months.
- Rate of repayment is 18% on reducing balance.
- Product must be guaranteed by 2 active account holders.
- The product must be in line with 2/3 rule.
2. Mkulima Loan
- This includes coffee, tea and milk loans, designed to meet financial needs of farmers whose payment is channelled through the sacco.
3. Mfugo Loan
- Repayment period up to 24 months.
- Offers a convenient and suitable way for dairy farmers to acquire quality breeds of cows in order to increase products.
4. Asset Finance
- Repayable within a maximum of 36 months.
5. Salary Loan
- Issued to a member whose salary has been channelled through the sacco.
6. Group Loan
- Provides a platform for members of registered groups to consolidate their savings and access loans.
(b). Saving Products
1. Ordinary Savings Account
- Unlimited daily access to funds via the counter.
- Withdrawal fee of Kshs 50.
- Minimum balance of Kshs 300.
- No ledger fees.
- Free photo capture on account opening.
- Withdrawal via ATM and mobile banking.
2. Toto/Kids Account
- Free standing order.
- No ledger fees.
- Minimum balance of Kshs 200.
(c). Investment Products
1. Sacco BOSA Shares
- Open to all members.
- Open to all sacco account holders.
- One share sold at Kshs 20.
- Members grow their shares for a minimum of 200 worth Kshs 4,000 within 6 months.
2. Sacco FOSA Shares
- Open to all members.
- Open to all sacco account holders.
- Guaranteed interest rates.
- Conveniently contributed through check off.
3. Fixed Deposit
- Attractive rates of interest.
- Special contribution when one applies for a loan.
- Specific deposit period ranging from 3-12 months.
- Cash deposits on direct transfers from savings account.
Ammar Sacco Contacts
Location: Elica Plaza, Kwame Nkrumah Street, Opposite Safaricom Shop, Thika.
Contacts: 0711 431 590/ 0704 979 246.
