This article focuses on Bandari Sacco membership eligibility and requirements. Bandari Sacco was established in 1975. It is one of the largest deposit-taking Saccos in Kenya with an asset base of 12.01 billion and a membership of more than 18,000.
The Sacco promotes thrift and provides credit services at competitive interest rates, with the aim of contributing to and improving the financial strength and general well-being of its members.
Bandari Sacco Membership Eligibility
Any person is eligible to join the Sacco upon submitting duly completed account opening forms with required identification documents (copy of ID and coloured passport photos).
Membership Structure
1. Share capital
- It is a dividend-earning account and is mandatory for every sacco member to buy a minimum of Kshs 10,500 worth of shares or save progressively on monthly basis subject to approval by Sacco management.
2. Non-withdrawable deposits
- These are monthly deposits that constitute active membership to a sacco with the minimum currently pegged at Kshs 1,500 per month or Kshs 50 per day.
- The deposits may however be withdrawn in cash upon cessation of membership and upon expiry of 60 days notice period.
3. Ordinary savings account
- It is your everyday collection and disbursement account through which deposits are accumulated before transfers to deposit and share accounts respectively.
- The account bears ATM, internet banking and USSD or mobile banking and paybill facilities.
Bandari Sacco Account Opening Requirements
1. Personal Savings Account
- Copy of National ID.
- Duly filled account opening form.
- Coloured passport photo.
2. Group/Chama Account
- Certificate of registration.
- Constitution of the group.
- Minutes recently taken indicating that you want to open an account at Bandari Sacco.
- Copies of National IDs of the officials.
- Member listing- names, ID number, telephone number and signatures.
- Photos will be taken at the Sacco on the day of opening the account.
3. Sole Proprietor Account
- ID number of the sole proprietor.
- KRA PIN.
- Certificate of registration of the business.
4. Dau Junior Savings Account
- Copy of National ID of parent/ guardian.
- Copy of child’s birth certificate.
- Duly filled account opening form.
- Parent/ guardian must be an account holder.
5. Limited Company Account
- Certificate of incorporation and KRA PIN of the company.
- Director’s ID copies and KRA PIN.
- Board resolution on company letterhead (must be enclosed with the company seal.
- Articles and MOU of the company.
6. Society/ Club Account
- Certificate of registration.
- Minutes of the board resolution.
- Signing mandate and photos.
- Signatories of the account, their ID copies and their designates.
Bandari Sacco Contacts
Head Office: Bandari Sacco Building, Moi Avenue, Mombasa.
Contacts: 0724 002 525/ 0735 336 685.
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