Boresha Sacco Membership Eligibility & Requirements

This article focuses on Boresha Sacco membership eligibility and requirements. Boresha Sacco is a financial institution licensed for deposit-taking business by Sacco Societies Regulatory Authority (SASRA).

The Sacco was registered on 31st August 1976 by 10 members with an initial share capital of Kshs 60,000. The growing membership currently stands at 75,389, members savings/deposits at Kshs 6.89 billion while loans with members stand at Kshs 8.38 billion.

Boresha Sacco’s core business is savings and credit plus financial services to the unbanked community members. Its asset base stands at Kshs 9.90 billion as of 31st December 2022.

Boresha Sacco Membership Eligibility

1. Salaried Members

  • Teachers under Teachers Service Commission (TSC).
  • Civil servants employed by Public Service Commission (PSC).
  • County government staff.
  • Institutions’ pensionable employees.
  • KNUT and NGOs staff.
  • Sacco and its subsidiaries staff.
  • Retired members.
  • Companies and parastatals pensionable staff.

2. Non-salaried Members

  • Spouses, children and relatives of members.
  • Individual business persons.
  • Small and Micro Enterprises (SMEs).
  • General members of the community.
  • Micro credit members.
  • Farmers (individuals and groups).
  • Jua kali business persons.
  • Youth, women groups and chamas.

3. Corporates

  • Registered business entities.
  • Institutions.
  • Schools and colleges.
  • Community Based Organisations (CBOs).
  • Cattle dips.
  • Registered enterprise businesses.
  • Investment groups.
  • Registered companies.

Boresha Sacco Membership Requirements

  • Fill in the membership application form.
  • Attach recent passport photos.
  • Copy of ID.
  • Payment of a membership fee of Kshs 500.

Boresha Sacco Products

(a). BOSA

(i). New members introductory loans

  • Targers newly recruited salaried members.
  • Granted once first shares/ savings instalment has been deducted by the employer.
  • Loan is approved as per payslip.
  • Mandatory monthly shares/ savings contribution of 1% of the loan granted, but subject to a minimum amount of Kshs 2,000.

(ii). Development loan

  • For members personal development.
  • Loan multiplier savings x3.
  • Repayment period is 72 months.

(iii). School/ college fee loan

  • Payment of school fees.
  • Loan multiplier X3 the savings held.
  • Repayment period is 12 months.
  • Weekly loan disbursement.

(iv). Emergency loan

  • Caters for emergency case.
  • Loan qualifying factor is 3 times of the savings held.
  • Repayment period is 12 months.
  • Loan is considerate and disbursed daily.
  • Separate repayment rate in the payslip.

(b). FOSA

(i). Premium Advance

  • Salary must be channelled through FOSA for 2 months.
  • Advance granted up to 4 times monthly net salary.
  • Maximum period is 3-12 months.
  • Maximum amount granted is Kshs 120,000.
  • Processing is prompt over the counter.
  • Guaranteed by active account holders whose salaries are channelled through the FOSA section.

Boresha Sacco Contacts

Head Office: Mwalimu Plaza, Eldama Ravine.

Contact: 0720 200 689.

Zack Abuyeka

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