This article focuses on Defence Sacco membership eligibility and requirements. Defence Savings & Credit Society (DESACCO) was registered under the Co-operative Society Act Cap 490 on 10th April 2019.
The idea to establish Defence Sacco was mooted by the KDF leadership. This was after realising the gap experienced by service personnel in inculcating the culture of saving and access to affordable & reliable credit facilities.
The Sacco aspires to be the financial services provider of choice to its members for the purpose of improving their socio-economic status following cooperative principles and values.
Defence Sacco Membership Eligibility
- Membership is a closed bond made up of serving military personnel and veterans.
- Membership involves filling in an application form which can be downloaded or printed or obtained from pay offices, welfare office and unit chief clerk.
Defence Sacco Membership Requirements
- Membership registration fee of Kshs 500.
- Minimum monthly deposit contribution is Kshs 3,000.
- Share capital is Kshs 20,000.
- Account maintenance fee of Kshs 1,000 (Sharia accounts only).
- Sink fund- Kshs 300.
Defence Sacco Products
(a). BOSA Products
(i). Emergency loan
- A credit facility to assist a member meet urgent financial obligations.
(ii). Personal loan
- Credit facility designed to support each member’s unique financial needs.
(iii). Karibu loan
- Credit facility eligible to all new members.
(iv). Elimu loan
- Credit facility to assist a member pay school fees in various learning institutions.
(v). Development loan
- Affordable credit to support a member take that next step in growth.
(vi). Premier loan
- Loan facility tailor made for members who need additional financing for a longer period.
(vii). Sharia loan
- Loan facility tailor-made for muslims
(b). FOSA Products
(i). FOSA current account
- Operates like a savings account.
- Minimum account balance is 0.
- Account holders are eligible for DESACCO m-banking.
- The account attracts no monthly charges.
- All BOSA loans below 1 million are credited to the account.
(ii). Okoa cash
- Tailor made for urgent financial needs.
(iii). Salary in advance
- Mobile loan facility to assist members’ financial needs and repay for longer period.
(iv). Salary advance
- Loan facility designed to support members prior to main salary.
(v). FOSA personal loan
- Unsecure loan facility for members to meet their financial needs.
Defence Sacco Contacts
Location: Ulinzi House, Lenana Road, Hurlingham- Nairobi.
Contacts: 0205 134 900/ 0793 281 989.
