This article focuses on Lengo Sacco membership eligibility and requirements. Lengo Sacco was officially registered on 24th March 1976. It was formed by employees of the defunct municipal council of Malindi.
The Sacco was officially licensed by SASRA in 2012, when it was given the mandate to carry out deposit-taking activities. It has an asset base of 0.48 billion.
Lengo Sacco Membership Eligibility
The Sacco opened its common bond. Membership is open to all Kenyans.
Lengo Sacco Membership Requirements
- Fill in the membership application form which is available on the Sacco’s website.
- Your ID for verification.
- Your passport size photo.
- Kshs 500 registration fee.
Lengo Sacco Products
Loan Products
(i). Development Loans
- These are loans extended to registered members after a period of 6 months.
- Interest rate is 1.5% on a reducing balance.
- Repayment period is up to 72 months.
- Requires 3 guarantors and a witness.
(ii). Development Loan Top up
- It is a facility extended to those already servicing development loans.
- One should have serviced at least 3/4 of current loan.
- A 10% penalty will be charged on the reducing balance.
- Interest rate is 1.75%.
(iii). Somesha Loan
- It is a special facility designed for all needs of students in primary, secondary and college.
- Interest rate is 1.5% on reducing balance.
- Repayment period is up to 48 months.
Savings Products
(i). Jawabu Account
- It is an account that answers all your financial questions any time you need cash.
Requirements
- ID copy of the applicant.
- Passport size photo (taken at the branch).
- Minimum operating balance- Kshs 100.
- Ledger fees- Kshs 500.
- Registration fee- Kshs 500.
(ii). Lengo Savings Account
- Initial deposit- Kshs 500.
- Free account maintenance.
- Withdrawal restricted to only once a month.
(iii). Tunza Junior Account
- The account exposes your children to the savings culture.
- Initial deposit- Kshs 300.
- Withdrawal charges- Kshs 120.
Requirements
- Birth certificate of the child.
- ID copy of the parent/ guardian.
- Passport size photo (taken at the branch).
(iv). Bakisha Account
- The account is designed purposely for small traders.
- Free account opening.
- No minimum operating balance.
- Ledger fees- Kshs 150.
- Registration fee- Kshs 500.
Lengo Sacco Branches & Contacts
1. Head Office
Location: Stanchart Arcade Building, Malindi.
Contacts: 0715 882 191/ 0707 700 084.
2. Kilifi Branch
Location: Guiness Building.
Contact: 0790 482 091.
3. Mtwapa Branch
Location: Mama Ken Plaza, 3rd Floor.
Contact: 0769 394 450.
4. Mariakani Site Office
Contact: 0759 909 306.
