Safaricom Sacco Membership Requirements

This article focuses on Safaricom Sacco membership requirements. Safaricom Sacco is a Savings & Credit Co-operative Society founded in 2001 to provide members with the opportunity to access loans to develop and improve their economic and social status.

The Sacco’s main role is to empower its members through the provision of diversified products & services and has seen significant growth with an asset base of 8 billion.

Safaricom Sacco Membership

Membership is open to;

Employees of Safaricom Ltd.
Spouses of members and children above 18 years.
Individuals introduced by Sacco members.
Employees of other corporates as per the membership policy. The Sacco is currently servicing members from over 100 corporates.

Safaricom Sacco Membership Requirements

Alpha Membership

Individual Alpha members are eligible to patronize loan facilities after 6 months of consistent savings in the Back Office Services (BOSA) section.

Omega Membership

Group/ Omega members are eligible for the facility after patronizing Front Office Services Activity (FOSA) section for the same period (6 months).

Requirements: Individual (Alpha Membership)

Membership fee is Kshs 1,000. This is deducted from the savings with the first deduction or pay at the point of registration.
Minimum monthly deposit contribution is Kshs 3,000.
Minimum share capital is 400 shares equity at Kshs 100, equal to 40,000 (to pay within 12 months or equivalent to Kshs 3,334 per month).
Credit Reference Bureau (CRB) report shall be generated to confirm membership eligibility.
Qualification for a loan is after 6 months of consistent saving for long term loans and short term loans 3 months.
Monthly contribution is acceptable through any mode of payment, i.e standing order, payroll deduction from employer, cheques, over the counter deposits and Mpesa.

Requirements: Chama/ Corporate/ SME/ Investment Groups (Omega Membership)

(a). Corporate