Ammar Sacco Membership Eligibility & Requirements. Ammar Sacco, originally known as All Churches Sacco, was established in December 2004 under the Co-operative Societies Act Cap 490 to serve the financial needs of its members. In 2019, the Sacco underwent rebranding and adopted the name Ammar Sacco. In January 2012, Ammar Sacco opened its Front Office Services Activity (FOSA) and is regulated by the Sacco Societies Regulatory Authority (SASRA).
Membership Eligibility
Ammar Sacco welcomes membership from a diverse range of individuals, including:
- Business people
- Farmers
- Civil servants
- Teachers
- Youth
- Women
- Persons with disabilities
Membership Requirements
To become a member of Ammar Sacco, individuals must:
- Complete an account opening form, accessible via the Sacco’s website or its office.
- Provide certified copies of their ID and Kenya Revenue Authority (KRA) Personal Identification Number (PIN).
- Pay a registration fee of Kshs 500.
- Purchase a minimum of 200 shares, with each share valued at Kshs 20, totaling Kshs 4000.
Ammar Sacco Products
Ammar Sacco offers a variety of products tailored to meet the financial needs of its members, divided into loan products, saving products, and investment products.
Loan Products
- Business Loans
- Repayable within a maximum of 36 months.
- Interest rate: 18% on reducing balance.
- Requires two active account holders as guarantors.
- Must comply with the two-thirds rule.
- Mkulima Loan
- Tailored for farmers involved in coffee, tea, and milk production.
- Payments are channeled through the Sacco.
- Mfugo Loan
- Aimed at dairy farmers to acquire quality breeds of cows.
- Repayment period up to 24 months.
- Asset Finance
- Repayable within a maximum of 36 months.
- Salary Loan
- Available to members whose salaries are processed through the Sacco.
- Group Loan
- Enables members of registered groups to consolidate their savings and access loans.
Saving Products
- Ordinary Savings Account
- Unlimited daily access to funds via the counter.
- Withdrawal fee: Kshs 50.
- Minimum balance: Kshs 300.
- No ledger fees.
- Free photo capture during account opening.
- Withdrawal options include ATM and mobile banking.
- Toto/Kids Account
- Free standing order.
- No ledger fees.
- Minimum balance: Kshs 200.
Investment Products
- Sacco BOSA Shares
- Available to all members.
- Each share costs Kshs 20.
- Members must accumulate a minimum of 200 shares worth Kshs 4000 within six months.
- Sacco FOSA Shares
- Available to all members.
- Guaranteed interest rates.
- Contributions can be made conveniently through check-off.
- Fixed Deposit
- Attractive interest rates.
- Special contributions available for loan applicants.
- Specific deposit periods range from 3 to 12 months.
- Deposits can be made directly from savings accounts.
Contact Information
Ammar Sacco is located at Elica Plaza on Kwame Nkrumah Street, opposite the Safaricom Shop in Thika. For inquiries or further information, they can be contacted at:
- Phone: 0711 431 590 / 0704 979 246
This comprehensive overview details the eligibility, requirements, and range of products offered by Ammar Sacco, providing prospective members with essential information to join and benefit from its services.
