Safaricom Sacco Society Limited is a Savings and Credit Co-operative Society, which was formed in 2001 to provide members with the opportunity to access loans to develop and improve their economic and social status. It was started with a membership of 222 members, currently with a robust membership of 12,000 members from Safaricom Ltd and other Technology related companies (Over 100) who form THEIR main common bond.
The Sacco’s main role is to empower its members through provision of diversified products and services and has seen a significant growth with an asset base of 6.6Bn. The Sacco is currently regulated by Sacco Society Regulatory Authority (SASRA)
In the 2011, Safaricom Sacco Society Limited was licensed by SASRA to operate FOSA. The emergence of FOSA has led the Sacco not only to focus on individual memberships but Chama’s, groups, Corporates and Mergers with small Sacco’s. FOSA has boosted the Sacco’s liquidity level through introduction minimum shareholding to members and several unique products which are in line with the current technological trends.
FOSA PRODUCTS FORMS
MEMBERSHIP FORMS
BOSA LOAN PRODUCTS
DIRECT DEBIT AUTHORITY FORM
FOSA LOAN PRODUCTS
FOSA LOAN PRODUCTS
SACCO MEMBERSHIP
Safaricom Sacco membership is open to employees of SAFARICOM LTD, Spouses of Members, and Children above 18 years, Individuals introduced by Sacco members and employees of other corporates admitted as per the Membership policy. We currently are servicing membership from over 100 corporates.
Alpha Membership
Individual members (Alpha Membership) are eligible to patronize loan facilities after Six (6) months of consistent savings in the Back Office Services Activity (BOSA) Section and Group/Omega membership are eligible for the facility after patronizing Front Office Services Activity (FOSA) section for the same period
REQUIREMENTS: INDIVIDUAL (ALPHA MEMBERSHIP)
- Membership fees is Kshs.1,000. This is deducted from the Salary with the first deduction or pay at the point of registration.
- Minimum monthly deposit contribution is Kshs 3,000.00.
- Minimum Share Capital is 400 shares equity @ Kshs.100 equal to Kshs.40,000 (To pay within 12 months year 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 & short term loans 3 months.
- Monthly Contributions acceptable through any mode of payment i.e. Standing Orders, Payroll Deductions from employer, Cheques, Over the counter deposits & M-Pesa
REQUIREMENTS: CHAMA/CORPORATE/SME/INVESTMENT GROUPS (OMEGA MEMBERSHIP)
CORPORATES
- Membership Fee: Kshs.2,000.
- FOSA Monthly minimum deposit: Kshs.5,000.
- Minimum account balance: Ksh.5,000.
- Minimum Shareholding :Ksh.20,000.
- Loan eligibility upto Ksh.3M for ONLY registered Companies.
SMALL MEDIUM ENTERPRISES (SMEs)
- Membership Fee: Kshs.2,000.
- FOSA Monthly minimum deposit: Kshs.5,000.
- Minimum account balance: Ksh.5,000.
- Minimum Shareholding : Ksh. 1,000.
- Loan eligibility upto Ksh.3M for ONLY registered SME
CHAMAZ.
Sacco Exit
Should a member wish to withdraw from the Sacco the exit procedure is as below:
- Fill in an exit withdrawal form
- If you are a member withdrawing from the society and have guaranteed , the guarantor should find an alternative guarantor replacement
- Deposits refunded within 60 days
- Member may opt to retain shares or sell/transfer to an existing member.
CHAMAZ
- Membership Fee: Kshs.2,000.
- FOSA Monthly minimum deposit: Kshs.5,000.
- To raise 20% deposit in case of loan request
- Minimum Shareholding :Kshs. 10,000
- Loan eligibility upto Ksh.3M for ONLY registered Chamaz / Investment Groups
Safaricom Sacco Contacts
Westlands | Westlands Safaricom Care Centre (SCC) First Floor
P.O BOX 2392-00606
Westland’s , Nairobi Kenya
Working Hours
- Monday to Friday8.00am – 5.00pm
- SaturdayClosed
- SundayClosed
