Good Faith Sacco stands as a beacon of financial inclusion and empowerment, deeply rooted in Christian values. Established on 10th October 1996 by eight visionary Christian brothers and sisters from the Full Gospel Churches of Kenya (FGCK) Githirioni, the Sacco began as a self-help group with a mission to uplift the financial status of its members. Over the years, the Sacco has grown into a reputable deposit-taking institution, licensed by the Sacco Societies Regulatory Authority (SASRA) and now boasting an asset base of over Ksh 70 million and a membership of around 2,500.
The founding members of Good Faith Sacco envisioned a Christian-based financial institution where members could pool resources to save, invest, and ultimately alleviate poverty. This noble mission remains at the heart of the Sacco’s operations, and today, it continues to offer a range of financial products and services that cater to its diverse membership.
Membership Eligibility
Good Faith Sacco prides itself on being inclusive, welcoming individuals from all walks of life. Whether you are a farmer, part of the business community, a member of an investment group, or a salaried employee, you are eligible to become a member. The Sacco’s doors are open to anyone seeking to improve their financial situation through savings and credit.
Membership Requirements
Good Faith Sacco offers different membership categories depending on the needs of individuals, groups, and joint applicants. Below is a breakdown of the membership requirements for each category:
1. Individual Membership
- Complete the membership application form.
- Provide a copy of your national ID and KRA PIN certificate.
- Pay a one-time registration fee of Ksh 600.
2. Joint Membership
- Complete the membership application form.
- Provide copies of the national ID and KRA PIN certificate for both applicants.
- Pay a registration fee of Ksh 600.
3. Group Membership
- Complete the group membership application form.
- Submit copies of the national ID and KRA PIN certificate of the group’s authorized signatories.
- Provide the group’s registration certificate and meeting minutes authorizing the opening of an account.
- Pay a registration fee of Ksh 600.
Products and Services
Good Faith Sacco offers a range of savings and loan products to cater to the financial needs of its members. These are categorized under FOSA (Front Office Services Activity) and BOSA (Back Office Service Activity) accounts.
FOSA Accounts
- Savings Account: A flexible account designed for individual savers.
- Group Account: A convenient account for registered groups looking to pool funds.
- Boda Boda Account: Tailored for the growing boda boda industry.
- Joint Account: Ideal for partners or co-applicants managing shared funds.
- Fixed Deposit Account: Offering higher returns for members willing to lock in their savings for a specified period.
- Junior Account: Designed to encourage savings for children.
- Institution Account: For schools, churches, and other organizations to manage their finances.
FOSA Loans
- Biashara Loan: A loan product designed to support small businesses and entrepreneurs.
- Payslip Loan: Available to salaried members based on their payslip deductions.
- Asset Finance Loan: To help members purchase essential assets like vehicles or equipment.
BOSA Products
- Bosa Savings: This account allows members to accumulate savings that can be used as collateral for loans.
- Sacco Shares: Each member is required to purchase Sacco shares at Ksh 20 per share, with a minimum of 500 shares.
BOSA Loans
- Normal Development Loans: Long-term loans aimed at personal development or large investments.
- School Fees/Education Loans: Affordable loans to cater to school fees and education-related expenses.
- Emergency Loans: Quick loans to help members in urgent need of funds.
Conclusion
Good Faith Sacco has remained true to its founding vision of offering Christians and the larger community a platform to save, borrow, and invest. With its inclusive membership policy and a variety of products tailored to different financial needs, the Sacco continues to be a key player in poverty alleviation and financial empowerment in Kenya.
For more information or to join Good Faith Sacco, you can visit their head office in Uplands, Nyambari, or contact them via phone at 0711 263 398 or 0734 824 022.
