Acumen Savings & Credit Co-operative Society, commonly known as Acumen Sacco, was registered on March 5, 2008. Initially formed by landlords from Ongata Rongai, Ngong, and Kiserian, the Sacco aimed to cater to the financial needs of property owners under the management of Acumen Properties Ltd. Over time, the Sacco has evolved, opening its membership to a wider audience, and now serves a diverse group of individuals and organizations.
Acumen Sacco: A Growing Financial Institution
Since its inception, Acumen Sacco has experienced significant growth. In 2012, the board decided to broaden the common bond, allowing more members from different sectors to join. Currently, Acumen Sacco boasts a membership of approximately 2,376 individuals, with an asset base of Kshs 400 million. This growth has allowed the Sacco to provide a wide range of financial products and services to its members.
Who Can Join Acumen Sacco?
Acumen Sacco welcomes both individual and corporate members who meet the following eligibility criteria:
- Kenyan individuals or corporate entities registered under the Kenyan laws.
- Members involved in legitimate business or those who earn a living through legal means in Kenya.
- Individuals from various sectors including public service, disciplined forces, salaried employees in both the public and private sectors, farmers, businesspeople, and entrepreneurs.
Whether you’re a professional, a businessperson, or an employee, Acumen Sacco provides a platform for individuals looking to save and invest their earnings.
Acumen Sacco Products and Services
Acumen Sacco offers an array of loan and saving products designed to meet the diverse financial needs of its members:
Loan Products:
- Development Loan: Long-term financing for personal or business development projects.
- Emergency Loan: Fast access to funds during emergencies.
- School Fees Loan: A solution for financing education costs.
- Quick Loan: Short-term loans with fast approval.
- Sambaza Loan: Flexible loans designed for small financial needs.
- J-Sort Loan: A loan product that offers favorable repayment terms.
- Real Estate Loan: Financing for property development or acquisition.
Saving Products:
- Fixed Deposit Account: A high-interest savings product for members looking to lock in their funds for a fixed period.
- Holiday Account: A specialized savings account to help members plan and save for vacations.
- Savings Account: General savings with easy access to funds.
- School Fees Saving: A dedicated account for parents saving for their children’s education.
- Children Account: A savings product designed to help parents save for their children’s future.
Membership Requirements
Becoming a member of Acumen Sacco is a straightforward process. To apply, you need to:
- Fill out the membership application form, available either on the Sacco’s website or at their office.
- Provide a copy of your National ID, passport, or military ID.
- Pay a non-refundable registration fee of Kshs 1,000 and an initial share capital of Kshs 5,000. (The share capital can be built over time).
- Once the application is processed, the new member receives an SMS alert with a membership number.
Membership Withdrawal Process
In the event a member wishes to withdraw from Acumen Sacco, the process involves:
- Submitting a 60-day written notice to the Sacco, indicating the intent to withdraw.
- The member must settle all outstanding loans and ensure they are not acting as a guarantor for any other member.
- Once these conditions are met, the withdrawal process can proceed.
Acumen Sacco Contacts
For individuals interested in joining or seeking more information, Acumen Sacco can be reached at:
- Location: Great Wide Mall, 2nd Floor, Opposite Cleanshelf Supermarket, Ongata Rongai.
- Contact: 0713 805 770 / 0771 878 920.
Acumen Sacco provides a trusted and reliable platform for savings, investments, and access to credit. Whether you are a salaried employee, entrepreneur, or farmer, the Sacco offers diverse financial solutions to meet your personal and business needs.
