This article focuses on the membership eligibility and requirements of Noble Sacco, one of Kenya’s leading Savings and Credit Co-operative Societies (SACCOs). Noble Sacco, which began in 1977, has grown from an initial membership of 674 and a share capital of Ksh 56,000, to a robust institution with over 12,000 members and an asset base of Ksh 3.19 billion. Today, it offers a wide range of financial products to its members through its BOSA, FOSA, and mobile banking services.
The Noble Sacco Products
a) BOSA (Back Office Services Activity)
BOSA products are the backbone of the Sacco’s loan and savings services. Some of the loan products available include:
- Emergency Loan – Designed for urgent financial needs.
- Super Development Loan – A larger, long-term loan to finance major developments.
- Refinancing Loan – For members looking to restructure existing loans.
- College/Fees Loan – Tailored to help members finance educational expenses.
- Karibu Loan – Offered to new members to jumpstart their financial journey.
- Development Loan – A standard loan for development projects.
- Normal Loan – Available for everyday financial needs.
b) FOSA (Front Office Services Activity)
FOSA services focus on short-term advances and salary-based loans for its members. Available products include:
- Salary Advance – A quick cash advance against an upcoming salary.
- Short-term Advance – A small, quick repayment loan for immediate financial needs.
- Agribusiness Advance – Designed for farmers and agribusiness enterprises.
- Long-term Salary Advance – A longer-term loan based on salary earnings.
- Super Salary Advance – A larger salary-based loan with extended repayment terms.
- Supreme Advance – A premium loan product for high-earning members.
- Loan Advance – A general loan for any personal needs.
- Loan Clearance Advance – Helps clear existing loan balances quickly.
- Refund Advance – Provides members with a cash refund based on their Sacco contributions.
- Welfare Advance – Aimed at supporting members with welfare needs.
- Shares Boosting Advance – A special advance to help members boost their shareholding.
- Cheques Advance – Provides liquidity to members with pending cheque payments.
- Group Microfinance – Supports small groups with loans for group-based projects.
- Inuka Microfinance – Tailored for micro-entrepreneurs looking to expand their business.
c) Mobile Money Services (M-Noble Banking)
Noble Sacco also offers M-Noble banking, which provides members with convenient mobile banking services through their mobile phones. With M-Noble, members with FOSA accounts can easily transfer funds from their Sacco account to Mpesa at any time.
Conditions for Using M-Noble Banking:
- The member must have an active FOSA account.
- Registration is mandatory and can be completed at the Sacco’s ICT office (Head Office).
- Upon registration, members receive a default PIN, which they can change to a personal PIN for secure access.
Noble Sacco Membership Eligibility & Requirements
Noble Sacco prides itself on offering membership opportunities to a wide range of individuals. Here’s how you can become a member:
- Open to All: Noble Sacco membership is open to everyone, from individuals to business owners.
- Membership Form: To join, one must fill out a membership form, which can be downloaded from the Sacco’s website or obtained from their offices.
- Membership Fee: A mandatory non-refundable membership fee of Ksh 500 is required when submitting the application.
- Monthly Share Contributions: For members on the check-off system (deductions directly from salary), a monthly contribution of 10% of the basic salary is required. However, for non-salaried members, the minimum monthly share contribution is Ksh 1,500.
- Loan Access: Members can access loans based on their shareholding, with a loan-to-share ratio of 3 times the value of their shares.
- Turnover: High monthly turnover in any of the Sacco sections (BOSA, FOSA, or Microfinance) is an added advantage.
- Payslip Ability: For members in formal employment, the ability to repay loans based on their payslip is a critical consideration when applying for loans.
Noble Sacco Contacts
For more information or to begin your membership journey with Noble Sacco, you can visit their office or contact them directly:
- Location: Ronald Ngala Street, Next to Co-operative Bank, Eldoret.
- Contacts: 0707 559 535 / 0105 119 848
By joining Noble Sacco, members gain access to a broad spectrum of financial products designed to improve their personal and business finances. Whether you are looking for a quick advance, long-term loan, or convenient mobile banking services, Noble Sacco provides you with the financial solutions you need to succeed.
