Boresha Sacco, established on 31st August 1976, began with just 10 members and an initial share capital of Ksh 60,000. Today, it has grown into a significant financial institution serving over 75,000 members, with savings deposits of Ksh 6.89 billion and loans totaling Ksh 8.38 billion. Licensed by the Sacco Societies Regulatory Authority (SASRA) as a deposit-taking institution, Boresha Sacco offers a range of financial services tailored to both salaried and non-salaried members.
With an asset base of Ksh 9.90 billion as of 31st December 2022, Boresha Sacco’s mission is to provide savings, credit, and other financial services to the unbanked and underserved communities. Here’s a detailed look at the membership eligibility and requirements for joining Boresha Sacco.
Boresha Sacco Membership Eligibility
1. Salaried Members
- Teachers under the Teachers Service Commission (TSC)
- Civil servants employed by the Public Service Commission (PSC)
- County government staff
- Pensionable employees of institutions
- Staff members of KNUT, NGOs, Saccos, and subsidiaries
- Retired members
- Pensionable staff from companies and parastatals
2. Non-Salaried Members
- Spouses, children, and relatives of members
- Individual business persons
- Small and Micro Enterprises (SMEs)
- General community members
- Microcredit members
- Farmers (both individuals and groups)
- Jua kali artisans and entrepreneurs
- Youth, women groups, and chamas
3. Corporates
- Registered businesses
- Institutions such as schools and colleges
- Community-Based Organizations (CBOs)
- Cattle dips and other cooperative entities
- Investment groups and registered companies
Boresha Sacco Membership Requirements
To join Boresha Sacco, applicants must provide the following:
- Complete the membership application form
- Provide recent passport photos
- Submit a copy of their ID
- Pay a membership fee of Ksh 500
Boresha Sacco Products and Services
Boresha Sacco provides a variety of financial products to its members, under two main categories: BOSA (Back Office Services Activity) and FOSA (Front Office Services Activity).
(a) BOSA Products
- New Members Introductory Loans
- Targeted at newly recruited salaried members.
- Granted once the first share/savings installment is deducted by the employer.
- Loan approval is based on the member’s payslip.
- Monthly contributions of 1% of the loan granted, with a minimum of Ksh 2,000.
- Development Loan
- Designed for personal development projects.
- Loan limit is up to 3 times the member’s savings.
- Repayment period of up to 72 months.
- School/College Fees Loan
- Specifically for paying school or college fees.
- Loan amount up to 3 times the member’s savings.
- Repayment within 12 months, with weekly disbursements.
- Emergency Loan
- For unforeseen emergencies.
- Members can access 3 times their savings.
- Repayment within 12 months, with daily disbursements available.
(b) FOSA Products
- Premium Advance
- Salary must be channeled through FOSA for at least 2 months.
- Advance granted up to 4 times the member’s monthly net salary.
- Repayment period ranges from 3 to 12 months, with a maximum amount of Ksh 120,000.
- Processing is prompt and can be completed over the counter.
Boresha Sacco Contacts
For further information or inquiries, Boresha Sacco can be reached at their head office:
- Location: Mwalimu Plaza, Eldama Ravine.
- Phone: 0720 200 689.
Boresha Sacco continues to empower its members by offering reliable and accessible financial services to both salaried and non-salaried members, ensuring that all Kenyans have an opportunity to grow their savings and access credit.
