Harambee Sacco, founded in 1970, is one of Kenya’s largest and most prominent deposit-taking Saccos. It was established by employees of the Office of the President, who initially created a merry-go-round savings scheme aimed at promoting a culture of saving and providing short-term loans for personal development. Over the years, the Sacco has grown significantly, boasting an asset base of Ksh 37.01 billion. This article outlines the eligibility criteria and requirements for becoming a member of Harambee Sacco.
Harambee Sacco Membership Eligibility
Harambee Sacco has expanded its membership categories over time to include a wide range of individuals, groups, and corporate entities. Below are the main categories of members eligible to join the Sacco:
1. Members Under Check-Off Arrangement
This category consists of:
- Government employees and employees of reputable institutions.
- Employees of Harambee Sacco and its subsidiaries.
2. Members Under Non Check-Off Arrangement
- Wafanisi: Employees who join the Sacco during their working years and wish to continue membership after retirement.
- Individuals in Formal Employment: Those with a regular, verifiable income.
- Diaspora Members: Kenyans living abroad with legal, regular income streams.
- Spouses of Members: As long as they are employed or engaged in a business with consistent income.
- Children of Members: Individuals whose parents are Sacco members.
3. Groups (Chamas), Registered CBOs, and NGOs
- These entities are admitted into the Sacco according to its by-laws and membership policy.
4. Corporates
Registered corporate entities can also become members of Harambee Sacco.
5. Sole Proprietorship
- Individuals who own registered businesses can join the Sacco under this category.
6. Partnerships
- Registered partnerships are eligible for membership, provided they have a partnership deed governing their business operations.
7. Companies
- Companies, both limited by shares and those limited by guarantee, can join Harambee Sacco.
Harambee Sacco Membership Requirements
To become a member of Harambee Sacco, prospective members need to meet the following requirements:
- Membership Application Form:
- Available on the Sacco’s website or from any FOSA branch. It must be filled and submitted through post, physical delivery, or email.
- Document Attachments:
- Copies of National ID, a passport-sized photograph, and the KRA PIN must accompany the application form.
- Membership Fee:
- A non-refundable membership fee of Ksh 1,000 is required.
- Sink Fund Contribution:
- Every member must contribute Ksh 300 per month to the Sacco’s loan protection or sink fund.
- Share Capital:
- Members are required to pay a total of Ksh 30,000 as share capital, which can be paid in installments.
- Access to By-Laws and Share Certificate:
- Upon request and payment of the prescribed fee, members will receive a copy of the Sacco’s by-laws. A digital share certificate is also issued once the member attains the required shares.
Harambee Sacco Products
Harambee Sacco offers a variety of products under two main categories—BOSA and FOSA.
BOSA (Back Office Service Activities) Products:
- Development loan
- Emergency loan
- School fees loan
- Inuka loan
- Bima advance
- Shamba loan
- Karibu loan
- Jisaidie top-up loan
FOSA (Front Office Service Activities) Products:
- Shares boost advance
- Salary advance
- Salary in advance
- M-boosta
- Jisort advance
- Finje chapchap
Harambee Sacco Contacts
For more information or assistance, members and prospective members can reach out to Harambee Sacco through the following contacts:
- Head Office: Harambee Plaza, Haile Selassie Avenue, Nairobi.
- Contact Numbers: 0709 943 000 / 0709 943 100.
Harambee Sacco’s wide range of products and services, along with its commitment to empowering members financially, has made it a top choice for many Kenyans. By meeting the eligibility criteria and fulfilling the membership requirements, individuals and businesses alike can enjoy the benefits that come with being part of this well-established Sacco.
