Balozi Sacco is a leading financial cooperative in Kenya, serving a wide range of professionals and their families. Established on 14th July 1975, it has grown into a reputable institution under the Ministry of Agriculture, Livestock, Fisheries & Co-operatives. In July 2021, Balozi Sacco achieved another milestone when it became one of the first 25 non-withdrawable deposit-taking Saccos to receive a regulation license from the Sacco Societies Regulatory Authority (SASRA). This license solidified its position as a trusted and regulated financial institution.
In this article, we explore the eligibility criteria, membership requirements, and the benefits of becoming a member of Balozi Sacco.
Balozi Sacco Membership Eligibility
Balozi Sacco draws its membership from a specific set of organizations, both local and international. You are eligible to join Balozi Sacco if you are an employee of or affiliated with any of the following:
- US Embassy
- USAID
- US Peace Corps
- KEMRI WRP/CDC
- US AMRU-K
- Canadian Embassy
- G.I.S.
- AMPATH Plus
- H.J.F.
- Land O Lakes Inc.
- B.B.C.
- Chemonics
- D.A.I.
- Israel Embassy
- KK Security
- Affiliates
- ABT Associates Inc.
- AGRA
- PFK
Additionally, spouses and children of current members are also eligible to join the Sacco, making it accessible to family members of the professionals working in these organizations.
Balozi Sacco Membership Requirements
To become a member of Balozi Sacco, you must meet the following requirements:
- Complete the Membership Application Form: The form can be downloaded from the Sacco’s website or collected from their office.
- Age Requirement: You must be 18 years old or above.
- By-laws Compliance: All members must agree to abide by the Sacco’s by-laws and adhere to the set regulations.
- Registration Fee: There is a non-refundable registration fee of Kshs 2,010 for new applicants and Kshs 7,010 for rejoining members.
- Payment Arrangements: You are required to complete a signed allotment form for check-off deductions, set up a standing order, make cash or cheque deposits, or use Mpesa for payments.
Once your application is processed, Balozi Sacco will send you an email with your membership number and online access credentials to their member portal.
Benefits of Joining Balozi Sacco
Being a member of Balozi Sacco comes with numerous benefits:
- Wide Range of Products and Services: Balozi Sacco offers a diverse portfolio of savings and loan products tailored to meet different financial needs.
- Professional Team: The Sacco is supported by a dedicated and skilled team that ensures members receive excellent service.
- Investment Opportunities: The Sacco provides members with various investment opportunities to help create wealth and financial stability.
- Competitive Interest Rates: Members earn high interest and dividends on their savings.
- Access to Funds: You can access more funds than your savings through the Sacco’s favorable loan products.
- Stress-Free Loans: The Sacco offers cheap loans with minimal hassle, ensuring a smooth borrowing experience.
- Insurance Services: Members also enjoy access to a variety of insurance products.
Balozi Sacco Products
Balozi Sacco offers a wide range of savings and loan products designed to help members manage their finances, grow their wealth, and meet their financial goals.
Savings Products
- Share Capital: Investment in the Sacco’s capital base.
- Deposits: Regular savings to help members build a financial safety net.
- Benevolent Fund Scheme: A financial buffer for members during times of loss.
- Ekeza Fund Scheme: Long-term savings for significant life goals.
- Ekeza Fund for Chamas: Group savings solutions for investment groups.
Loan Products
- Normal Loan: General-purpose loan for various financial needs.
- Boresha Loan: A loan product designed to improve the financial well-being of members.
- Super Loan: A high-value loan for significant investments.
- Collateral Loan: Loans secured with assets or other forms of collateral.
- Special Loan: A unique loan product catering to special needs.
- School Fees Loan: Helps members pay for their children’s education.
- Okoa Advance Loan: Short-term loan for emergency financial needs.
- M-Cash Loan: A mobile-based loan for quick access to funds.
- Karibu Loan: An introductory loan for new members.
- Car Loan: Helps members finance the purchase of vehicles.
- Emergency Loan: Fast approval loans for urgent expenses.
- Insta Loan: Instant loans for members in need of immediate cash.
- Insta Plus Loan: An enhanced version of the Insta Loan for larger amounts.
- Quick Pesa Loan: A fast-access loan for quick cash needs.
Balozi Sacco Contacts
For more information or assistance with membership applications and products, you can reach Balozi Sacco through the following contacts:
- Location: Golf View Suites, 3rd Floor, Muthaiga, Along Wambui Road, Nairobi.
- Phone: 0720 833 326 / 0733 967 707 / 020 221 1600.
Balozi Sacco provides a secure, reliable, and member-focused financial platform for professionals and their families. By offering competitive products and outstanding customer service, the Sacco helps members build wealth and achieve financial security.
