Ammar Sacco, formerly known as All Churches Sacco, was established in December 2004 under the Co-operative Societies Act Cap 490, with the aim of providing financial services to its members. In 2019, the Sacco rebranded to Ammar Sacco, expanding its membership base and product offerings. It has been licensed by the Sacco Societies Regulatory Authority (SASRA) and opened its Front Office Service Activity (FOSA) in 2012, enabling members to access a wide range of financial services.
Ammar Sacco Membership Eligibility
Ammar Sacco offers open membership to individuals from various sectors, making it accessible to a diverse range of Kenyans. You can join Ammar Sacco if you belong to any of the following categories:
- Business people
- Farmers
- Civil servants
- Teachers
- Youth
- Women
- Persons with disabilities
This inclusivity ensures that a wide range of individuals can access financial services tailored to their unique needs.
Ammar Sacco Membership Requirements
To become a member of Ammar Sacco, you need to meet the following requirements:
- Fill an account opening form: This can be downloaded from the Sacco’s official website or obtained at its offices.
- Submit certified copies of your ID and KRA PIN: Proper identification and tax registration are mandatory.
- Pay a registration fee of Kshs 500: This one-time fee is required to process your membership.
- Purchase a minimum of 200 shares: Each share costs Kshs 20, making a total investment of Kshs 4,000. These shares represent your stake in the Sacco and allow you to access various products and services.
Ammar Sacco Products
Ammar Sacco offers a variety of financial products designed to cater to the needs of its members, ranging from loans to savings and investment options.
(a) Loan Products
- Business Loans:
- Repayable within 36 months.
- 18% interest rate on reducing balance.
- Requires guarantees from two active Sacco members.
- Must comply with the 2/3 rule, ensuring that loan repayments do not exceed two-thirds of the member’s income.
- Mkulima Loan:
- Tailored for farmers, specifically those involved in coffee, tea, and milk production.
- Designed to meet farmers’ financial needs with repayment channelled through the Sacco.
- Mfugo Loan:
- Repayment period of up to 24 months.
- Supports dairy farmers in acquiring quality breeds to enhance milk production.
- Asset Finance:
- Repayable within a maximum of 36 months.
- Helps members acquire essential assets for business or personal use.
- Salary Loan:
- Available to members whose salaries are processed through the Sacco.
- Group Loan:
- Provides a platform for registered groups to consolidate savings and access loans collectively.
(b) Savings Products
- Ordinary Savings Account:
- Unlimited daily access to funds via the counter.
- Withdrawal fee of Kshs 50.
- Minimum balance of Kshs 300 with no ledger fees.
- Features such as free photo capture during account opening, ATM, and mobile banking withdrawals.
- Toto/Kids Account:
- Free standing orders.
- No ledger fees.
- Minimum balance of Kshs 200, designed to encourage savings for children.
(c) Investment Products
- Sacco BOSA Shares:
- Available to all Sacco members.
- Each share costs Kshs 20, with a minimum requirement of 200 shares (worth Kshs 4,000) to be acquired within six months.
- Sacco FOSA Shares:
- Open to all members.
- Guaranteed interest rates and convenient contributions through check-offs.
- Fixed Deposit:
- Offers attractive interest rates.
- Members can make special contributions when applying for loans.
- Specific deposit periods range from 3 to 12 months, with cash deposits made via direct transfers from savings accounts.
Ammar Sacco Contacts
If you are interested in joining Ammar Sacco or learning more about its products, you can visit or contact them at:
- Location: Elica Plaza, Kwame Nkrumah Street, Opposite Safaricom Shop, Thika.
- Phone: 0711 431 590 / 0704 979 246.
Ammar Sacco continues to empower its members by providing comprehensive financial solutions, making it a valuable partner for individuals across various sectors of the Kenyan economy.
