Centenary Sacco is a leading savings and credit cooperative society (SACCO) in Kenya, offering affordable financial services aimed at driving its members toward economic prosperity. Since its inception, the Sacco has grown substantially, playing a pivotal role in enhancing financial inclusion in Meru County and beyond. This article outlines everything you need to know about joining Centenary Sacco, including membership eligibility, requirements, and the benefits of being part of this growing financial institution.
A Brief History of Centenary Sacco
The idea of Centenary Sacco was first conceived in 1999 as a response to the need for convenient, efficient, and fast financial services in Meru County. Officially registered in 2003, the Sacco took bold steps to serve the financial needs of individuals and groups in the region. In 2009, Centenary Sacco opened its first Front Office Services Activity (FOSA) branch in Meru Town along the Meru-Nanyuki Highway. This marked a major milestone, as the Sacco began offering a wide range of financial products and services to its members.
Over the years, the Sacco has expanded its footprint, with additional branches in Chuka, Kinoru, Mutuati, and Marimanti. Its membership has grown from just 800 members in 2008 to over 30,000 members today. The Sacco now boasts an asset base of Ksh. 1.32 billion, solidifying its position as a financial powerhouse in the region.
Centenary Sacco Membership Eligibility
Joining Centenary Sacco is open to any Kenyan adult looking for a reliable and efficient financial partner. The membership is not restricted by geographical location, meaning anyone across the country can become part of the Sacco.
To be eligible for membership, you must:
- Be at least 18 years old.
Centenary Sacco Membership Requirements
Becoming a member of Centenary Sacco is a straightforward process. To join, you need to provide the following:
- A duly filled membership application form – This form is available on the Sacco’s website or at any of its branches.
- Copy of your National ID – Proof of identity is essential.
- Copy of your KRA PIN certificate – This is required for compliance with tax regulations.
- A passport-sized photo – For identification purposes.
Once you have completed these steps and submitted the required documents, you become eligible to start enjoying the wide range of products and services that Centenary Sacco offers.
Centenary Sacco Products and Services
Centenary Sacco offers a comprehensive range of financial products through its FOSA (Front Office Services Activity) and BOSA (Back Office Services Activity) divisions. These products are designed to cater to the diverse needs of individuals, groups, and institutions.
FOSA Services
Savings Products
- Individual Savings Account – Perfect for personal savings needs.
- Salary Account – For salaried employees.
- Group/Institutional Account – Tailored for organizations and groups.
- Jifunze Junior Account – Encourages saving from a young age.
- Fixed Deposit Account – For higher returns on long-term deposits.
Loan Products
- Salary Loans – Short- and long-term loans based on salary.
- Salary Advance – Fast access to a portion of your salary in advance.
- Kamua Pesa Loan – A flexible loan for emergency needs.
- Vuna Majani Loan – Specifically tailored for farmers, particularly in the tea sector.
- Bonus/Coffee Advance – Advance payments against coffee or tea bonuses.
- Jifunze Junior Loan – Designed to meet educational needs for children.
- Salary Overdraft – For additional financial flexibility.
- Classic Loan – A standard loan product with favorable terms.
Utility Services
- Mpesa Paybill Services – For easy payments and transactions.
- Mobile Banking Services – Accessible through your phone, allowing 24/7 account management.
- ATM Services and Saccolink Visa Card – Convenient access to your funds.
- Personalized Cheque Books – For secure and personal transactions.
BOSA Services
Loan Products
- Normal Loan – Standard loans for personal and business use.
- Instant Loan – Quick loans for urgent financial needs.
- Re-financing Loan – Restructure your existing loans with better terms.
- Asset Financing – For purchasing cars, machinery, or other assets.
Group Loans
- Kumekucha Loan – For small groups and Chamas.
- Pambazuka Loan – Tailored for larger groups.
- Micro-Credit Loan – For micro-enterprises and small businesses.
- Mibubo Loan – Special loans for cooperatives and self-help groups.
Benefits of Joining Centenary Sacco
- Best value for members’ money – With low loan interest rates and competitive savings rates, Centenary Sacco offers value unmatched by many financial institutions.
- Financial education and literacy – The Sacco provides financial literacy training programs to help members manage their finances better.
- 24/7 Access – Through mobile and online banking, members can access their accounts anytime, anywhere.
- Convenient access to funds – From personalized cheque books to mobile banking, members have multiple ways to access their money.
- Supportive customer service – With round-the-clock phone support, members can resolve any issues they face quickly.
How to Contact Centenary Sacco
If you’re interested in becoming a member or learning more about the Sacco’s services, you can visit their head office located at Intercity Building along the Meru-Nanyuki Highway in Meru Town. Alternatively, you can reach them via phone:
- Phone: 064 3132 236 / 0715 467 290
Centenary Sacco continues to be a vital institution for anyone looking for reliable financial services, with a focus on the economic prosperity of its members. By offering a range of savings products, affordable loans, and continuous financial education, the Sacco empowers its members to achieve their financial goals.
