Lengo Sacco is one of Kenya’s well-established financial cooperatives, offering a range of savings and loan products to its members. Officially registered on 24th March 1976, the Sacco was originally formed by employees of the now-defunct Municipal Council of Malindi. Since its inception, Lengo Sacco has grown significantly, receiving its SASRA license in 2012, which allowed it to carry out deposit-taking activities. Today, Lengo Sacco has an asset base of Kshs 0.48 billion, providing financial solutions that cater to the diverse needs of its members.
Lengo Sacco Membership Eligibility
Lengo Sacco has opened its common bond to include all Kenyans, making it one of the more inclusive financial cooperatives in the country. Whether you are employed, self-employed, or belong to a group, you can join and benefit from its wide range of financial services. This inclusivity makes the Sacco accessible to individuals across all sectors, from farmers to entrepreneurs and salaried employees.
Lengo Sacco Membership Requirements
To become a member of Lengo Sacco, applicants need to meet the following requirements:
- Membership Application Form: Available on the Sacco’s official website, the form must be duly filled.
- Identification: A valid ID for verification purposes is necessary.
- Passport Size Photo: A recent passport-size photograph is required for documentation.
- Registration Fee: A Kshs 500 non-refundable registration fee is required to complete the membership process.
Once registered, members can access the wide range of financial services offered by Lengo Sacco, including savings accounts and various types of loans.
Lengo Sacco Products
Lengo Sacco offers a variety of loan and savings products designed to meet the financial needs of its members.
1. Loan Products:
(i) Development Loans:
- Available to registered members after six months of membership.
- Interest rate: 1.5% on a reducing balance.
- Repayment period: Up to 72 months.
- Requirements: 3 guarantors and a witness are required to secure this loan.
(ii) Development Loan Top-Up:
- Designed for members who are already servicing a development loan and need additional funds.
- Members must have paid off at least three-quarters of their existing loan.
- A 10% penalty is charged on the reducing balance, with an interest rate of 1.75%.
(iii) Somesha Loan:
- A special facility for financing education needs for students in primary, secondary, and college.
- Interest rate: 1.5% on a reducing balance.
- Repayment period: Up to 48 months, giving flexibility to parents and guardians.
2. Savings Products:
(i) Jawabu Account:
- This account is designed to offer financial flexibility to members, enabling access to funds when needed.
- Requirements: ID copy and passport-size photo (taken at the branch).
- Minimum operating balance: Kshs 100.
- Ledger fees: Kshs 500.
- Registration fee: Kshs 500.
(ii) Lengo Savings Account:
- This account allows members to save consistently while benefiting from no maintenance fees.
- Initial deposit: Kshs 500.
- Withdrawals are limited to once a month to encourage long-term savings.
(iii) Tunza Junior Account:
- A savings account tailored to help children develop a culture of saving from a young age.
- Initial deposit: Kshs 300.
- Withdrawal charges: Kshs 120.
- Requirements: Birth certificate of the child, ID copy of the parent/guardian, and passport size photo (taken at the branch).
(iv) Bakisha Account:
- Targeted at small traders, this account offers flexible terms with no minimum operating balance.
- Ledger fees: Kshs 150.
- Registration fee: Kshs 500.
Lengo Sacco Branches & Contacts
Lengo Sacco has strategically placed branches and contact points to ensure accessibility for its members. Below are the details of its branches:
- Head Office – Malindi:
- Location: Stanchart Arcade Building, Malindi.
- Contacts: 0715 882 191 / 0707 700 084.
- Kilifi Branch:
- Location: Guiness Building.
- Contact: 0790 482 091.
- Mtwapa Branch:
- Location: Mama Ken Plaza, 3rd Floor.
- Contact: 0769 394 450.
- Mariakani Site Office:
- Contact: 0759 909 306.
Conclusion
Lengo Sacco has been a pillar of financial empowerment for its members since 1976. Its wide range of loan and savings products, coupled with an open membership policy, makes it an attractive choice for individuals and groups looking to secure their financial future. Whether you are seeking a savings account, a development loan, or an education loan for your children, Lengo Sacco has tailored solutions to meet your needs. With branches in key locations such as Malindi, Kilifi, and Mtwapa, Lengo Sacco remains committed to providing accessible, reliable, and innovative financial services to all Kenyans.
