Suluhu Sacco, one of Kenya’s leading deposit-taking Saccos, was initially established in 1995 under the name Mwingi Mwalimu Sacco Society. Registered under the Ministry of Co-operative Development and Marketing, the Sacco has grown significantly over the years. It is now regulated by the Sacco Society Regulatory Authority (SASRA), under the Sacco Society Act of 2008. With an asset base of KSh 1.04 billion, Suluhu Sacco plays a key role in providing financial services to its diverse membership base. Here’s everything you need to know about membership eligibility and requirements.
Suluhu Sacco Membership Eligibility
Suluhu Sacco is inclusive and open to a broad array of professionals from various sectors. Originally established to serve teachers, the Sacco has since expanded to include a wide variety of members. Below are the groups eligible for membership:
- Primary and secondary school teachers – Including those employed by the Teachers Service Commission (TSC).
- TSC staff – Employees of the Teachers Service Commission.
- KNUT employees – Staff working with the Kenya National Union of Teachers (KNUT).
- BBF staff – Employees of various staff welfare bodies like the Benevolent Fund.
- Government and county employees – Including civil servants at both the national and county levels.
- NGO employees – Staff working in non-governmental organizations.
- Private employees – Individuals employed in the private sector.
- Business people – Entrepreneurs and business owners looking for savings and credit solutions.
This diverse eligibility criteria makes Suluhu Sacco accessible to a wide range of individuals across various professions and sectors in Kenya.
Suluhu Sacco Membership Requirements
To become a member of Suluhu Sacco, applicants need to meet the following requirements:
- Membership Application Form – Complete and submit the membership application form. This can be collected at any of the Sacco’s offices or downloaded from the website.
- Copy of National ID – A certified copy of your national identification card.
- Nomination Form – After becoming a member, you will need to fill out a nomination form to designate your next of kin.
- Start Accumulating Savings – Once you are enlisted as a member, you will begin saving with the Sacco. Savings can be made through various channels including:
- Check-off system (deductions from salary).
- Over-the-counter cash deposits.
- Bank standing orders.
- Mpesa Paybill Number: 737816.
By fulfilling these straightforward membership requirements, you can enjoy the benefits of Suluhu Sacco’s financial products and services.
Suluhu Sacco Products
Suluhu Sacco offers a comprehensive range of financial products tailored to the needs of its members. These products are classified under FOSA, BOSA, and Seasonal offerings.
FOSA Loan Products
- Instant FOSA Loan – Quick loans for emergencies.
- Special Loan – Custom loans for specific financial needs.
- Salary Advance Loan – Short-term advances on upcoming salary payments.
- Kilimo Loan – Loans designed to support agricultural activities.
- Emergency Salary Advance – Emergency loans that can be quickly accessed by members.
BOSA Loan Products
- Normal Loan – The Sacco’s standard loan product.
- Preferential Loan – Offers lower interest rates to select members.
- Fanaka Loan – Tailored for members looking for large amounts.
- School Fees Loan – Education-focused loan product to cater to school fees expenses.
- Suluhu Imarika Loan – Loans designed to empower members financially.
- Business Plan Loan – Loans to help entrepreneurs execute their business plans.
- Emergency Loan – Quick access loans for unforeseen financial needs.
Seasonal Products
- Top Tanks – Financing to purchase water storage tanks.
- Motorbikes – Loans specifically for purchasing motorcycles.
Suluhu Sacco Savings Products
Suluhu Sacco offers a variety of savings products to encourage financial growth and discipline among members.
FOSA Savings Products
- FOSA Savings Account – A basic savings account for day-to-day transactions.
- Junior Account – Designed to help parents save for their children’s future.
- Joint/Group/Corporate Account – Ideal for groups, investment clubs, and businesses.
- Fixed Deposit Account – Allows members to earn interest on locked-in savings.
- Christmas Account – Savings account designed to help members prepare financially for the holiday season.
BOSA Savings Products
- Share Capital – The minimum savings members must maintain to have a say in the Sacco’s governance.
- Normal Shares – Additional savings to increase member equity.
- Jipange Retirement Scheme – A long-term savings plan designed for retirement.
- Sinking Fund – A specialized account for specific future needs.
Other FOSA Products
Suluhu Sacco also offers several other convenient financial services, making banking easy for its members:
- Mpesa – Integration with mobile money for easy deposits and payments.
- Saccolink ATM Card – Access to cash at any Saccolink-enabled ATM.
- Salary Processing – Services for those receiving their salaries through the Sacco.
- Cheque Processing – Fast cheque deposit and clearing services.
- M-Banking – Access to Sacco services through mobile banking.
Suluhu Sacco Contacts
For inquiries, assistance, or membership applications, you can reach out to Suluhu Sacco through their head office or branches.
Head Office:
- Location: Suluhu Sacco Plaza, Mwingi Town, Opposite IEBC Office, Kyuso Road.
- Contacts: 0712 878 475 / 0794 056 489 / 0797 621 555.
With its wide range of loan and savings products, Suluhu Sacco continues to serve a diverse membership base, providing affordable financial solutions and fostering savings culture across Kenya. Whether you’re a civil servant, teacher, businessperson, or private employee, joining Suluhu Sacco provides a reliable avenue for financial growth and security.
