Tabasamu Sacco is a well-established deposit-taking cooperative that has been serving Kenyans for decades. Founded on 18th February 1977, it was initially registered under the Co-operative Societies Act with registration number 2635. In 2014, it became regulated as a deposit-taking Sacco by the Sacco Societies Regulatory Authority (SASRA). With an asset base of KSh 1.05 billion, Tabasamu Sacco offers a wide range of financial services to its members. Here’s a detailed look at the membership eligibility and requirements.
Tabasamu Sacco Membership Eligibility
Tabasamu Sacco welcomes a diverse membership base, catering to individuals from various sectors of the economy. The following groups and individuals are eligible to join:
- All Teachers – Including those in primary, secondary, and tertiary institutions.
- County Employees – Government employees at the county level are welcome.
- Private Sector Employees – Workers in private organizations and institutions.
- National Government Employees and Parastatals – Staff from ministries and state-owned enterprises.
- Organized Groups – Such as youth groups, women groups, and other community-based organizations.
- Immediate Family Members of an Existing Member – Family members of current Sacco members are also eligible to join.
This inclusive eligibility policy ensures that a wide range of individuals, from both public and private sectors, can access the Sacco’s products and services.
Tabasamu Sacco Membership Requirements
To become a member of Tabasamu Sacco, applicants are required to fulfill the following conditions:
- Entrance Fee – Pay a one-off, non-refundable entrance fee of KSh 500, as stipulated in the Sacco by-laws.
- Monthly Contributions – Every member must make a minimum deposit contribution of KSh 1,000 per month. This is essential for building personal savings and for accessing the Sacco’s loan products.
- Share Purchase – Members are required to purchase shares in the Sacco. Shares are categorized into Class A, B, and C, costing KSh 20 each, and members must buy 500 shares for Class A, 300 shares for Class B, and 50 shares for Class C.
- Membership Application Form – Prospective members must complete a prescribed application form, which is available at any of the Sacco’s branches.
- Employer Introduction – Employers must introduce their employees who wish to join the Sacco and commit to deducting and remitting contributions through the check-off system.
These straightforward requirements make it easy for individuals from different sectors to become members and start benefiting from the Sacco’s financial products.
Tabasamu Sacco Products
Tabasamu Sacco offers a wide range of financial products, including both savings and loan solutions. Below is an overview of what members can access:
Account Products
- Current/Salary Account – Ideal for receiving salaries and making transactions.
- Biashara Savings Account – Tailored for small and medium-sized business owners.
- Premium Savings Account – A high-interest savings account for members looking to maximize their returns.
- Fixed Deposit Account – For members who want to lock in their savings for a fixed period and earn higher interest rates.
- Minor Savings Account – A savings product for children and minors to encourage early saving habits.
- Ramadhan Savings Account – A special account for members who want to save for religious observances such as Ramadhan.
- Christmas Savings Account – Designed to help members prepare for holiday expenses.
- Group Savings Account – A savings product for groups, such as investment clubs or organized community groups.
Loan Products
- Development Loan – A long-term loan for major projects like home construction or land purchase.
- Ekeza Loan – Ideal for investment opportunities.
- Emergency Loan – Quick loans for unexpected expenses or emergencies.
- Personal Loan – Tailored for personal financial needs, such as medical bills or school fees.
- Special Loan – Custom loans designed to meet specific member requirements.
- Jipange Loan – A flexible loan product that allows members to plan and manage their finances better.
- Welfare Fund – A fund to support members in times of need.
- Instant Loan – Quick access loans for small amounts, disbursed immediately.
- Jiinue Loan – A loan for boosting income-generating activities.
- Karibu Loan – A loan product for new members who want to get started with the Sacco.
- Salary Advance – Short-term loan for salaried employees who need access to part of their salary before payday.
- Jienjoy Product – Loans designed to finance leisure activities and vacations.
- Sasa Loan – A quick loan for day-to-day expenses.
- Biashara Loan – Tailored for business owners to help grow and expand their ventures.
ATM Services
Tabasamu Sacco also provides convenient ATM services, allowing members to easily access their funds and manage transactions. These services include:
- Cash Withdrawals – Access cash at any time using your ATM card.
- Balance Enquiries – Check your account balance.
- Utility and Fuel Bill Payments – Pay utility bills and fuel expenses directly from your account.
- Hospital Bills – Settle medical bills using your Sacco ATM card.
- Mini-Statements – Get a quick summary of recent transactions.
- Shopping – Use the ATM card at shopping outlets.
- Restaurant and Hotel Payments – Pay for services at hotels and restaurants.
- Newspaper and Magazine Subscriptions – Pay for subscriptions using your ATM card.
Other Services
In addition to savings and loan products, Tabasamu Sacco offers a range of additional services to enhance member convenience:
- Banker’s Cheque – Issue of bank cheques for large payments.
- Cheque Encashment – Cashing cheques for members.
- Dividend Payment Processing – Processing and disbursing dividends to members.
- Standing Orders – Setting up regular payments for bills or savings.
- EFT and RTGS – Transfer funds electronically to other accounts.
- Dividend in Advance/Dividend Loan – Allows members to access part of their dividends before the official payment date.
Tabasamu Sacco Contacts
For more information or to join Tabasamu Sacco, you can visit their head office or contact them through the following details:
- Head Office: Tunawiri House, Kwale.
- Contacts: 0702 599 292 / 0792 773 444.
With a wide range of products and services, Tabasamu Sacco continues to be a trusted financial institution for many Kenyans, providing affordable credit, savings options, and financial empowerment. Whether you’re a teacher, government employee, or private sector worker, Tabasamu Sacco offers a supportive platform to grow your financial security.
