Bandari Sacco, established in 1975, is one of Kenya’s largest deposit-taking Saccos, boasting an asset base of over Ksh 12.01 billion and a membership of more than 18,000 individuals. With a mission to promote thrift and provide affordable credit, Bandari Sacco aims to improve the financial stability and overall well-being of its members.
This article will explore the eligibility criteria and requirements for joining Bandari Sacco.
Bandari Sacco Membership Eligibility
Membership at Bandari Sacco is open to any individual who meets the necessary account opening requirements. Prospective members must submit duly completed application forms along with identification documents such as a copy of their National ID and passport-size photos.
Membership is not limited to specific sectors—over the years, Bandari Sacco has opened its doors to people from all walks of life, including individuals, groups, and businesses.
Membership Structure
Bandari Sacco has a structured membership system that includes share capital, non-withdrawable deposits, and ordinary savings accounts.
1. Share Capital
- Every member must own a minimum of Ksh 10,500 in shares. These shares are dividend-earning and contribute to the financial growth of members.
- Members can also opt to save progressively on a monthly basis, subject to approval by the Sacco’s management.
2. Non-Withdrawable Deposits
- Members are required to make a minimum monthly deposit of Ksh 1,500 (or Ksh 50 daily) to maintain active membership status.
- Non-withdrawable deposits serve as a form of security for loans, but they can be refunded if a member chooses to leave the Sacco, provided a 60-day notice period is given.
3. Ordinary Savings Account
- This account acts as the member’s primary collection and disbursement account. It supports ATM access, internet banking, mobile banking via USSD, and Paybill services.
- Members can use this account to deposit funds that are later transferred to deposit and share accounts.
Bandari Sacco Account Opening Requirements
Depending on the type of account, there are different sets of requirements for individuals, groups, and businesses to open an account at Bandari Sacco:
1. Personal Savings Account
- Copy of National ID.
- Duly filled account opening form.
- Coloured passport photo.
2. Group/Chama Account
- Certificate of registration.
- Group constitution.
- Recent minutes indicating the group’s decision to open an account with Bandari Sacco.
- National IDs of group officials.
- A list of members including names, ID numbers, telephone numbers, and signatures.
- Photos will be taken at the Sacco on the day of account opening.
3. Sole Proprietor Account
- Copy of the sole proprietor’s ID.
- KRA PIN certificate.
- Business registration certificate.
4. Dau Junior Savings Account
- Copy of the parent’s/guardian’s National ID.
- Copy of the child’s birth certificate.
- Duly filled account opening form.
- The parent/guardian must already have an account with Bandari Sacco.
5. Limited Company Account
- Certificate of incorporation.
- KRA PIN of the company.
- Copies of the directors’ National IDs and KRA PINs.
- Board resolution on the company’s letterhead, sealed with the company stamp.
- Memorandum and Articles of Association of the company.
6. Society/Club Account
- Certificate of registration.
- Minutes of the board resolution.
- Signing mandate and passport photos of signatories.
- Copies of the National IDs of signatories and their designates.
Bandari Sacco Contacts
For more information or to inquire about membership, you can visit or contact Bandari Sacco at their main office:
- Location: Bandari Sacco Building, Moi Avenue, Mombasa
- Phone: +254 724 002 525 / +254 735 336 685
- Email: info@bandarisacco.co.ke
Joining Bandari Sacco provides access to affordable credit and secure investment opportunities, along with other financial services that can enhance your financial future. Whether you’re an individual, a group, or a business, Bandari Sacco has tailored products to help you grow your savings and achieve your financial goals.
