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Finance & Investment

Complete List of Bandari Sacco Products and Branches

  • BY waceke
  • September 29, 2024
bandari sacco

Bandari Sacco is a leading deposit-taking savings and credit cooperative (Sacco) in Kenya, initially established in 1975 to serve the employees of Kenya Ports Authority, Kenya Ferry Services, and Kenya Maritime Authority. Over the years, Bandari Sacco has expanded its membership base, opening its doors to individuals and organizations from various sectors. Currently, Bandari Sacco serves over 16,000 members and boasts an impressive asset base of more than Ksh 12.01 billion, solidifying its position among Kenya’s largest Saccos.

This article provides a comprehensive overview of Bandari Sacco’s credit and savings products, as well as a list of its branches and their respective contact information.

List of Bandari Sacco Products

a) Credit Products

Bandari Sacco offers a wide range of credit products, designed to cater to different financial needs and lifestyles. To qualify for any of the loans, members must have saved and contributed deposits for at least six months, be fully paid-up members, and demonstrate the ability to repay the loan as assessed by the Sacco.

Here are some of the key credit products:

  1. Biashara Personal Loan
    Aimed at supporting small and medium-sized business owners.
  2. BOSA One-Month Loan
    A short-term loan advance, repayable within one month.
  3. Emergency Loan
    Available for urgent situations such as hospitalization, natural disasters, or any other critical need.
  4. Asset Finance
    Enables members to acquire assets such as land, vehicles, or machinery.
  5. FOSA One-Month Loan
    A short-term loan repaid directly from a member’s monthly salary.
  6. FOSA Advanced 12 Months Loan
    A loan with a repayment period of 12 months based on FOSA deposits and salary.
  7. FOSA Consumer Loan
    Designed to finance the purchase of products or services from pre-qualified suppliers.
  8. FOSA Development Loan
    A long-term loan repayable in 24 months.
  9. Microfinance Loan
    Available to support small and medium enterprises (SMEs).
  10. Normal Loan
    Helps members improve their standard of living by purchasing land, building houses, or pursuing other development projects.
  11. Nyangumi Loan
    A long-term development loan for employees with non-withdrawable deposits of over Ksh 1 million, repayable in 84 months.
  12. School Fees Loan
    Offers short-term financing for education expenses.
  13. Welfare Group Loan
    Targets welfare and registered groups that engage in income-generating projects.

b) Savings Products

Bandari Sacco offers various savings products tailored to meet the diverse needs of its members:

  1. DAU Junior Savings Account
    Designed to encourage children to save, with benefits like no minimum balance and quarterly withdrawals.
  2. Personal Savings Account
    A flexible savings account with no maintenance fees and access to an ATM card.
  3. Holiday Savings Account
    Tailor-made for members to save for vacations.
  4. Landlord Account
    Helps landlords track and record rental income while providing access to loans for property repairs or expansion.
  5. Fixed Deposit Account
    Offers attractive interest rates (5%-10%) and flexibility upon maturity.
  6. Chama Savings Account
    Targeted at registered groups with a minimum contribution of Ksh 5,000 per month.

c) Share Capital

Bandari Sacco members also have the opportunity to invest in shares, with a fully paid-up member required to have Ksh 30,500. Shares provide dividends annually, offering high returns on investments.

List of Bandari Sacco Branches

To serve its wide membership base, Bandari Sacco has established branches in major cities across Kenya. Below is a list of its branches and contact details:

  1. Bandari Sacco Head Office
    • Location: Bandari Sacco Building, Moi Avenue, Mombasa
    • Phone: +254 41-2316685, +254 724-002525, +254 735-336685
    • Email: info@bandarisacco.co.ke
  2. Nairobi Branch
    • Location: KPA Inland Container Depot, Embakasi, off Mombasa Road, Nairobi
    • Phone: +254 700 192355
  3. Kisumu Branch

Bandari Sacco continues to provide its members with competitive savings and loan products, along with excellent customer service across its branches. Whether you’re looking to grow your business, invest in assets, or plan for your future, Bandari Sacco offers a variety of financial solutions to meet your needs.