Egerton University Sacco, established in 1975, is one of Kenya’s leading savings and credit cooperative societies. Over the years, the Sacco has achieved remarkable growth and now boasts over 6,000 members with accumulated shares and deposits totaling over Ksh 1.63 billion. Its loan portfolio stands at Ksh 1.6 billion. The Sacco is regulated by the Sacco Society Regulatory Authority (SASRA), ensuring that it adheres to strict deposit-taking regulations.
Egerton University Sacco Membership Eligibility
Egerton University Sacco offers membership to individuals from various sectors, ensuring a broad and diverse pool of members. The Sacco primarily draws members from the academic sector but also welcomes individuals from other professions.
Eligible Members Include:
- Civil servants.
- Employees of companies.
- Business owners.
The Sacco’s main membership base comes from academic institutions, including:
- Egerton University.
- Kisii University.
- Laikipia University.
- Kabarak University.
- Masinde Muliro University.
- Chuka University.
- Kabianga University.
- Nakuru County and several schools.
This broad membership base gives the Sacco a solid foundation for growth and sustainability, while providing diverse opportunities for all members.
Egerton University Sacco Membership Requirements
Joining Egerton University Sacco is simple and accessible to individuals who meet the eligibility criteria. The following are the basic membership requirements:
- Entrance Fee: New members must pay an entrance fee of Ksh 500.
- Identification Documents: Submit a passport-size photo along with a copy of a valid National ID or any other recognized form of identification.
- Share Purchase: Members must plan to purchase a minimum of Ksh 20,000 worth of shares within six months of joining.
- Employed Members: Employed individuals are required to attach their current payslip and a copy of their employment letter when applying.
Payment and Remittance Methods
Egerton University Sacco offers various convenient methods for members to make payments and contributions:
- Direct deposits to the Sacco’s bank accounts.
- Bank standing orders.
- Check off system with employers.
- Direct debit.
- Cash deposits over the counter.
- Spotcash mobile banking: Dial *645#.
- Sacco paybill number: 798 073.
These multiple remittance options ensure that members can easily contribute to their accounts regardless of their location.
Benefits of Egerton University Sacco Membership
Becoming a member of Egerton University Sacco comes with numerous advantages designed to improve members’ financial stability and provide easy access to credit.
- Affordable and Flexible Credit: Members enjoy access to affordable loans priced as low as 1% interest with flexible repayment periods of up to 84 months.
- High Yields on Investments: Members receive dividends on share capital and interest on deposits annually, providing a steady return on investments.
- Wide Range of Products: The Sacco offers diverse products and services, including mobile banking, salary advances, fixed deposits, school fees loans, emergency loans, dividend advances, agribusiness financing, share booster, and salary processing.
- Financial Advice & Investment Forums: Members benefit from quarterly financial advisory sessions and investment forums led by experienced consultants, equipping them with essential knowledge for managing personal finances and investments.
Egerton University Sacco Branches & Contacts
1. Head Office – Egerton University Main Campus, Njoro
- Location: Egerton University Main Campus, Njoro.
- Contacts: 011 000 9393 / 0733 999 002 / 0770 999 002.
2. Nakuru Branch
- Location: Golden Life Mall, along Nakuru-Eldoret Highway.
3. Laikipia Branch
- Location: Laikipia University, Main Campus.
4. Kisii Branch
- Location: Kisii University, Main Campus.
Egerton University Sacco has firmly established itself as a trusted financial partner for members across the education sector and beyond. With a strong asset base and diverse range of financial products, the Sacco provides flexible solutions tailored to the unique needs of its members, ensuring financial empowerment for all.
