Jamii Sacco, one of Kenya’s most established and respected Savings and Credit Cooperative Organizations (SACCOs), was officially registered in 1972. Initially formed by civil servants from the Department of Social Services, Jamii Sacco has since expanded its reach and now welcomes a broad range of members from various sectors. It is among Kenya’s largest deposit-taking SACCOs, boasting an asset base of Kshs 5.44 billion as of the latest financial reports. With a mission to mobilize savings and provide credit through innovative financial products, Jamii Sacco plays a pivotal role in Kenya’s economic and financial landscape, offering exceptional customer experiences to its members.
If you’re looking to become a member of Jamii Sacco, this article will walk you through the membership eligibility criteria and the requirements for joining.
Jamii Sacco Membership Eligibility
Jamii Sacco is known for its inclusivity, welcoming individuals from various sectors, whether employed or self-employed. Here’s who can join:
- Public Service Employees: Government workers, including those in civil service, are eligible to join.
- Other Government Ministries and Parastatals: Workers from state agencies like the Kenya National Library, Women Enterprise Fund (WEF), and other government departments are welcome.
- Employees of Jamii Sacco: Naturally, those working directly for Jamii Sacco are eligible for membership.
- Private Companies and NGOs: Workers from private sectors and non-governmental organizations are invited to benefit from the Sacco’s offerings.
- Self-employed Individuals: Entrepreneurs and individuals running their own businesses can join.
- Self-help Registered Groups and Community-Based Organizations: Groups registered as self-help entities or community-based organizations (CBOs) are also eligible.
Jamii Sacco Membership Requirements
To join Jamii Sacco, prospective members must meet specific criteria and submit relevant documentation. The requirements include:
- Membership Application Form: This can be downloaded from the Jamii Sacco website or collected at any of its offices. Alternatively, delegates from each county are available to assist with the process.
- National ID: Both the original and a copy of your Kenyan national identification card are required.
- KRA PIN Number: A copy of your Kenya Revenue Authority (KRA) PIN certificate is necessary.
- Entrance Fee: A non-refundable membership entrance fee of Kshs 1,000 is required.
- Minimum Monthly Contribution: Members are expected to contribute a minimum of Kshs 3,300 per month, Kshs 300 of which goes toward the Jamii Benevolent Fund.
- Minimum Share Capital: Members are required to have a minimum share capital of Kshs 20,000, which can be paid in monthly installments of Kshs 500.
Benefits of Joining Jamii Sacco
Being a member of Jamii Sacco comes with a host of benefits designed to provide financial growth, savings options, and easy access to credit facilities. These benefits include:
- Attractive Dividends and Interest: Members earn dividends on their shares and attractive interest on deposits.
- Competitive Interest Rates: Jamii Sacco offers competitive rates on special deposit and savings accounts, ensuring better returns on savings.
- Larger Loans with High Savings: Members with higher savings balances qualify for larger loans.
- Variety of Loan Options: Access to both short-term and long-term loans at competitive interest rates.
- Tailor-made Savings Accounts: Jamii Sacco provides a variety of savings accounts tailored to meet members’ unique needs.
Jamii Sacco Products
Jamii Sacco offers a wide range of products, catering to both savings and credit needs. Below are some of their key offerings:
Loan Products:
- School Fees Loan: Assisting with the high costs of education.
- Development Loan: For personal and business development projects.
- Emergency Loan: Quick access to funds for unforeseen financial emergencies.
- M-Cash Loan: A mobile-based loan solution for convenience.
- Jaza Top-up Loan: Allows members to top up existing loans.
FOSA (Front Office Savings Activity) Savings Products:
- Sawa Savings Account: A standard savings account.
- Junior Savings Account: Designed for minors to encourage early saving habits.
- Golden Savings Account: Tailored for senior citizens to enjoy the benefits of saving.
- Special Deposit Account: High-interest account for larger deposits.
- Holiday Savings Account: Helps members plan and save for vacations and holidays.
Other Products & Services:
- Asset Finance Product: A solution for members looking to finance asset purchases such as cars and equipment.
- Jamii Housing Scheme: Affordable housing schemes for members looking to invest in real estate.
- Share Capital: Investment opportunities through the Sacco’s shareholding structure.
- Tech-Based Services: Access to services via mobile apps and USSD for enhanced convenience.
- Insurance Loan (Premium Product): Financial assistance to cover insurance premiums.
Jamii Sacco Contacts
If you’re ready to become a member or have further inquiries, Jamii Sacco’s headquarters is located at:
- Jamii Sacco Court, Mukenia Road, South B, Nairobi, next to Mater Hospital.
- Contact Numbers: 0715 961 545 / 0712 852 762.
In conclusion, Jamii Sacco stands out as a progressive and inclusive financial institution offering diverse products and services tailored to the needs of its members. Whether you’re looking to save, invest, or access credit, Jamii Sacco provides the financial support and guidance you need to meet your goals while fostering a strong sense of community and financial well-being.
