Nation DT Sacco, established in September 1975, was created with the primary goal of enabling its members to accumulate savings and access credit facilities at affordable rates. Over the years, the Sacco has expanded significantly, both in terms of membership and the variety of products and services offered. Today, it is recognized as one of Kenya’s largest deposit-taking Saccos, boasting an asset base of over Kshs 3 billion.
The Sacco’s mission is to provide accessible financial services to its members, helping them improve their economic well-being by offering a variety of loan and savings options tailored to suit their needs.
Nation DT Sacco Membership Eligibility
Initially, membership in Nation DT Sacco was limited to employees of the Nation Media Group. However, the Sacco has since widened its common bond to accommodate a broader spectrum of members from across different sectors.
The eligibility criteria for membership include:
- Open to All: Membership is now open to individuals beyond Nation Media Group employees, making it an inclusive financial institution for all Kenyans.
- Transfer from Another Sacco: If you are a member of another Sacco, you can join Nation DT Sacco as a continuing member, retaining all the benefits, provided your savings are transferred from the previous Sacco.
Nation DT Sacco Membership Requirements
To join Nation DT Sacco, prospective members are required to meet the following requirements:
- Membership Application Form: A fully filled membership application form is required to formalize your membership.
- Identification Documents: A copy of your national identification card (ID) must be attached to the application.
- Entrance Fee: A one-time entrance fee of Kshs 1,000 is required upon joining.
- Next of Kin/Beneficiary Form: Applicants must fill in a form designating their next of kin or beneficiary.
- Familiarization with Sacco By-laws: Prospective members must familiarize themselves with the Sacco’s by-laws and agree to abide by them.
- Minimum Savings Contribution: Each member is expected to make a minimum monthly savings contribution of Kshs 3,000.
Nation DT Sacco Products
Nation DT Sacco offers a wide array of financial products and services designed to cater to its members’ diverse financial needs. These include various loan products, savings options, and investment accounts.
(a) Loan Products
Nation DT Sacco provides various credit facilities that suit long-term, medium-term, and short-term needs:
- Long Term Credit Facilities:
- Ufanisi Loan: A development loan tailored for long-term investment purposes.
- Development Loan: Another long-term facility aimed at supporting large projects.
- Nafuu Loan: A loan that offers flexible repayment terms and competitive rates.
- Medium Term Credit Facilities:
- FOSA Loan: A convenient loan option for medium-term financial needs.
- Refinancing Loan: This facility allows members to refinance existing loans.
- School Fees Loan: Specifically designed to help members pay for educational expenses.
- Short Term Credit Facilities:
- Emergency Loan: Quick access to funds in case of an urgent financial need.
- Medical Insurance Loan: Provides financing for medical insurance coverage.
- Utility Loan: A loan option for household utilities and other daily expenses.
- Advance and Instant Credit Facilities:
- Instant Loan: A fast-access loan designed for members in need of immediate cash.
- Salary Advance: Provides members with an advance on their salary to meet pressing financial needs.
- Settlement Loan: A loan designed for settling outstanding debts or other immediate obligations.
- Collateral-Based Loan Products:
- Supa Loan: A loan secured against collateral, offering favorable terms.
- Car Loan: Designed for members looking to purchase a vehicle.
- Bridging Loan: This short-term facility is used to bridge the gap between a debt that is due and the availability of a primary line of credit.
(b) Savings Products
Nation DT Sacco offers a variety of savings products that cater to different financial goals and provide an opportunity for members to grow their wealth:
- Non-Withdrawable Deposits: A savings product that cannot be withdrawn until the member exits the Sacco.
- Share Capital: All members contribute to the Sacco’s share capital, giving them a stake in the organization.
- School Fees Savings: A specific savings account aimed at helping members set aside funds for school fees.
- Withdrawable Deposit (FOSA): Members can save money in this account and withdraw it as needed.
- Fixed Deposit Account: Offers a higher interest rate for funds deposited for a fixed term.
- Junior Account: A savings product designed for children, encouraging them to save from a young age.
- Chama Account: A savings product for investment groups or chamas, providing flexible saving options for collective investment.
Nation DT Sacco Contacts
For any inquiries or further information, you can visit or contact Nation DT Sacco through the following:
- Location: Cambrian Building, 1st Floor, Moi Avenue, Nairobi.
- Contact: 0719 038 571
Joining Nation DT Sacco presents an excellent opportunity for individuals looking to improve their financial standing through savings and affordable credit facilities. With its wide array of loan and savings products, along with a strong foundation in asset growth, the Sacco is committed to helping its members achieve financial freedom. By meeting the simple eligibility and membership requirements, members can take advantage of competitive loan rates, convenient savings options, and an inclusive financial community.
