Tower Sacco, one of Kenya’s largest deposit-taking Saccos, has steadily grown since its inception on 15th September 1976. Originally founded to serve primary school teachers, Tower Sacco has expanded its membership base and now boasts an impressive asset base of Kshs 19.57 billion. The Sacco continues to provide its members with opportunities to save, access affordable loans, and grow financially.
This article highlights the eligibility criteria, membership requirements, and financial products offered by Tower Sacco.
Tower Sacco Membership Eligibility
Tower Sacco serves a diverse membership drawn from various sectors, including:
- Government ministries
- County governments
- Teachers Service Commission (TSC)
- Kenya Defense Forces
- Kenya Police
- Kenya Prisons
- Hospitals
- Parastatals
- Farmers
- Business community
- Private and public institutions of learning (including non-teaching staff)
This wide range of eligible members ensures that individuals from different sectors of the economy can benefit from the Sacco’s services.
Tower Sacco Membership Requirements
To become a member of Tower Sacco, applicants need to meet specific registration requirements based on their employment or group status. Below are the registration categories and their respective requirements:
1. Corporate Employees (under check-off system)
- Registration fee: Kshs 1,000
- Minimum share capital: Kshs 10,000
2. Premium Members (individual employees and business persons)
- Registration fee: Kshs 500
- Minimum share capital: Kshs 2,000
3. Corporate Partnerships, Diaspora Members, and Groups
- Registration fee for corporate partnerships: Kshs 500
- Minimum share capital for corporate partnerships: Kshs 50,000
- Registration fee for diaspora members: Kshs 500
- Minimum share capital for diaspora members: Kshs 25,000
- Registration fee for groups: Kshs 500
- Minimum share capital for groups: Kshs 2,000
4. Micro Groups
- Registration fee: Kshs 300
- Minimum share capital: Kshs 500
Once the registration is completed successfully, the following mandatory accounts are created:
- Ordinary Account: This is a transactional account used for everyday banking activities.
- Share Deposit Account: A non-withdrawable savings account that acts as a multiplier for loans.
Tower Sacco Products
Tower Sacco offers a range of financial products to cater to the diverse needs of its members. These products fall under five main categories: FOSA products, savings products, farmers’ products, advance loans, and BOSA loans.
(i) FOSA Products
- FOSA Loan: Available for members’ financial needs.
- FOSA Premium Loan: A premium product offering higher borrowing limits.
- Group Premium Loan: Designed for groups, providing favorable terms for collective borrowing.
- Mkopo Mashinani: A specialized loan tailored for rural needs.
- FOSA Flex Loan: A flexible borrowing option.
- Premium Emergency Loan: For emergency financial needs.
- Bima Loan: Offered in partnership with Tower Tech, combining insurance and loans.
- Boresha Mama: Tailored for women members, supporting their ventures.
- FOSA Emergency 24: A quick access emergency loan.
- Vuka Loan: A transition loan to assist members in moving towards their financial goals.
(ii) Savings Products
- Current Account: For regular transactions.
- Business Account: A business-friendly account for entrepreneurs.
- Premium Scheme Account: A high-return savings account.
- Stop Gap Account: For temporary savings solutions.
- Education/School Fees Account: A savings product dedicated to school fees.
- Sacco Junior Account: Designed to help parents save for their children’s future.
- Ordinary Savings Account: A basic savings account.
- Fixed Deposit Account: Offers fixed returns for a specified period.
(iii) Farmers Products
- Farm Produce Advance: A loan for farmers to access funds against their produce.
- Mbolea Loan: A loan product designed to help farmers purchase fertilizer.
(iv) Advance Loans
- Salary Advance: Short-term loan against salary.
- Dividend Advance: Access to dividends in advance of their payout.
- Salary in Advance: Quick access to salary for urgent needs.
- Kilimo Advance Loan: Tailored for farmers to boost agricultural activities.
(v) BOSA Loans
- Normal Loan: For members with long-term financial needs.
- Special Loan: A tailored loan product for specific needs.
- Emergency Loan: Quick loans for emergency situations.
- School Fees Loan: Supports members in financing educational costs.
Tower Sacco Contacts
For further inquiries or membership applications, you can contact the Tower Sacco head office:
- Location: Ol Kalou FOSA Building, Ol Kalou-Nyahururu Road
- Phone: 0723 836 421 / 0733 416 492
Tower Sacco continues to provide financial stability to its members through affordable loan products and flexible savings options. Whether you’re in government service, part of the business community, or a farmer, Tower Sacco offers tailored financial solutions to help you achieve your financial goals.
