Kenpipe Sacco Society, established in 1981 by employees of the Kenya Pipeline Company, began as a welfare organization with fewer than 140 members. Over the years, it has grown to become a well-established deposit-taking Sacco, primarily serving employees of the Kenya Pipeline Company while expanding its common bond to other sectors. Its core mission is to provide a savings platform for members and offer loans to enhance their financial well-being.
Kenpipe Sacco Membership Eligibility
Kenpipe Sacco has gradually broadened its membership to accommodate a wide range of individuals and organizations. Initially exclusive to Kenya Pipeline Company employees, the Sacco now welcomes new members from various sectors, provided they meet specific criteria. Here’s a breakdown of those eligible to join Kenpipe Sacco:
- Employees of Kenya Pipeline Company and Its Subsidiaries: The primary membership group continues to be employees of the Kenya Pipeline Company and its related companies, ensuring the Sacco’s strong foundation within this sector.
- Individuals, Institutions, and Groups: Kenpipe Sacco also opens its doors to individuals, institutions, or groups who meet the stipulated conditions in the Sacco’s by-laws and membership policy. This ensures inclusivity for those who are interested in saving and accessing loans through the Sacco.
Kenpipe Sacco Membership Qualifications
To qualify for membership in Kenpipe Sacco, an applicant must possess the following qualifications:
- Field of Membership: The individual or group must fall within the membership scope as outlined in the Sacco’s by-laws.
- Age: Applicants must be at least 18 years of age if they are natural persons.
- No Direct Involvement in Money Lending: Applicants should not be directly involved in money-lending activities. However, this rule does not apply to entities that are legitimately registered for the purpose of money lending.
- No Harmful Activities: The applicant must not engage in activities that could undermine the objectives of the Sacco.
- Good Character: Kenpipe Sacco places a strong emphasis on the character of its members, requiring that applicants be individuals of integrity.
- Regular Income: To ensure that members can meet their savings and loan obligations, they must have a regular source of income, whether through employment, business, or other legitimate means.
- Acceptance of Sacco Objectives: Prospective members must accept and agree to the objectives, obligations, and conditions of membership as outlined in the Sacco’s by-laws and policies.
Kenpipe Sacco Membership Requirements
To successfully apply for membership in Kenpipe Sacco, individuals or organizations must meet the following requirements:
- Complete Membership Application Form: The application form can be accessed through the Sacco’s website or collected at its office.
- Registration Fee: A non-refundable registration fee of Kshs 1,000 is required.
- Initial Share Capital: Members must contribute an initial share capital of Kshs 2,000 to activate their membership.
- Copies of National ID/Passport and KRA PIN Certificate: Applicants must submit a copy of their National ID or passport along with a valid KRA PIN certificate for identification and tax compliance purposes.
Kenpipe Sacco Products
Kenpipe Sacco offers a wide range of financial products and services designed to meet the diverse needs of its members. These products are divided into three main categories: FOSA Loans, BOSA Loans, and Savings Products.
(i) FOSA Loans:
- Weekend Njema Loan: A short-term loan designed to cater to immediate weekend or holiday expenses.
- Salary Advance: A loan facility that allows members to access a portion of their salaries before payday.
- FOSA Emergency Loan: Quick loans provided for urgent, unforeseen financial needs.
- FOSA Okoa Loan: A loan product aimed at helping members in distress, particularly in times of financial difficulty.
(ii) BOSA Loans:
- Taratibu Loan: A loan product designed for long-term projects with flexible repayment terms.
- Normal Loan: Standard loan facilities available to members based on their savings and share capital.
- Almasi Loan: A special loan product offering better terms for members who have demonstrated a strong repayment history.
- Makao Loan: A loan aimed at financing property acquisition or home construction.
- School Fees Loan: Tailored for parents and guardians looking to finance their children’s education.
- Emergency Loan: Quick-access loans to handle urgent financial situations.
- Karibu Loan: A loan product for new members to ease their financial transition into the Sacco.
- Super Loan: A higher-value loan product for members with substantial savings and share capital.
(iii) Savings Products:
- Share Capital: Members are required to contribute to their share capital, which determines their voting power and access to loans.
- Ordinary Account: A basic savings account for everyday banking needs.
- KESASA Scheme: A specialized savings scheme that offers higher returns for members looking for structured savings solutions.
- Group Account: Designed for savings groups (chamas) and investment clubs, enabling collective financial management.
- Fixed Deposit Account: Members can deposit funds for a fixed period and earn higher interest rates compared to ordinary accounts.
Kenpipe Sacco Contacts
For further inquiries or to start the membership application process, Kenpipe Sacco can be reached at:
- Location: Industrial Area, Off Nanyuki Road, Nairobi.
- Contacts: 0710 600 999 / 0735 700 971.
Kenpipe Sacco has evolved into a reliable financial partner for its members by offering a wide array of savings products and loan facilities. With a firm foundation and a steadily growing membership, it continues to promote the financial security of its members, helping them achieve their personal and professional financial goals.
