Kenya Bankers Sacco, established in February 1975, is a renowned Savings and Credit Co-operative Society (Sacco) aimed at providing affordable financial services to its members. Over the years, the Sacco has played a key role in promoting wealth creation through prudent financial management and deposit mobilization. Whether you are a professional in the banking sector or a businessperson, Kenya Bankers Sacco offers flexible financial solutions tailored to suit its members.
In this article, we will explore the eligibility criteria and the requirements for becoming a member of Kenya Bankers Sacco, as well as the products and services available to its members.
Kenya Bankers Sacco Membership Eligibility
Kenya Bankers Sacco offers open membership to all interested individuals. Whether you are in the formal employment sector, self-employed, or an entrepreneur, you can become a member of the Sacco and start enjoying the various financial products it provides.
Kenya Bankers Sacco Membership Requirements
To become a member of Kenya Bankers Sacco, applicants need to meet the following requirements:
- Fill the Membership Application Form: The membership form is available on the Sacco’s website and can also be obtained from any of its branches countrywide.
- Submit Identification Documents:
- A clear copy of your National ID or Passport.
- A copy of your KRA PIN certificate.
- One passport-size photograph.
- Pay the Membership Registration Fee: A one-time registration fee of Kshs 500 is required. Payments can be made through the Sacco’s Mpesa Paybill number 400444, with your ID number as the account number.
- Submit the Form: After completing the membership form, you can either:
- Submit a hard copy to the Sacco’s office.
- Scan the filled form and send it via email to help@bankers.coop for processing.
Once the form is received and approved, you will be provided with a membership number and your account details, allowing you to begin using the Sacco’s products and services.
Kenya Bankers Sacco Products
Kenya Bankers Sacco provides a variety of financial products designed to meet different financial needs, including savings schemes and loan products.
Savings Products
- Children Savings Account:
- Minimum operating balance: Kshs 1,000.
- Earns interest payable every 6 months.
- Savings are withdrawable.
- Interest rate is 40%.
- Elimu Bora Savings Scheme:
- Minimum monthly contribution: Kshs 1,000.
- Maximum loan entitlement is up to 3x the total savings.
- Maximum repayment period: 36 months.
- Interest rate: 1% per month on a reducing balance.
- Main Saving Scheme:
- Mandatory monthly contribution: Kshs 3,000.
- Non-withdrawable unless upon termination of membership.
- All loans except education loans are granted against this account.
- Risk Management & Benevolent Scheme:
- An internal insurance cover where each member contributes Kshs 400.
Loan Products
Kenya Bankers Sacco offers a diverse range of loan products to suit different financial needs. These include:
- Karibu Loan
- Aspire Loan
- Elite Loan
- Biashara Loan
- Express Loan
- Jibambe Loan
- Mloan
- Elimu Bora Loan
- FOSA Advance
- Boresha Loan
- Asset Finance Loan
- Afya Imara Loan
- Loan Within Savings
- Premier Loan
- Salo Loan
- Business Loan
- Overdraft Facility
Each loan product comes with unique terms and repayment plans, ensuring members can access funds tailored to their financial goals and circumstances.
Kenya Bankers Sacco Contacts
For more information or assistance regarding membership and other services, you can contact the Kenya Bankers Sacco through the following:
- Head Office: Kenya Bankers Centre, 3rd Ngong Avenue, Off Ngong Road, Upperhill, Nairobi.
- Phone: 0205 146 500
- Email: help@bankers.coop
Conclusion
Kenya Bankers Sacco provides its members with a range of financial products aimed at fostering financial growth and wealth creation. With flexible membership requirements and an array of savings and loan products, it stands out as an ideal Sacco for individuals looking for affordable financial solutions.
