The Kenya Medical Association (KMA) Sacco is the premier financial service provider for doctors in Kenya. Established in 1998, KMA Sacco was created by doctors for doctors, ensuring that its services are tailored to the unique needs of medical professionals. With over 6,000 members and an asset base of Kshs 5.8 billion, it remains one of the strongest and most trusted financial institutions in the medical community.
In this article, we delve into the membership eligibility, requirements, and benefits of joining KMA Sacco, as well as the range of financial products it offers.
KMA Sacco Membership Eligibility
Becoming a member of KMA Sacco is open to a specific group of individuals in the medical field:
- Medical Practitioners, Dentists, and Pharmacists: These professionals qualify for principal membership in the Sacco.
- Spouses, Children, and Corporates: Principal members are allowed to introduce their family members (spouses and children) and even companies or corporate entities as Sacco members.
- Medical Students: Those studying medicine are eligible for association membership, enabling them to begin saving and planning their financial future even before they graduate.
KMA Sacco Membership Requirements
Joining KMA Sacco is straightforward. Below is a guide on the documents and steps you need to complete to become a member:
- Membership Application Form: This can be downloaded from the KMA Sacco website or obtained at the Sacco’s office.
- Email Indemnity Form: You will also need to download and fill out the email indemnity form, which should be submitted alongside your application.
- Supporting Documents:
- A copy of your National ID.
- Your KRA PIN.
- A photocopy of your medical certification, whether it’s an MBChB, BDS, or BPharm certificate, along with a board license or retention certificate.
- Two recent passport photos.
- Joining Fee: Pay a non-refundable joining fee of Kshs 3,000. This can be done through the Sacco’s bank accounts or via Mpesa Paybill No. 540900. When making the payment, use your ID number or membership number as the account number.
Benefits of Joining KMA Sacco
Members of KMA Sacco enjoy a variety of financial and personal benefits, including:
- Dividends and Interest: Attractive dividends on shares and competitive interest on deposits.
- Loan Products: Access to a wide range of loans at competitive interest rates.
- Savings Plans: Opportunities to save and build reserves for future needs while qualifying for larger loan amounts.
- Insurance: A variety of insurance products and services are available to members.
- Fixed Deposits: Investment options with very attractive returns on fixed deposits.
KMA Sacco Products
KMA Sacco offers a diverse selection of savings and loan products to cater to the financial needs of its members. Below is an overview of the available products:
Savings Products
- Sacco Deposit: Regular savings that qualify members for loans.
- Fixed Deposit: Offers attractive interest rates for long-term savers.
Loan Products
KMA Sacco’s loan portfolio includes:
- Development Loan: Ideal for larger investments such as property or business expansion.
- Flexi-Development Loan: A more flexible option for development needs.
- Emergency Loan: Provides quick funds for unexpected expenses.
- Equity Release: Unlock the value of your property for personal or business needs.
- Asset Finance: Financing for purchasing vehicles, medical equipment, or other assets.
- Insurance Loan: Financial aid to help cover insurance premiums.
- School Fees Loan: Covers educational expenses for you or your children.
- Intern Loan: Tailored for medical interns to cover living expenses.
- Home Loan: For members looking to purchase or build homes.
- Furnishing Loan: Ideal for home or office furnishings.
- Mid-term Development Loan: A loan option for medium-term projects.
- Dividend Loan: Access funds in anticipation of dividends.
- Advance Loan: Quick financial support before payday.
KMA Sacco Contacts
For more information or assistance with membership and products, you can reach KMA Sacco through the following contacts:
- Location: KMA Centre, 4th Floor, Mara Road, Upperhill, Nairobi.
- Phone: 0722 519 037 / 0715 993 872 / 020 267 5620.
KMA Sacco remains a crucial financial partner for medical professionals, helping them save, invest, and grow their wealth while offering competitive financial products tailored to their unique needs.
