Biashara Sacco Society was formed in Nyeri by members of the business community, many of whom were part of the Kenya National Chamber of Commerce and Industry. Officially registered under the Co-operative Societies Act Cap 490 on December 31st, 1990, the Sacco began operations in 1991. Over the years, Biashara Sacco has grown in strength and membership, expanding its offerings from simple savings and credit services to a wide array of financial products and services. In 2006, the Sacco was licensed to operate a Front Office Service Activity (FOSA), which expanded its banking services.
With 11 branches and 4 satellite offices across Kenya, Biashara Sacco is a well-established financial institution offering its members various benefits and financial products. Here is a comprehensive guide on membership eligibility, requirements, and the benefits of joining Biashara Sacco.
Biashara Sacco Membership Eligibility
Membership to Biashara Sacco is open to all individuals throughout Kenya, regardless of their geographical location. Whether you are a business owner, farmer, professional, or entrepreneur, you can join and benefit from the diverse financial services offered by the Sacco.
Biashara Sacco Membership Requirements
To become a member of Biashara Sacco, the following requirements must be met:
- Complete a Membership Application Form: You need to fill out the prescribed application form to initiate your membership.
- Registration Fee: A non-refundable registration fee of Kshs 2,000 is required.
- Original ID and Photocopy: You must present a valid Kenyan national ID and provide a photocopy of it.
- Normal Shares: Purchase 50 shares, each valued at Kshs 100, amounting to a total of Kshs 5,000.
- Development Fee: A one-time development fee of Kshs 200,000 is mandatory.
- Maintenance Fee: Members must also pay a Kshs 200 maintenance fee.
- Welfare Contribution: A Kshs 50 monthly welfare contribution is required.
- Monthly Deposits: Members are expected to make monthly deposits of Kshs 2,500, which contribute to their savings and loan eligibility.
Benefits of Biashara Sacco Membership
Joining Biashara Sacco comes with several benefits, including:
- High Dividend Rates: Members enjoy competitive dividend rates on their shares.
- High Interest on Deposits: Savings accounts in the Sacco attract high interest rates.
- Variety of Loans: Members have access to various loan products to suit different needs.
- Loans 5 Times Shares: Members can borrow up to five times the value of their shares.
- Voting Rights: Every member has the right to vote during Sacco meetings, ensuring their voice is heard in decision-making.
- Sacco Ownership: As a member, you own part of the Sacco and can influence its future.
- Transferable Shares: Shares are transferable, providing members with liquidity options if needed.
Biashara Sacco Products & Services
Biashara Sacco offers a wide array of products and services to its members:
Loan Products
- Normal Loan
- Development Loan
- Emergency Loan
- Malipo Loan
- Seasonal Loan
- Overdraft Loan
- Shamba Loan
- Women Empowerment Loan
- Sisi kwa Sisi Loan
- Beba Loan
- Soko Loan
- Nyongesa Loan
- Corporate Loan
- Mortgage Loan
- Wakulima Loan
- Medical Loan
- Safari Loan
- Smart Member Investment Loan
Savings Products
- Savings Account
- Beba Account
- Smart Account
- Safari Club
- Business Account
- Women Empowerment Account
- Masomo Account
- Malipo Account
- Soko Account
- Group Account
- Young Men Empowerment Account
- Fixed Deposit Account
- Bob Junior Account
- Corporate Account
Services Offered by Biashara Sacco
Biashara Sacco also offers several convenient banking services to its members:
ATM Services
- Cash Withdrawal
- Cash Deposit
- Balance Enquiry
- Mini Statement
- Utility Payments (Electricity, Water, etc.)
- School Fees Payment
- Purchase at merchant points (supermarkets, petrol stations)
Other Services
- Mobile Banking: For easy access to account services on the go.
- Agency Services: Providing access to Sacco services through a network of agents.
- Student Mentorship Programmes: Offering financial advice and mentorship to students.
- Cheque Books and Bankers’ Cheques: For easy transactions.
- Door-to-Door Services: Personalized banking services brought to your doorstep.
Biashara Sacco Contacts
- Head Office: Kimathi Way, Nyeri
- Contacts: 0722 557 188 / 061 203 4206
By joining Biashara Sacco, members gain access to an array of financial products and services, enjoy higher returns on investments, and secure loans for personal or business needs.
