Kencream Sacco, a deposit-taking cooperative, was established in March 2002 by employees of New Kenya Co-operative Creameries (KCC) with the primary goal of promoting savings and providing affordable loans to its members. Over the years, Kencream Sacco has seen steady financial growth and expanded its membership to include individuals from various sectors across Kenya.
The Sacco provides a platform for members to accumulate savings and access credit at competitive interest rates, encouraging provident and productive use of funds. Today, its membership spans diverse sectors, including parastatals, private businesses, government ministries, organized groups, and other organizations, making it one of the more inclusive Saccos in the country.
Kencream Sacco Membership Eligibility
Becoming a member of Kencream Sacco is open to individuals from various backgrounds. Specifically, the Sacco draws its membership from the following sectors:
- Parastatals
- Private businesses
- Government ministries
- Organized groups
- Other institutions
The inclusivity of Kencream Sacco ensures that anyone fitting into these categories has the opportunity to join and enjoy its benefits.
Kencream Sacco Membership Requirements
To become a member of Kencream Sacco, individuals must meet specific requirements. These are the steps and documents needed for registration:
- Completed Membership Form: A membership application form, which can be downloaded from the Sacco’s website or obtained from its offices or delegated representatives, must be filled out and signed.
- Copy of National ID: A valid identification card is required to verify identity.
- KRA PIN Certificate: A Kenya Revenue Authority (KRA) PIN certificate is mandatory for tax purposes.
- Passport Size Photo: A recent photograph of the applicant.
- Registration Fee: A non-refundable fee of Kshs 1,000.
- Share Capital Contribution: Members are required to contribute a minimum of Kshs 15,000 as share capital. This amount is non-refundable but earns dividends and is transferable if the member chooses to withdraw from the Sacco.
- Monthly Contributions: Members are expected to contribute monthly. For salaried individuals, the minimum contribution is Kshs 3,200, while non-salaried members contribute at least Kshs 1,700.
Kencream Sacco Products and Services
Kencream Sacco offers a variety of financial products and services aimed at enhancing members’ financial well-being. These services are categorized under FOSA and BOSA accounts and loans.
(i) FOSA Accounts
- Super Account
- Fixed Account
- Jazajaza Account
- Busara Savings Account
- Chama Savings Account
- Crystal Account
(ii) FOSA Loans
- Salary Advance Loan
- Salary Special Loan
- Salary Jipange Loan
- Non-Check-Off Loan
(iii) BOSA Savings Services
- Deposit Savings
- Share Capital
- Christmas Savings
- Benevolent Fund
(iv) BOSA Loans
- Car Loan
- Development/Normal Loan
- Upesi Loan
- Super Loan
- Consumer Loan
- Bima Loan
- School Fees/Education Loan
- Karibu Loan
- Emergency Loan
- Instant Loan
- Express Loan
- Weekend Loan
- E-Loan
Kencream Sacco Contacts
For those interested in joining or seeking more information, Kencream Sacco is located at Dakar Road, off Enterprise Road, in Nairobi’s Industrial Area. Below are the contact details:
- Phone Numbers: 0703 756 350 / 020 3980 100
Kencream Sacco provides an excellent opportunity for Kenyans looking to save and access affordable loans. With its wide array of financial products and services, it continues to support the economic growth and financial independence of its members.
