Safaricom Sacco, established in 2001, is one of Kenya’s most reputable Savings & Credit Co-operative Societies (SACCOs). Its founding purpose was to empower its members through access to loans aimed at improving their economic and social well-being. Over the years, the Sacco has grown remarkably, amassing an asset base of Ksh 8 billion, and offering a range of financial products and services designed to meet the diverse needs of its members.
In this article, we’ll explore Safaricom Sacco membership requirements, providing details for both individual and group memberships.
Safaricom Sacco Membership
Membership in Safaricom Sacco is open to various categories of individuals and groups. The Sacco serves both Safaricom employees and external corporates, making it accessible to a broad spectrum of members. Eligible members include:
- Employees of Safaricom Ltd: All Safaricom staff are eligible to join the Sacco.
- Spouses and children of members: Spouses and children aged above 18 years can become members.
- Individuals introduced by Sacco members: Any individual introduced by a current member of the Sacco is eligible to join.
- Employees of other corporates: Safaricom Sacco has expanded its membership to employees of over 100 corporates, in line with its membership policy.
Safaricom Sacco Membership Categories
The Sacco offers two main membership categories—Alpha Membership for individuals and Omega Membership for groups or corporates.
(a) Alpha Membership (Individual Membership)
Individuals who join Safaricom Sacco are classified under Alpha Membership. Here are the key requirements:
- Membership fee: Ksh 1,000, which is deducted from savings during the first deduction or paid upon registration.
- Minimum monthly deposit contribution: Ksh 3,000.
- Minimum share capital: 400 shares at Ksh 100 per share, totaling Ksh 40,000. This amount can be paid within 12 months, equivalent to Ksh 3,334 per month.
- Credit Reference Bureau (CRB) report: A CRB report is required to verify membership eligibility.
- Loan qualification: Members are eligible for loans after six months of consistent saving for long-term loans and after three months for short-term loans.
- Payment methods: Contributions can be made via standing order, payroll deduction, cheques, over-the-counter deposits, and M-Pesa.
(b) Omega Membership (Group Membership)
Omega Membership applies to groups such as Chamas, corporates, SMEs, and investment groups. Below are the requirements for each type of group:
1. Corporate Membership
- Membership fee: Ksh 2,000.
- FOSA monthly minimum deposit: Ksh 5,000.
- Minimum account balance: Ksh 5,000.
- Minimum shareholding: Ksh 20,000.
- Loan eligibility: Corporates can access loans of up to Ksh 3 million, but only registered companies are eligible.
2. Small and Medium Enterprises (SMEs)
- Membership fee: Ksh 2,000.
- FOSA monthly minimum deposit: Ksh 5,000.
- Minimum account balance: Ksh 5,000.
- Minimum shareholding: Ksh 1,000.
- Loan eligibility: Registered SMEs are eligible for loans of up to Ksh 3 million.
3. Chamas (Investment Groups)
- Membership fee: Ksh 2,000.
- FOSA monthly minimum deposit: Ksh 5,000.
- Loan eligibility: Chamas must raise 20% of the deposit amount when applying for a loan.
Benefits of Safaricom Sacco Membership
Being a member of Safaricom Sacco offers numerous benefits, including:
- Access to affordable loans: Members can access various loan products, including development loans, emergency loans, and asset financing.
- Savings growth: The Sacco provides a secure platform for members to grow their savings with competitive returns.
- Convenient payment options: Members can make deposits and payments through various channels, including M-Pesa and payroll deductions.
- Welfare services: The Sacco also offers additional welfare services, such as insurance for members and their dependents.
Safaricom Sacco Contacts
For inquiries or further information, you can contact Safaricom Sacco using the following details:
- Location: Safaricom Care Centre (SCC), 1st Floor.
- Phone: 0111 222 226
Safaricom Sacco continues to play a vital role in empowering its members by providing access to financial services designed to enhance their economic growth. Whether you’re an individual, a corporate employee, an SME, or a Chama, joining Safaricom Sacco provides you with an opportunity to save, invest, and grow through affordable loan products and other services. By meeting the eligibility and membership requirements, you can unlock financial solutions tailored to your needs.
