NSSF Sacco Membership Eligibility & Full List of Requirements

The NSSF Sacco, formerly known as NASSEFU Savings Credit Society, was officially registered on August 20, 1990, by eight employees of the National Hospital Insurance Fund (NHIF). Initially starting as a small cooperative, it has experienced significant growth, fueled by the commitment of its founding members employed by the National Social Security Fund (NSSF). The Sacco’s first Annual General Meeting (AGM) had 280 members, marking the beginning of a journey towards financial empowerment for its members.

With its membership steadily increasing and assets growing, NSSF Sacco expanded its offerings to include quasi-banking services in December 2010 after acquiring a license from the Sacco Societies Regulatory Authority (SASRA). This enabled the Sacco to operate Front Office Service Activities (FOSA) for its members, providing convenient and competitive financial services.

Today, NSSF Sacco has grown to over 8,000 members, with an asset base exceeding Kshs 2.59 billion, making it a trusted financial institution in Kenya.

NSSF Sacco Membership Eligibility & Requirements

How to Become a Member of NSSF Sacco

Becoming a member of NSSF Sacco is simple and straightforward. To join, you need to:

Fill Out a Membership Form
The membership form, which includes your personal details, next of kin, and nominees, is available for download from the Sacco’s official website.
Attach Required Documents
Submit a passport-size photo and a copy of your ID along with your completed membership form.
Pay the Membership Registration Fee
A non-refundable Kshs 1,000 membership registration fee is required.
Contribute to Share Capital
NSSF Sacco has three categories of share capital:
- Category A: Kshs 20,000
- Category B: Kshs 10,000
- Category C: Kshs 5,000
While share capital is non-refundable, it is transferable to an existing Sacco member if you decide to exit.
Monthly Contributions
Members are required to contribute Kshs 3,200 monthly, with Kshs 200 allocated to loan guard insurance, which is not counted towards savings.

Withdrawal Process

If a member decides to withdraw from the Sacco, they must submit a withdrawal letter, and the process takes 60 days to complete. A withdrawal fee of Kshs 1,000 is applicable.

NSSF Sacco Loan Products

NSSF Sacco offers a variety of loan products tailored to meet the diverse financial needs of its members. These are divided into two main categories: BOSA and FOSA products.

1. BOSA (Back Office Services Activities) Loan Products

Emergency Loan: For urgent and unforeseen financial needs.
School Fees Loan: To help members pay for education expenses.
Fanisi Loan: A product designed for personal development projects.
Special Flex Loan: A flexible loan product for varied financial needs.
Supersaver Loan: A product that rewards members with better loan terms.
Refinancing Loan: Allows members to restructure or consolidate existing loans.
Karo Loan: Tailored for education-related expenses, like school fees.
Development Loan: Aimed at financing larger personal or business development projects.
Nawiri Loan: Designed for growth-oriented members seeking financial empowerment.

2. FOSA (Front Office Services Activities) Loan Products

Jumbo Loan: Offers a significant loan amount for members with large financial needs.
Salary Advance Loan: A quick solution for members needing funds before their next salary.
Premium Loan: Offers premium financing for eligible members.
Make Over Loan: Tailored for home or personal upgrades.
Tausi Loan: Designed to meet personal financial needs with flexible repayment terms.
FOSA Twiga Loan: Offers members affordable loan products with swift disbursement.
Mobile Advance Loan: Provides quick access to funds through mobile banking.
Mustard Asset Loan: Helps members acquire assets such as land or property.
Bima Loan: A loan product that integrates insurance coverage for members.

NSSF Sacco has grown from a small employee-based Sacco into a robust financial cooperative, offering a variety of services to its more than 8,000 members. With competitive loan products and flexible membership options, it remains a trusted financial partner for many in Kenya. Whether you’re looking for personal savings options, loans, or other financial services, NSSF Sacco provides a comprehensive suite of products to meet your needs.