For over 50 years, Tembo Sacco has been a trusted financial partner for Kenyans, offering savings, loans, and investment opportunities. Whether you’re looking for a secure place to save, access competitive loans, or plan for long-term financial goals, Tembo Sacco provides a comprehensive suite of financial services. This guide explains how to join Tembo Sacco, the benefits of membership, and the types of loans and savings products you can access.
What is Tembo Sacco?
Tembo Sacco is a tier-one savings and credit cooperative that has grown tremendously since its establishment in 1972. Initially serving East African Breweries Limited (EABL) employees, the Sacco has since opened its doors to the public, serving over 6,400 members and managing assets worth over KES 5.7 billion.
Why Should You Join Tembo Sacco?
- Affordable Loans: Members can access loans with interest rates as low as 0.83% per month on a reducing balance. Whether you need a short-term or long-term loan, Tembo Sacco has options tailored to meet your financial needs.
- High Returns on Savings: Sacco members enjoy competitive interest rates on savings. Tembo Sacco offers 11.75% interest on deposits and a 20% dividend on shares, making it an attractive savings vehicle.
- Flexible Products: Tembo Sacco offers various savings and loan products to suit different financial goals, including housing loans, education savings, emergency loans, and more.
- Financial Security: The Sacco is regulated by the Sacco Societies Regulatory Authority (SASRA), ensuring members’ funds are secure and well-managed.
Membership Requirements
Joining Tembo Sacco is simple and open to both individuals and groups. Here are the membership categories:
- Individual Account
- Complete a membership application and nomination form.
- Provide a copy of your ID, KRA PIN certificate, and a passport photo.
- Pay a non-refundable registration fee of KES 2,000.
- Group/Corporate Account
- Complete a registration form and provide necessary documentation, such as ID and KRA PIN certificates for each signatory.
- Submit registration certificates, articles of association, and other legal documents.
- Pay a non-refundable registration fee of KES 5,000.
Savings Products
- Bosa Special Savings
Designed for long-term goals like construction, school fees, and weddings. With a minimum contribution of KES 500 per month, members earn 10% interest, payable semi-annually. - Hekima Savings Account
Members can save for long-term projects with limited withdrawals. This account earns 10% annual interest and allows a maximum of three withdrawals per year. - Tembo Junior Savings
Targeting children under 18, this account encourages parents to save for their children’s future. It earns 8% interest annually with a minimum monthly contribution of KES 500.
Loan Products
Tembo Sacco offers a wide range of loan products, catering to different needs:
- Short-Term Loans
- Interest rates as low as 0.83% per month.
- Maximum loan amount of KES 1 million.
- Repayment period of up to 36 months.
- Requires at least three guarantors who are Sacco members.
- Long-Term Loans
- Interest rates starting at 1% per month.
- Repayment periods ranging from 60 to 180 months.
- Loans can be guaranteed by members’ deposits or shares.
- Emergency Loans
These loans are processed on the same day, ideal for members who need quick access to cash. The loan amount depends on the member’s savings and ability to repay. - Mortgage Products
With an interest rate of 1% per month and repayment periods of up to 180 months, Tembo Sacco’s mortgage loans offer competitive terms for members looking to purchase or construct homes.
FOSA Services
Tembo Sacco also provides FOSA (Front Office Services Activities) accounts that allow members to access their money anytime. The FOSA account can be linked to mobile banking services, providing convenience for transactions such as deposits, withdrawals, and salary advances.
How to Access Tembo Sacco Services
Tembo Sacco offers several digital services to make it easier for members to manage their finances:
- Mobile App: The M-Tembo app allows members to access their accounts, check balances, apply for loans, and make transactions.
- USSD Code: Dial *346# or *796# to access your account, check balances, and apply for loans directly from your phone.
- Online Portal: Members can use the online self-service portal to access statements, manage accounts, and transact from the comfort of their home.
Joining Tembo Sacco offers numerous financial benefits, from high-interest savings to affordable loans with flexible repayment options. Whether you’re saving for a child’s education, a home, or an emergency, Tembo Sacco has the financial tools you need to achieve your goals. With over 50 years of experience and a strong track record of growth, Tembo Sacco remains a reliable and secure partner for your financial future.
