Ammar Sacco, formerly known as All Churches Sacco, was established in December 2004 under the Co-operative Societies Act Cap 490. Initially focused on serving church communities, the Sacco rebranded in 2019 to Ammar Sacco, broadening its membership base and diversifying its financial products and services. Licensed by the Sacco Societies Regulatory Authority (SASRA), Ammar Sacco has positioned itself as a key player in Kenya’s cooperative movement, offering tailored financial solutions to a diverse clientele.
Membership Eligibility and Requirements
Ammar Sacco prides itself on inclusivity, welcoming members from various sectors of the Kenyan economy. Prospective members can join if they fall into any of the following categories:
- Business People: Entrepreneurs and traders seeking financial services to support and expand their ventures.
- Farmers: Individuals engaged in agricultural activities, including crop and livestock farming.
- Civil Servants: Government employees at both national and county levels.
- Teachers: Educators from public and private institutions.
- Youth: Young adults aiming to establish a strong financial foundation.
- Women: Female members seeking financial empowerment and growth opportunities.
- Persons with Disabilities: Ensuring financial inclusivity for all members of society.
To become a member, applicants are required to:
- Complete an Account Opening Form: Available at Ammar Sacco offices or downloadable from their official website.
- Provide Certified Copies of Identification Documents: This includes a valid National ID and KRA PIN certificate.
- Pay a Registration Fee: A one-time fee of Kshs 500 is required upon application.
- Purchase Minimum Shares: Members must acquire at least 200 shares, each valued at Kshs 20, totaling Kshs 4,000. These shares can be accumulated over a period of six months.
Financial Products and Services
Ammar Sacco offers a comprehensive suite of financial products tailored to meet the diverse needs of its members:
- Loan Products:
- Business Loans: Designed to support entrepreneurs, these loans are repayable within 36 months at an interest rate of 18% per annum on a reducing balance. Applicants require guarantees from two active Sacco members and must adhere to the two-thirds rule, ensuring loan repayments do not exceed two-thirds of the member’s income.
- Mkulima Loans: Targeted at farmers, particularly those involved in coffee, tea, and milk production, these loans cater to agricultural financial needs, with repayments channeled through the Sacco.
- Mfugo Loans: Aimed at dairy farmers, this product facilitates the acquisition of quality livestock breeds to enhance milk production, with a repayment period of up to 24 months.
- Asset Financing: Assists members in acquiring essential assets for business or personal use, with repayment terms extending up to 36 months.
- Salary Loans: Available to members whose salaries are processed through the Sacco, offering convenient access to credit.
- Group Loans: Provides registered groups with the opportunity to consolidate savings and access loans collectively, fostering community growth and development.
- Savings Products:
- Ordinary Savings Account: Features unlimited daily access to funds, a minimal withdrawal fee of Kshs 50, and a minimum balance requirement of Kshs 300. Additional benefits include free photo capture during account opening, ATM access, and mobile banking services.
- Toto/Kids Account: Designed to encourage savings for children, this account offers free standing orders, no ledger fees, and a minimum balance requirement of Kshs 200.
- Investment Products:
- Sacco BOSA Shares: Members can invest in shares, each valued at Kshs 20, with a minimum acquisition of 200 shares. This investment represents the member’s stake in the Sacco and is essential for accessing various products and services.
- Sacco FOSA Shares: Open to all members, these shares offer guaranteed interest rates and convenient contribution methods, including check-offs.
- Fixed Deposit Accounts: These accounts provide attractive interest rates, with deposit periods ranging from 3 to 12 months. Members can make special contributions when applying for loans, enhancing their investment portfolio.
Digital Banking Solutions
In line with technological advancements, Ammar Sacco has developed a mobile banking application, enhancing accessibility and convenience for its members. The app allows users to transfer funds to M-Pesa, purchase airtime, check account balances, view mini-statements, pay merchants, settle bills, and monitor guarantor information. Members can download the app from the Google Play Store or access services via USSD by dialing *879#.
Housing Cooperative Initiatives
Ammar Sacco extends its services beyond traditional financial products through the Ammar Housing Co-Operative Society Limited. This initiative aims to:
- Expand Housing and Land Ownership: Facilitating affordable access to land and housing for members.
- Bulk Housing Development: Purchasing land in bulk, subdividing it into smaller, affordable plots for members.
Membership Requirements for Housing Cooperative:
- Registration Fee: Kshs 2,000.
- Share Acquisition: Members are required to accumulate a minimum of 20 shares, each worth Kshs 1,000.
The cooperative organizes free site visits, communicated periodically, allowing members to explore available housing and land options.
Contact Information
For individuals interested in joining Ammar Sacco or seeking more information about its products and services, the Sacco can be reached through the following contact details:
- Physical Address: Elica Plaza, Ground Floor, Kwame Nkrumah Street, Thika, Kenya
- Postal Address: P.O. Box 6957-01000, Thika, Kenya
- Phone Numbers: +254 711 431 590 / +254 704 979 246
- Email: ammarsacco@gmail.com
- Working Hours:
- Monday – Friday: 8:00 AM to 4:45 PM
- Saturday: 8:00 AM to 12:30 PM
- Sundays & Public Holidays: Closed
- Website: Ammar Sacco Official Website
Why Join Ammar Sacco?
Ammar Sacco stands out as a reliable and member-centric financial institution, offering numerous benefits, including:
✔ Affordable Loans – Competitive interest rates and flexible repayment plans
✔ Diverse Investment Opportunities – Access to Sacco shares, fixed deposit accounts, and housing projects
✔ Technological Advancements – Mobile and digital banking for seamless transactions
✔ Personalized Customer Service – A dedicated team ready to assist members with their financial needs
✔ Community-Centered Approach – Focused on improving the economic well-being of members
