Bandari Sacco, established in 1975, has grown into a prominent Tier 1 Deposit-Taking Savings and Credit Cooperative Organization (SACCO) in Kenya. With a rich history rooted in serving employees of the East African Harbours and Railways Corporation, Bandari Sacco has expanded its membership to over 25,000 individuals from diverse sectors, including corporates, micro, small, and medium-sized enterprises (MSMEs), the business community, and the diaspora.
Branch Network and Contact Information
To effectively serve its growing membership, Bandari Sacco has established branch offices in key locations across Kenya:
- Mombasa (Head Office):
- Location: Bandari Sacco Building, Moi Avenue, Mombasa
- Phone: +254 724 002 525
- Email: info@bandarisacco.co.ke
- P.O. Box: 95011-80104
- Nairobi Branch:
- Location: KPA Inland Container Depot, Embakasi, off Mombasa Road, Nairobi
- Phone: +254 700 192 355
- Email: info@bandarisacco.co.ke
- Kisumu Branch:
- Location: Swan Centre Building, Kisumu
- Phone: +254 114 927 495
- Email: info@bandarisacco.co.ke
Membership and Share Capital
To become a member of Bandari Sacco, individuals are required to purchase a minimum share capital of Ksh. 10,500. These shares are non-redeemable but transferable to a willing buyer.
This investment not only signifies ownership but also entitles members to various benefits, including dividends and access to a range of financial products.
Savings and Deposit Products
Bandari Sacco offers a variety of savings and deposit products tailored to meet the diverse needs of its members:
- Ordinary Savings Account: Designed for regular savings with competitive interest rates.
- Fixed Deposit Account: Offers higher interest rates for funds deposited over a fixed period.
- Junior Savings Account: Aimed at inculcating a savings culture among children.
- Holiday Savings Account: Allows members to save specifically for holiday expenses.
- School Fees Account: Facilitates the accumulation of funds for educational expenses.
Loan Products
Understanding the financial needs of its members, Bandari Sacco provides a range of loan products:
- Development Loans: For long-term projects and investments.
- Emergency Loans: Quick access to funds during unforeseen circumstances.
- School Fees Loans: Specifically designed to cater to educational expenses.
- Asset Financing Loans: To assist members in acquiring assets such as vehicles or equipment.
- Business Loans: Tailored for entrepreneurs and business owners to expand or start their ventures.
Mobile Banking Services
In line with technological advancements, Bandari Sacco offers mobile banking services to enhance convenience for its members:
- USSD Code: Members can access various banking services by dialing *636# on their mobile phones.
- BandariPesa App: A mobile application available on the Google Play Store that enables members to perform multiple transactions, including funds transfers, balance inquiries, and bill payments.
Partnerships and Collaborations
To enhance service delivery, Bandari Sacco has partnered with various financial institutions. Notably, a collaboration with ABC Bank allows members to issue co-branded cheques for payments and settlements at any commercial bank in Kenya.
Such partnerships underscore the Sacco’s commitment to providing comprehensive financial solutions to its members.
Financial Performance and Dividends
Bandari Sacco has consistently demonstrated robust financial performance. In 2023, the Sacco declared dividends of 18% and interest benefits of 12% to its members, reflecting its sound financial management and dedication to member prosperity.
Beyond financial services, Bandari Sacco is actively involved in community development initiatives. The Sacco engages in various corporate social responsibility (CSR) activities aimed at uplifting the communities in which it operates. These initiatives include educational sponsorships, environmental conservation efforts, and health campaigns, all geared towards making a positive impact on society.
If you’re seeking a reliable financial partner committed to your growth and success, consider joining Bandari Sacco. With a wide range of products and services tailored to meet your unique needs, Bandari Sacco is dedicated to empowering its members financially. Visit the nearest branch or contact us through the provided channels to learn more about how you can become a member and start your journey towards financial empowerment.
