Requirements To Join Safaricom Sacco

September 19, 2024 Majira Media

This article will guide you through Requirements To Join Safaricom Sacco: Safaricom Sacco, founded in 2001, is a cooperative society in Kenya primarily focused on providing financial services to its members, who are largely drawn from employees of Safaricom Ltd and its affiliated companies.

The Sacco offers a range of products including savings accounts, loans, and investment opportunities, aimed at promoting financial growth and stability for its members. It has grown steadily over the years, gaining a reputation for reliability and innovation in the cooperative sector.

Through its digital platforms, Safaricom Sacco enables members to conveniently access their accounts and manage transactions, aligning with Safaricom’s broader technology-driven culture.

Requirements To Join Safaricom Sacco

Safaricom Sacco Membership

Membership is open to;

Employees of Safaricom Ltd.
Spouses of members and children above 18 years.
Individuals introduced by Sacco members.
Employees of other corporates as per the membership policy. The Sacco is currently servicing members from over 100 corporates.

Safaricom Sacco Membership Requirements

Alpha Membership

Individual Alpha members are eligible to patronize loan facilities after 6 months of consistent savings in the Back Office Services (BOSA) section.

Omega Membership

Group/ Omega members are eligible for the facility after patronizing Front Office Services Activity (FOSA) section for the same period (6 months).

Requirements: Individual (Alpha Membership)

Membership fee is Kshs 1,000. This is deducted from the savings with the first deduction or pay at the point of registration.
Minimum monthly deposit contribution is Kshs 3,000.
Minimum share capital is 400 shares equity at Kshs 100, equal to 40,000 (to pay within 12 months or equivalent to Kshs 3,334 per month).
Credit Reference Bureau (CRB) report shall be generated to confirm membership eligibility.
Qualification for a loan is after 6 months of consistent saving for long term loans and short term loans 3 months.
Monthly contribution is acceptable through any mode of payment, i.e standing order, payroll deduction from employer, cheques, over the counter deposits and Mpesa.

Requirements: Chama/ Corporate/ SME/ Investment Groups (Omega Membership)

(a). Corporate