How to Join Safaricom Sacco,Sacco Portal,Loans

How to Join Safaricom Sacco,Sacco Portal,Loans

Formed in 2001, Safaricom Sacco is a cooperative society that makes it possible for members to access loans and save money, so that their economic status is improved.

It is regulated by the Sacco Society Regulatory Authority (SASRA). To guide it’s every move, the Sacco has 4 values, which are integrity, customer focus, reliability, and innovation.

In the beginning, it had 222 members, but the number has increased tremendously to over 10,000 members.

Some of the members are form Safaricom Limited, while others are from various companies that have been allowed into the Sacco as per its membership policy. Spouses and children (aged 18 years and above) of Safaricom Ltd employees are also eligible for membership.

Safaricom Sacco requirements for individual membership

To become an individual member, below are the requirements you need to meet:

1. Membership fee of Ksh 1,000.
2. A minimum of 400 shares @Ksh 100 (can be paid within 12 months).
3. A monthly contribution of not less than Ksh 3,000.
4. CRB report.

To be eligible for a long-term loan, you must have saved with the Sacco for 6 months, and the deposits must be consistent. On the other hand, a short term loan requires that you consistently save for 3 months.

Safaricom Sacco requirements for SMEs, corporates, and chamas

SMEs

1. A membership fee of Ksh 2,000.
2. Minimum monthly contribution of Ksh 5,000.
3. An account balance of not less than Ksh 5,000.
4. Minimum shareholding of Ksh 1,000.

Loan eligibility for registered SMEs is Ksh 3 million.

Corporates

1. A membership fee of Ksh 2,000.
2. A minimum monthly deposit of Ksh 5,000.
3. Minimum shareholding of Ksh 20,000.
4. A minimum account balance of Ksh 5,000.

Loan eligibility for registered companies is Ksh 3 million.

Chamas

1. A membership fee of Ksh 2,000.
2. A monthly contribution of Ksh 5,000.
3. Minimum shareholding of Ksh 10,000.

Loan eligibility for chamas is Ksh 3 million, and there is a requirement to raise a 20% deposit when requesting a loan.

Loan eligibility for registered chamas is Ksh 3 million.

Safaricom Sacco Login

• Log on to https://safaricomsacco.com/ and click member login
•  In order to login, fill up your information, including your User Name and password, and then click Login.

 

Safaricom Sacco Careers/Jobs

If there are any open positions at Safaricom Sacco, you can check them out at the link provided below: https://safaricomsacco.com/career/.

 

How to become a member of Safaricom Sacco/ Safaricom Sacco portal

If you meet the above requirements, you can proceed to join the Sacco by following the steps below:

1. Click on https://iconnect.safaricomsacco.com/Account/MemberRegistration to visit iconnect website.
2. Confirm that you’re not a robot by clicking on the box that appears.
3. Enter your personal information. It is in this stage that you’ll attach both sides of your ID, photo, KRA pin, and signature.
4. Add your Next of Kin’s details, and click next.
5. Add remittance details, and click next.
6. Confirm that you’ve provided accurate details, and have read through all the terms and conditions.

You can also opt to download the application form from the Sacco’s website, where you’ll still be required to attach your KRA pin, ID document, and passport photo during submission.

Within 48 hours of applying to be a member of Safaricom Sacco, you’ll receive a notification via phone indicating that your account has been opened.

Repaying Safaricom Sacco loans

You can repay your loan using M-Pesa PayBill as below:

• Navigate to your M-Pesa menu.
• Click Lipa na M-Pesa.
• Select the PayBill option.
• Enter Safaricom Sacco’s PayBill number, 505100.
• Add the account number, which should be your ID number followed by the loan code.
• Enter the amount you’re repaying.
• Input your M-Pesa pin.
• Click ok.

After completing the transaction, you’ll receive message confirmations from Safaricom Sacco and M-Pesa.

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Safaricom Sacco Loans

Safaricom Sacco Loan Eligibility

You need to save consistently for at least 6 months in BOSA to qualify for long term loans & 3 months for short term loans

 

FOSA Loans

Business Loans

This product supports Sacco Members in starting their own enterprises. This facility aims to inspire people to start their own businesses, either as a group or as individuals.

Product Features

• Loan issued 5 times savings. Savings locked as collateral
• Payable in 24 months
• Interest @ 1.5% pm on reducing balance
• Collaterals like title deed, log book accepted
• Available to Individuals, Chama, Corporate with FOSA Account
• Proof of availability to repay
• Administration fees apply where collateral is used.
• Financing LPO’S, Bid Bonds and Business ventures
• Limit: 50,000 to Kshs. 3 million
• Terms and Conditions apply
• Disbursed within an hour of application
• Processed within 7 working days

Insurance Premium Finance Loan

The Sacco provides this product for financing Insurance premium finance for Car Insurance.

Loan Features

• Loan issued 3 times deposits.
• Repayment- 6 months
• Interest rate 1% per month on reducing balance
• Free car valuation.
• Terms and condition apply.
• Disbursed within an hour of application
• Other policies e.g. Education , Life policies available through our insurance providers

FOSA Silver Advance

This feature allows salary account holders to top up their Advance loans and gain access to extra money that is repayable over a longer period of time.

Product Features

• Repayment- 6 months
• Interest rate- 5%p.m on reducing balance.
• Payable through FOSA salary accounts.
• Qualification-Four times net salary.
• Terms and Conditions apply.
• Disbursed within an hour of application.

Emergency Loans

This facility is available to members to help them deal with any unexpected emergency.

Product Features

•  Loan issued 3 times of one’s deposits..
•  Repayment- 12 months.
•  Interest rate- 1%p.m on reducing balance.
•  Maximum Loan- 1 Million .
•  Self-guarantee subject to 1/3rd of the loan applied.
•  No supporting document required.
•  Terms and Conditions apply.
• Disbursed within a day.

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BOSA Loans -Long Term

Faraji Construction Loan

• Repayment period – 25 Years (300 months)
• Interest rate – 9 % per annum on reducing balance.
• Maximum amount – Ksh. 8,000,000
• A 0.5% processing fee charge on the loan issued.
• Financing: up to 100% of the Mortgage value
• Loan Issued: 5 times of member’s deposits.

Kmrc Mortgage (Faraji Ready Homes Loan)

This product is intended to empower members undertake development projects for ready houses with long-term benefits

Product Features

• Loan Issued: 5 times of member’s deposits
• Repayment period – 25 Years (300 months)
• Interest rate – 8 % per annum on reducing balance.
• Maximum amount – Ksh. 8,000,000
• A 0.5% processing fee charge on the loan issued.
• Financing: up to 100% of the Mortgage value

Ustawi/Mortgage Loan

This product is intended to empower members undertake development projects for ready houses with long-term benefits

Product Features

• Loan issued at 5 times of one’s deposits.
• Maximum Repayment- 15 Years
• Interest rate- 12% p.a. on reducing balance
• No Guarantors required
• Maximum Loan- Kshs.20M
• Minimum Value Kshs.3M
• Property Insurance at 100% of Mortgage value
• Access: One (1) Mortgage product at a time
• Security: Title Deed or Sub lease
• Must have saved with the Sacco for 1 Year.

Land Loan

The Sacco facilitates this product to enable members to own a piece of land. The Sacco has completed projects in Karen, Kitengela, Katani-Syokimau, Rongai, and Mtwapa, to name a few.

Product Features

• Loan issued 3 times of one’s deposits
• Repayment- 48 months
• Interest rate- 1% p.m on reducing balance
• No guarantors required.
• Maximum Loan- Ksh 10 Million.
• Title deed is the security of the loan.
• Available only when the Sacco has land offers

 

Asset Financing Loan

Members who are involved in a variety of commercial activities, such as specialized machinery, Boda Boda, Office, Gym, and laboratory equipment, can now purchase the equipment through Sacco Co-ownership.

Product Features

• Loan issued 3 times deposits
• Repayment- 48 months
• Interest rate- 1% p.m on reducing balance
• Original logbook act as security
• Financing between Ksh.100,000 – Ksh 5,000,000.
• Age Limit of vehicle 9 years & should only be for private use
• Sacco finances up 80% of Valuation
• Must be Comprehensive Insurance through appointed Insurance Agent by the Sacco
• Valuation report, Transfer or Importation documentation to be attached

 

Car Loans

This facility enables members to purchase private quality cars through co-ownership with the Sacco.

Product Features

• Loan issued at 3 times of one’s deposits.
• Repayment- 48 months
• Interest rate- 1%p.m on reducing balance
• Original logbook act as security.
• Financing between Kshs.300, 000- Ksh. 7,000,000.Max
• Age Limit of vehicle 9 Years
• Sacco finances up to 90%  for new vehicles
• Sacco finances up 80% for used vehicles
• Valuation report, Transfer or Import documentation to be attached
• Disbursed within a Month
• Must be Comprehensive Insurance through appointed Insurance Agent by the Sacco
• Importation documents of the car
• Member must have saved for at least 6 Months (BOSA)
• KRA PIN for both seller and buyer (If not importing with AA Japan or Maridady Motors)
• Dully signed Transfer forms, charges will  apply according to prescribed KRA Rates
• Member to bear Logbook & Car Track Charges

 

Premium Loans

This is a special product tailored to satisfy members need for extra financing after taking up a Development loan and there still need for more project funds.

Product features

• Loan issued at 5 times of one’s deposits
• Repayment- 48 months
• Interest rate- 1% p.m. on reducing balance
• Guarantors and acceptable collaterals required.
• Maximum Loan- Kshs.10M
• Refinancing/ Loan top up facility available.
• Disbursed within 7 days
• Terms and conditions on self- guarantee apply

Development Loan

This product is meant to empower members to pursue long-term development projects such as residential and commercial structures, business endeavors, and other investments.

Product Features.

• Loan issued at 3 times of one’s deposits
• Repayment- 72 months
• Interest rate- 1% p.m. on reducing balance
• Guarantors and acceptable collaterals required.
• Maximum Loan- Kshs.30M
• Refinancing/ Loan top up facility available
• Disbursed within 7 days
• Any amount above Kshs.10m to be secured by a collateral
• Any amount above Kshs.10 M to be approved by the full board.
• Terms and conditions on self- guarantee apply

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BOSA Loans -Short Term

Short-term loan facility is available for short-term purposes. The Sacco processes these loans within 1 Hour of application and installments of 12 Months.

Education Loans

The Sacco offers members to pay for their education as well as their children’s school tuition without burden.

Product Features

• Loan issued 3 times of one’s deposits
• Repayment- 12 months
• Interest rate- 1%p.m on reducing balance
• Guarantors and acceptable collaterals required
• Maximum Loan- Ksh 1 million
• Refinancing/ Loan top up facility available
• Self-guarantee up to total number of deposits saved
• Disbursed within one hour
• Terms and conditions on self- guarantee apply

 

Smart Home Loans

This product offers members finance to outfit their houses with high-quality appliances, furnishings, car accessories, phones, tanks, and other items from reputable providers.

Product Description

• Loan issued 3 times ones deposit
• Repayment – 12 Months
• Interest rate- 1% p.m reducing balance
• Guarantors required only if the member’s savings is less than the loan applied.
• Maximum Loan- Kshs.1M
• Refinancing/ Loan top up facility available.
• Self-guarantee up to total number of deposits saved.
• Disbursed within one hour
• Terms and conditions on self- guarantee apply
• Member must get a Quotation or Proforma Invoice instead of Invoice from appointed distributors.

Pamoja Loans

This is a fantastic product with a competitive interest rate.

Product Features

• Loan issued 3 times of one’s deposit
• Repayment- 12 months
• Interest rate- 0.8% p.m. on reducing balance
• Maximum Loan- Kshs.1M
• Disbursed within one hour of application
• Terms and conditions on self- guarantee apply

 

Read Also How to Join Safaricom PostPay from the Convenience of Your Phone

Safaricom Sacco PayBill Number

The PayBill Number for Safaricom Sacco is 505100

How to exit from Safaricom Sacco

1. Fill the exit form.
2. If you have a guarantor, ask them to get a replacement.

You’ll receive a refund in 60 days after following the above steps. You may choose to sell, transfer, or keep your shares and keep enjoying dividends in the future.

Safaricom Sacco Customer Care Contacts

Phone numbers – 0722004065, 0111222226, and 0111222227.

Email –

Physical Address – Westlands, Safaricom Care Centre, 1^st floor.