The Sacco Society Regulatory Authority (SASRA) is in charge of regulating Safaricom Sacco, a well-known savings and credit cooperative society (Sacco) in Kenya.
It aims to cultivate a robust savings culture among its members and provides a variety of financial products tailored to individual and group needs.
Eligibility for Membership
Membership is not universally accessible. Eligible parties include:
- Employees of Safaricom PLC
- Spouses of Sacco members
- Adult children (18+) of members
- Individuals introduced by existing members
- Employees of other corporations, per the Sacco’s membership policy
Safaricom sacco products and benefits
The registration criteria vary by category, detailed as follows:
Alpha Membership
- Ksh 1,000 registration fee
- Mandatory monthly contribution of Ksh 3,000 or more
- Acquisition of 400 shares at Ksh 100 each (totaling Ksh 40,000) or a payment plan of Ksh 3,334/month over a year
- Submission of a CRB credit report to assess credit viability
Omega Membership
- Ksh 2,000 registration fee
- Minimum Ksh 5,000 monthly contributions
- Ksh 5,000 deposit upon registration
- Minimum shareholding of Ksh 20,000
SME Account
- Ksh 2,000 registration fee
- Minimum Ksh 5,000 monthly contributions
- Minimum shareholding of Ksh 1,000
Chamas Account
- Ksh 2,000 registration fee
- Minimum Ksh 5,000 monthly contributions
- Minimum shareholding of Ksh 10,000
Membership Application Process
To initiate membership, applicants must:
- Complete the Membership Form:
Obtain and fill out the form available on the Safaricom Sacco website or at a nearby branch. Submit the completed form either in person or via postal service. - Documentation Submission:
Attach the following requisite documents:
- Two passport-sized photos
- A copy of an official identification document
Safaricom sacco paybill number 505100 for contributions
- Payment of Membership Fees:
A non-refundable fee of Ksh 1,000 is required to process the membership application and register on the Sacco portal. - Monthly Contributions:
New members must adhere to their designated monthly contribution schedule, which acts as collateral for future loan applications. Payment can be made via Mpesa Paybill, bank transfer, or automatic salary deductions. For Mpesa payments:
- Navigate to the Mpesa Menu and select Lipa Na Mpesa > Paybill.
- Enter Safaricom Sacco’s business number 505100.
- Input your Member ID followed by ‘D’ for deposit.
- Confirm your information, enter the amount, and submit with your Mpesa PIN.
- Await confirmation from Safaricom Sacco.
- Sinking Fund Contribution:
Members must contribute Ksh 300 to the sinking fund, assembled for self-insurance against deposits and loans in the event of death, which can be utilized by beneficiaries for funeral expenses. - Share Capital Payment:
A share capital investment of Ksh 40,000 is mandatory. This investment entitles members to dividends and various development share options.
Loan Eligibility Criteria
To qualify for a loan, members must maintain consistent savings for a minimum of three months for short-term loans and six months for long-term loans. Loan applications can be submitted through the following platforms:
- Online portal
- iConnect App
- USSD code *345#
Repaying Safaricom Sacco Loans via Mpesa
To facilitate loan repayment through Mpesa:
- Access the Mpesa menu.
- Select ‘Lipa na Mpesa’ and choose Paybill.
- Input the Safaricom Sacco business number 505100.
- Use your ID number as the account name, appending the relevant loan type code.
- Specify the repayment amount.
- Enter your PIN to confirm the payment.
Through these processes, Safaricom Sacco ensures streamlined membership and loan management, fostering financial growth and stability for its members.