Below are loan products from Ports Sacco, investment products,Paybill number and contacts:
Ports Sacco Membership Requirements
Individual Membership
To join the SACCO as an individual, one needs to:
- Complete and submit the Individual Membership Application Form
- Attach a copy of your Kenyan National Identity Card or a valid Kenyan Passport.
- Attach coloured passport size photograph.
- Attach a copy of your KRA PIN Certificate.
Joint Membership
To join the SACCO jointly, you need to:
- Complete and submit the Joint Membership Application Form
- Attach copies of Kenyan National Identity Cards or valid Kenyan Passports for all applicants.
- Attach coloured passport size photographs for all applicants.
- Attach copies of KRA PIN Certificates for all applicants.
Group Membership
This includes: chamas, self-help groups etc. To join the SACCO, they need to:
- Complete and submit the Joint Membership Application Form
- Attach copy of Kenyan National Identity Card or a valid Kenyan Passport for all applicants.
- Attach coloured passport size photographs for all applicants.
- Attach a copy of the Group Registration Certificate.
- Attach a copies of KRA PIN Certificates for officials.
Corporate/Company Membership
To join the SACCO as corporate, one needs to:
- Complete and submit the Company Membership Application Form
- Attach a certified copy of Registration Certificate.
- General meeting/board resolution authorizing account opening at Mombasa Port SACCO.
- Attach the memorandum and articles of association for the company.
- Attach coloured passport size photographs of authorized signatories and copies of their national ID/Passport.
- Attach signature specimens of the signatories.
- Attach copies of the KRA PIN Certificates of the directors.
- Attach a copy of the company’s KRA PIN Certificate.
| Membership Category | Registration (KSH) | Minimum Monthly Deposits Contribution (KSH) | Share Capital |
| Individual | 500 | 1000 | 40,000 |
| Joint | 500 | 1000 | 40,000 |
| Group | 500 | 5000 | 40,000 |
| Company | 500 | 5000 | 40,000 |
Ports Sacco Loans
Short Term loans
FOSA Emergency Loan
Requirements
- Loan repayment period of 12 months.
- Loan repaid through FOSA recovery.
- Loan is processed and disbursed within 30 minutes of application.
FOSA Prestige Loan
Requirements
- Loan repayment period of 6 months.
- Loan repaid through FOSA recovery.
- Member salary has to pass through our FOSA.
- Loan is processed and disbursed within 30 minutes of application.
FOSA Ordinary Loan
Requirements
- Loan repayment period is 5 months.
- Loan repaid through FOSA recovery.
- Member salary has to pass through our FOSA.
- Loan is processed and disbursed within 30 minutes of application.
Salary Advance
Requirements
- Loan repayment period of 1 month.
- Loan repaid through FOSA recovery.
- Member salary has to pass through our FOSA.
- Loan is processed and disbursed within 30 minutes of application.
School Fee Loan
Requirements
- Loan repayment period of 1 year.
- Loan repaid through Check off system.
- Loan is processed and disbursed within 30 minutes of application.
Long Term loans
Jiendeleze Loan
Requirements
- One must be an active member of the Sacco.
- Guarantors/collateral required.
- Issued four (4) times a member’s deposits/contributions upon qualification.
- Loan repayment period of 84 months.
- Loan repaid through check off system.
- Processed and disbursed on demand.
Mega Loan
Requirements
- One must be an active member of the Sacco.
- Guarantors/collateral required.
- Issued four (4) times a member’s deposits/contributions upon qualification.
- Loan repayment period of 72 months.
- Loan repaid through check off system.
- Processed and disbursed on demand.
Normal Loan
Requirements
- One must be an active member of the Sacco.
- Guarantors/collateral required.
- Issued three (3) times a member’s deposits/contributions upon qualification.
- Loan repayment period of 60 months.
- Processed and disbursed on demand.
FOSA Jumbo Loan
Requirements
- One must be an active member with salary passing through the Sacco FOSA.
- Loan repayment period is 60 months.
- Loan repaid through FOSA recovery.
- Loan is processed and disbursed on request.
FOSA Premium Loan
Requirements
- One must be an active member with salary passing through the Sacco FOSA.
- Loan repayment period of 40 months.
- Loan repaid through FOSA recovery.
- Loan is processed and disbursed on request.
Biashara Loan
Requirements
- Maximum repayment period is 36 months.
- Loan repaid through FOSA standing orders.
- Tailored for the business community.
- Loan is disbursed within 1 week of application.
- Loan guaranteed by maximum of six members or collateral.
M-Port Services
Access your money from anywhere anytime straight from your mobile device by dialing *882# or *645#
Saving products
Share Capital
This is a unit of ownership of the SACCO and members earn dividends on the same annually when declared.
The Share Capital is not withdraw-able but can be sold or transferred to an existing member upon one’s withdrawal from the SACCO.
The minimum share capital is KSH. 40,000.00 paid in installments (Increasing by 5,000.00 per year till 2023).
Member Deposits
Deposits are savings accumulated by members which may be used as collateral against borrowings from the Society and shall only be refunded when a member withdraws from membership and has fully repaid all his/her debts and is free from guarantee.
FOSA Deposits
Member contributes a minimum of KSH. 1,000 every Month. FOSA deposits is available for those who do not contribute but wish to get big loan advance. FOSA deposits is paid interest at a competitive rate annually.
Fixed Deposit
- We offer competitive interest rates for the fixed deposit account.
- Contract arrangements for between three months and one year.
- Fixed deposit certificate can be used as a collateral for any SACCO loan.
Ordinary Savings Account
Features
- Minimum operating balance of KSH. 1,000.00
- No monthly charges
- Interest calculated monthly but paid annually
- Quick access of salaries
- Loan granted channeled through the ordinary savings account
- Easy access of cash: ATM and M- banking services Transaction via mobile phone upon registration at the branch or via USSD Code *346#
Children Savings Account
Requirements
- Parent’s original and copy of National ID/Passport.
- Original and photocopy of child’s birth certificate.
Benefits
- Account for customers aged 18 years and below.
- Free to open the account.
- Minimum operating balance of KSH. 1000.00
- Withdraw limited to 3 times per year.
- Interest earned annually.
- Annual fun day.
- Free intra-account transfer.
- Quarterly withdrawals.
- Three free school fees cheque leaves per year.
Holiday Savings Account
Features
- Minimum operating balance of KSH. 1,000.00
- No monthly charges.
- Earns interest monthly but paid annually.
Group Savings Account
This product is tailored to suit the needs of investment groups. It targets both incorporated groups and non- incorporated groups.
Requirements
- National Identity Card or passport.
- One colored passport size photograph for each signatory. To be provided or taken at the branch.
- Introduction letter from an account holder / utility bills in the names of the directors/statement for another bank account.
- Resolution to open the account.
- Certificate of Incorporation, Memorandum and Articles of Association for Limited Companies.
- Opening balance of KSH. 5,000
- List of all group members, their contacts (including physical address) and their business activity.
Biashara Savings Account
Features
- Minimum operating balance of KSH. 1,000.00
- No monthly charges.
- Earns interest monthly but paid annually.
Company Savings Account
Requirements
- Memorandum and articles of association.
- Audited accounts if limited by shares.
- Board resolution.
- Copies of IDs of authorized signatories.
- Minimum account balance of KSH. 5,000.00
Frequently Asked Questions
Membership
1Who can join Ports Sacco?
Membership is open to the following:
- Institutions/Companies/Organizations.
- Individuals.
- Business Persons.
- Salaried persons.
- Co-operative Societies.
- Youth, self-help, welfare and investment groups.
How do I become a member of Ports Sacco?
- Fill in a membership application form that can be down loaded from our website or obtained from our offices or from delegates.
- Copy of the National ID card, latest pay slip, one coloured passport photo and copy of KRA PIN.
- Entry fee is KSH. 500
- Minimum monthly deposit of KSH. 1000.
- KSH. 600 for Sacco – link ATM (subject to review from time to time)
- Minimum share capital is KSH. 40,000 (by 2023)
When does a member become eligible for a loan?
A member becomes eligible after a membership period of six months and has met the minimum share capital requirement.
What should one have when applying for a loan?
- Fully completed loan application form
- Sufficient number of guarantors/security (depends on loan type applied).
- Employee’s latest pay slip or 6 months bank statement (proof/ show of income)
- A copy National ID.
How long will my loan take before disbursement?
Other than the mobile based loans that are disbursed instantly, all the others are disbursed on demand.
How does the 2/3 Rule work?
While granting loans, the members’ Gross Salary is considered and the Sacco is expected to utilize a maximum of 2/3rd of the gross salary after the deduction of the statutory deductions such as PAYE, NSSF, NHIF, HELB etc. thereby leaving the member with a take home pay of not less than 1/3rd.
What is the reason for rejecting my loan?
- A loan can be rejected on the following grounds;
- Inconsistency in deposit contributions.
- Inadequate guarantors.
- The form is not duly completed.
- Key documents like ID, certified pay slips, PIN, direct debit/standing order instructions etc. have not been attached.
- The member deposits are insufficient to support an additional loan.
- Having arrears on other loan products.
- Poor repayment history.
- Presentation of forged documents amongst others.
What are the available channels for loan repayment/deposit payments?
- Through the check off system – deduction by the employer.
- Bank standing order.
- Direct debit.
- Cash payments through the FOSA or the Sacco’s bank account at the Cooperative bank.
- MPESA Pay bill Number 854845.
What is FOSA?
FOSA (Front Office Services Activity) is a SACCO product that offers basic banking services similar to those offered by commercial banks. However, FOSA is not a clearing agent with Central Bank of Kenya (CBK) and therefore clears cheques through other commercial banks.
How can I make payments/deposits to the FOSA?
The Sacco offers the following modes of payments;
- MPESA via pay bill number 854845- the a/c number is your membership number.
- By use of your SACCO Link ATM card at CO-OP BANK outlets- Coop Kwa Jirani
- Making direct deposits at our FOSA banking hall.
What is the difference between FOSA shares and BOSA shares?
While BOSA shares are used as security for BOSA loans, FOSA Share are used as secure for FOSA Loans.
How does the Sacco Insurance work?
The Sacco has insured members’ deposits and loans. The insurance benefits are as below:
In the unfortunate death of a member the insurance covers the following:
- 100,000.00 is paid to the next of kin for burial expenses.
- The deceased member’s outstanding loans are cleared if they were in performing status.
- Two times the members deposits are paid to the nominee(s).
When a member has total and permanently disability:
- All outstanding loan(s) is/are cleared by the insurance if they were in performing status.
- Deposits & other savings refunded on request.
Ports Sacco Branches and Contacts
Main Office
We are located along Mwakilingo Street Mombasa. Send us a message or email and we will respond as soon as possible.
Our Contacts
+254 111 173 000
info@portsacco.co.ke
Opening Hours
Monday – Friday: 08:30 AM – 04:00 PM
Saturday: 09:00 AM – 12:00 PM
Sunday: Closed
Nairobi Branch
KPA-ICD, ICD Road off Mombasa Road, Nairobi.
info@portsacco.co.ke
+254 111 173 000
Voi Branch
Potters House Complex, Ground Floor, Voi
info@portsacco.co.ke
+254 111 173 000
Kisumu Branch
Swan Center, Ground Floor, Oginga Odinga Street, Kisumu
info@portsacco.co.ke
+254 111 173 000