Safaricom Sacco Membership Requirements, how to join, Loans, Saving Products, Paybill and Customer Care Contacts

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Safaricom Sacco is one of the best Saccos to join in Kenya. Their dividends range between 13% and 18% of the amount you invest in shares. If you invest Ksh 1 million, you will earn dividends of Ksh 100,000 to Ksh 180,000 annually.

Below we provide key information about the Sacco:

How to become a member of Safaricom Sacco

Requirements: Individual (ALPHA Membership)

  • Membership fees is Kshs.1,000. This is deducted from the Salary with the first deduction or pay at the point of registration.
  • Minimum monthly deposit contribution is Kshs 3,000.00.
  • Minimum Share Capital is 400 shares equity @ Kshs.100 equal to Kshs.40,000 (To pay within 12 months year 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 & short term loans 3 months.
  • Monthly Contributions acceptable through any mode of payment i.e. Standing Orders, Payroll Deductions from employer, Cheques, Over the counter deposits & M-PESA

Requirements: Chama/Corporate/SME/Investment Groups (OMEGA Membership) Corporates

  • Membership Fee: Kshs.2,000.
  • FOSA Monthly minimum deposit: Kshs.5,000.
  • Minimum account balance: Ksh.5,000.
  • Minimum Shareholding :Ksh.20,000.
  • Loan eligibility upto Ksh.3M for ONLY registered Companies.

Chamaz

  • Membership Fee: Kshs.2,000.
  • FOSA Monthly minimum deposit: Kshs.5,000.
  • To raise 20% deposit in case of loan request
  • Minimum Shareholding :Kshs. 10,000
  • Loan eligibility upto Ksh.3M for ONLY registered Chamaz / Investment Groups

How to exit Safaricom Sacco

Should a member wish to withdraw from the Sacco the exit procedure is as below:

  • Fill in an exit withdrawal form
  • If you are a member withdrawing from the society and have guaranteed , the guarantor should find an alternative guarantor replacement
  • Deposits refunded within 60 days
  • Member may opt to retain shares or sell/transfer to an existing member.

Safaricom Sacco Customer Care Contacts

Mail Us: sacco@safaricom.co.ke

Phone Us: (+254) 0111 222 226 |(+254) 0111 222 227

Address P.O. Box 2392– 00606, SARIT CENTER.

Visit Us: Westlands | Safaricom Care Centre (SCC) First Floor

The Contact Centre may be reached via the below: –
Finance 0111222224
Credit 0111222225
Credit Control 0110000044
Customer Service 0111222226
Customer Service 0111222227
Customer Service 0110000022
ICT 0111222228

Safaricom Sacco joining fee

Joining fee :Ksh 1,000

Safaricom Sacco minimum monthly contribution

Minimum monthly contribution: Ksh 3,000

For how long should I save in order to qualify for a loan?

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

What is the Savings ratio to Loan borrowing?

The ratio is 1:3 , meaning your total Sacco loans should not exceed 3 times of your savings

What type of security do I need when applying for a Sacco Loan?

You need to have a Guarantor if borrowing over and above your savings. Currently, the Sacco has also opened up to other forms of security e.g. Tittle Deeds, Logbooks.

Deposits Products

Benevolent Account

Every member must be assured of dignified sendoffs collectively with close relatives upon demise. Likewise, application is voluntary for
willing members; its aim is to cushion bereaved members during funeral arrangements.

Terms & Conditions  :

  • Claims: The maximum number of claims payable in
    any cover period is 5.
  •  Waiting period for eligibility of nuclear family is one
    month and for dependents is 2 months
  • Policy Term: The policy
    shall be no withdrawal or surrender
    benefit
  • Claims Processing: In event a claim is filed, it shall be
    processed within 48 Hours of the insurer being
    notified and the necessary documentation being
    submitted by the claimants
  •  No refund shall be applicable in case you do not
    get a misfortune
  • All premiums shall be paid to Safaricom SACCO
  • All claims shall be processed on member’s behalf by
    Safaricom SACCO Ltd
  • Terms and conditions are subject to change
    periodically at the discretion of the insurer
    depending on performance of the product Qualifies
    members to guarantee loans

Deposits Account

DEPOSIT CONTRIBUTION

This is the monthly deposit made by a member against which they take loans, guarantee loan
and earn interest at the end of the year.

Features

  • Minimum contribution per month Kshs 3,000
  • All active accounts earn rebates
  • Qualifies members to borrow up to 3 times deposits
  • Qualifies members to guarantee loans

Safaricom Sacco Savings Products

Savings / Salary Account

This is a transactional account in FOSA. Members are able to process their Salary through the SACCO

Features :

  • Bankers’ Cheques Available
  • EFT Transfers from FOSA to any local Bank
  • VISA branded ATM debit card.
  • Salary Processing Fee @ KShs.100
  • Internal Standing Orders
  • Online Statements
  • Access to Rununu Advance (*345#)
  • KONA Advance
  • Minimum Account Balance KShs. 500

Junior’s Account

This is a vibrant account for members’ children aged below 18 Years of Age. The SACCO enables the parents to inculcate a savings
culture to the young ones at a petite age.

Features :

  • Bankers’ cheques available from the account to
    pay for school fees etc.
  •  Lipa na M-PESA option for consistent savings
  •  Annual fun day for the Kids
  • Free Giraffe / Home Bank
  •  5% Interest p.a. on savings above KShs.10,000.00
  •  Can be used as collateral

JAZA JAZA Account

This account enables members to save for a short period and get a competitive return, as withdrawal from the account is
Twice in a year!

Features :

  • Biannual withdrawal
  • Minimum Account Balance Kshs. 3,000
  • Earns 4.5% interest p.a

Holiday Account

This account is for all members, to Save and Travel to see the world! Once in a while, we partner with suppliers who give us
unbeatable rates and enable members’ travel anywhere they want to go.

Features

  • Plan for your Holiday through a savings plan
  • Lipa na M-PESA option for consistent savings
  • Cheques / Physical Cash
  • Statements available online
  • Competitive interest rates
  • Biannual withdrawal @ 4.5%

Corporate Account

This is an Investment Account for Corporates / Chama / SME. Members with Businesses can open an account and better
manage their Finances and also enable track the performance of their Businesses /Merry Go Rounds

Features : 

  •  Investment/Business Account
  • Lipa na M-PESA option for consistent savings
  • Credit facilities available up to 5 times Deposits
  • Cheques / Physical Cash
  • Statements available online

Long Term Loan Products

Fanikisha Loan

Product Description

This product is intended to empower members undertake development projects with long-term benefits e.g. Residential & Commercial buildings, Business ventures and other investments.

Product Features.

  • Loan issued at 5 times of one’s deposits
  • Repayment- 96 months
  • Interest rate- 1% p.m. on reducing balance
  • Guarantors and acceptable collaterals required.
  • Maximum Loan- Kshs.30M
  • Refinancing/ Loan top up facility available
  • 0.5% refinancing/consolidation fee.
  • Disbursed within 5 days
  • Any amount above Kshs.10m to be secured by a collateral
  • Terms and conditions on self- guarantee apply

Development Loan

Product Description

This product is intended to empower members undertake development projects with long-term benefits e.g. Residential & Commercial buildings, Business ventures and other investments.

Product Features.

  • Loan issued at 4 times of one’s deposits
  • Repayment- 84 months
  • Interest rate- 1% p.m. on reducing balance.
  • Guarantors and acceptable collaterals required.
  • Maximum Loan- Kshs.30M
  • Refinancing/ Loan top up facility available
  • 0.5% refinancing/consolidation fee.
  • Disbursed within 5 days.
  • Any amount above Kshs.10m to be secured by a collateral.
  • Terms and conditions on self- guarantee apply.

Premium Loan

Product Description

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- 60 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 5 days
  • Terms and conditions on self- guarantee apply

Asset Finance Loan

Product Description

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- Kshs. 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

Land Loan

Product Description

This product is facilitated by the Sacco to empower members own a piece of land. The Sacco has done various projects from Karen, Kitengela, Katani-Syokimau, Rongai, Mtwapa just to mention but a few.

Product Features

  • Loan issued 3 times 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

Ustawi Loan

Features

  • Loan issued at 10 times of the members savings.
  • Interest Rate – 12% p.a. on reducing balance.
  • No Guarantors required.
  • Loan repayment period is 20 years (subject to retirement age & the terms of Employment)
  • Loan Recovery will be via checkoff.
  • The loan security will be a title deed/Sub Lease.
  • Minimum value Kes.1.5M
  • Maximum Loan Kes.20M
  • Financing available at 105% of Mortgage value.
  • Mortgage buy-off available.
  • Refinancing other loans shall not be allowed.
  • Processing fee of 0.5%
  • SLA within 90 days.
  • All related fees shall be included on the application and the member’s deposits used as security for the same (the respective deposits will then be held in lien)
  • The offer shall only be available for ready houses.
  • A member must have saved with the Sacco for 6 months to qualify for the facility.

KMRC MORTGAGE (FARAJI READY HOMES & CONSTRUCTION LOAN)

Features

Product Features

  • Loan Issued: 10 times of member’s deposits
  • Repayment period – 25 Years (300 months (10years for business income))
  • Interest rate 8% pa ready homes & 9% p.a Construction
    loan.
  • Maximum amount – Kshs. 10,500,000
  • A 0.5% processing fee charge on the loan issued.
  • Financing: up to 105% of the Mortgage value
  • Buy off Mortgage from Bank.

QUALIFYING CRITERIA:

Salaried / employed borrowers:

  • Be confirmed for permanent employment in their present positions.
  • Must open/maintain accounts with the Sacco where the employer will channel the salary.
  • Last repayment date shall not exceed the retirement age.
  • Loan repayment must be on check off
  • Proof that the borrower can meet the financing and other related costs e.g. stamp duty, lawyers’ fee, valuation reports etc.

QUALIFYING CRITERIA:

Self-employed borrowers:

  • A professional, consultant, business owner who earns a regular monthly (and can demonstrate proof of such).
  • In any other occupation with a verifiable stable long-term income source.
  • Verifiable income from legal businesses is acceptable.
  • Bank or FOSA statements for the last 6 months before application.
  • Must have saved with the Sacco for 6 months.

Short Term Loans

FOSA Silver Advance

This facility enables salary account holders to top up their Advance loans and access more money, repayable over a longer period.

Features :

  • Repayment – 6 months
  • Interest Rate – 5%p.m on reducing balance.
  • Maximum Loan is 4 times Net Salary
  • Payable through FOSA salary accounts.
  • Secured against the salary – No Collateral.
  • Terms and Conditions apply
  • Disbursed within an hour of application

Emergency Loan

This facility is for members to enable them sort out any unexpected emergencies.

Features :

  • Loan issued at 3 times of one’s deposits.
  • Repayment – 12 months
  • Interest Rate – 1%p.m on reducing balance
  • Maximum Loan – 1M
  • Self-guarantee subject to 1/3rd of the loan
    applied.
  • No supporting document required for the
    Emergency
  • Terms and Conditions apply.
  • Disbursed within an hour of application.

Insurance Premium

This is a facility is offered by the SACCO for financing Insurance premiums including Life policies, Education policy, Domestic and Car
Insurance.

Features :

  • Loan issued at 3 times of one’s 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.

Business Loan

SACCO Members should own businesses. This Facility intends to encourage members to own business either as groups or as individuals.

Features :

  • Loan issued 5 times Chama savings.
  • Savings locked as collateral.
  • Repayable in 24 months
  • Interest @ 1.5% pm on reducing balance
  • Collaterals like title deed, log book accepted.
  • Available to individual, 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 3M
  • Terms and Conditions apply
  • Disbursed within an hour of application

Smart Home Loan

This product provides financing to members to equip their homes with quality appliances, house furniture, car accessories, Phones, Tanks
etc. from selected reliable suppliers.

Features :

  • Loan issued at 3 times of one’s deposit
  • Repayment – 12 Months
  • Interest rate- 1% p.m. on 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

Listed Suppliers
Anisuma, Hotpoint, Samsung, Safaricom Ltd, CIC
Insurance, Top Tank, Roto Tank, Oriel Monroe, Team
Magic, Robert Bosch, Mabati Rolling, Text Book Centre
and Victoria Courts.

Pamoja Loan

Features :

  • Interest rate – 0.8 % pm on reducing balance.
  • Maximum amount – Ksh.1 M
  • Repayment period 12 months

Qualifying Criteria

  • Member should have saved consistently for at
    least 3 months
  • Open to all members

Mobile Loans

Rununu Advance

Rununu Advance empowers members who have emergencies to sort out within 5 Mins by applying for the advance through our SafCIRI App &  USSD *345#. Only Members Who have their Salaries processed through the Sacco qualify to get the advance.

Kona Advance

Kona Advance empowers members who have emergencies to sort out by applying for KONA advance through our SafCIRI APP & USSD *345#|Option 5 Loan. 

Maximum Loan Limit Kes.200,000

  • Loan issued to members who have attained the minimum share capital of Kes.40,000
  • The Loan is payable within 3 months. However, members can repay anytime before the 3 months tenure.
  • No Guarantors required.
  • Issued at 3% pm for the first 2 months
  • The interest shall be recovered upfront for the first month
  • An interest of 5% shall be charged upon roll over on the third month.
  • Loan issued within x5 of deposits.

Safaricom Sacco Mpesa Paybill Number and how to pay money via Mpesa

M- Pesa Procedure for remitting Savings/Contribution/Deposits

  • Go to M-Pesa Menu Lipa Na M-Pesa
  • Select Paybill
  • Enter Business number 505100
  • Enter Account Number (Members ID/PP No Use the one used as registration for
  • SACCO) – For Example – 2345678D (The ‘D’ after Id number is for deposit)
  • Enter Amount Enter Pin
  • Confirm Pin
  • Wait for M-Pesa to respond

Then you get confirmation from Safsacco

M- Pesa Procedure for remitting Share Capital

  • Go to M-Pesa Menu Lipa Na M-Pesa
  • Select Paybill
  • Enter Business number 505100
  • Enter Account Number (Members ID/PP No Use the one used as registration for
  • SACCO) – For Example – 2345678S (The ‘S’ after Id number is for Shares)
  • Enter Amount Enter Pin
  • Confirm Pin
  • Wait for M-Pesa to respond

Then you get confirmation from SAFSACCO

M- Pesa Procedure for remitting Loan Repayment

  • Go to M-Pesa Menu Lipa Na M-Pesa
  • Select Paybill
  • Enter Business number 505100
  • Enter Account Number (Members ID/PP No Use the one used as registration for
  • SACCO) – For Example – 2345678Dev (The ‘Dev’ after Id number is for Development loan) See codes below for other loans
  • Enter Amount Enter Pin
  • Confirm Pin
  • Wait for M-Pesa to respond

Then you get confirmation from SAFSACCO

 Loan Paybill Keywords    
 CHOOSE KEYWORD ON    
 M-PESA MENU AFTER    
 KEYING IN ACCOUNT    
 NUMBER (ID/PP NUMBER) SHORT CODE FOR;  
 ADV ADVANCE LOAN 
 CAR CAR LOAN 
 COLL COLLEGE LOAN 
 CON CONSOLIDATION LOAN 
 D DEPOSITS/SAVINGS 
 DEV DEVELOPMENT LOAN 
 EMER EMERGENCY LOAN 
 HSE HSEHOLD LOAN 
 INST INSTANT LOAN 
 INSU INSURANCE LOAN 
 IPO IPO LOAN 
 LAND LAND LOAN 
 LAP LAPTOP LOAN 
 MID MID YEAR LOAN 
 PER PERSONAL LOAN 
 PHONE PHONE LOAN 
 PREM PREMIUM LOAN 
 S SHARES 
 SCH SCHLOAN 
 SILVER SILVER LOAN 
 SUPA SUPA LOAN 
 VIJANA VIJANA LOAN 
 XMASS XMASS LOAN 

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