Below is important information about Bingwa Sacco:
Investment Products
Fixed Deposits
Secure your future with a fixed deposit account offering a high growth potential for your money with guaranteed returns. Our fixed deposit account is an investment account that requires a fixed amount of money to be invested for a fixed period at a fixed rate of interest.
Features
- No monthly management fee is charged, which means your savings do not get depleted by bank charges
- There is no maximum balance.
- Funds are available on maturity
- The deposit amount is fixed during the investment period
- The interest rate remains constant during the investment period, and is paid on maturity
- Fixed investment periods range from 30 days up to 1 year extendable on request upto 5 years
BENEFITS
- Access to personal loans with the balance in the Fixed Deposit Account as security.
- Start saving with us from as low as KES 10,000
- Attractive returns with complete security and competitive interest rates.
- You can reinvest your intrest on maturity
Requirements
- Be a member of the Sacco
- Have funds in your savings/business/group account
- We will atach a fixed deposit account to the provided account on fully filled and signed fixed deposit form
- Get your Fixed deposit certificate
Shares and Deposits
Features
- Become a Shareholder of a fast growing Sacco
- Attractive dividends and intrest
- Minimum shares – Ksh 5,000 per member (Can be grown over time Ksh 200 is a must)
- Minimum deposits – Ksh 2,000 per member (Can be grown over time )
- Maximum shares – 20% of total share capital
- Shares are transferable to other members upon exit from the Sacco
- Deposits are refundable upon notification in wrting
BENEFITS
- Free transactions
- High Interest and dividends payable every year
- You become part of the shareholders
- You qualify for a loan upto 10X your shares and deposits subjet to the credit policy
Requirements
- Be a member of the Sacco
For more information enquire from the nearest branch or wite to us.
How to Open an Account at Bingwa Sacco
Children Account
Features
- Account for customers aged 18 years and below
- Mpesa deposits using paybill number 400200
- No Operating balance
- Free cash deposit
- Limited and Free withdrawals
- No ledger Fee
BENEFITS
- Free transactions
- Interest earning
- Competitive rate of interest
- Free bankers Cheque for Fees
- Free intra-account transfer
- Coin bank available with a minimum balance of Kshs 1200
- Annual fun day for Junior Account savers
Requirements
- A duly completed account opening form.
- Parent’s or guardian’s original ID Card
- Copy of birth certificate of the child or notifcation
- Zero opening balance
- Low Minimum operating balance
- Passports Photos (Can be taken at the Branch for Free)
Corporate and Institution Accounts
Features
- Account for customers aged 18 years and above
- Mpesa deposits using paybill number 400200
- Personal Cheaque Book available on request
- Internal Cheaque Book available
- Free cash deposit
- Unlimited withdrawals
BENEFITS
- Unlimited transactions
- Interest earning
- Home banking available
- Low charges for withdrawals
- Multiple uses for the account
- Accessible via debit card and can be funded through the debit card
Requirements
Individuals:-
- Original ID Card as well as a copy
- Minimum opening balance of Ksh 200
- Minimum operating balance of KES 500
- Passports Photos (Can be taken at the Branch for Free)
Registered Businesses Companies and Partnerships:
- Copy of ID for each signatory for companies
- KRA PIN Certificate of the Company and Directors
- Originals and copies of Memorandum and Articles of Association, Registration Certificate and Directors’ Resolution to open an account with Bingwa Sacco for companies
- CR12 for companies
CHAMA ACCOUNT
Features
- Account for customers in groups of 5 or more
- Mpesa deposits using paybill number 400200
- Operating balance of atleast 500
- Free cash deposit
- Regualted withdrawals per the groups wishes
- Free Standing orders from members to group accounts
- No ledger Fee
BENEFITS
- Competitive interest rates on savings
- No minimum monthly contribution once account is operational
- Access to individual loans for group members against chama account
- Group Loan can be advanced up to 5 times the groups savings
- Free standing orders to the Chama savings account for Sacco Members
- Members can individually access loans
- Free members education on sacco products as well as consultancy
- Access to Fosa cheque books and bankers cheques
Requirements
- A duly completed account opening form.
- Two coloured Passport Size Photographs of the main signatories
- Original National Identity Card or leal form of identification
- Minutes appointing signatories to the account and list of members and their roles and signatures
- If registred provide a certified copy of the registration certifcate from social services or come with original
Ordinary Savings Account
Features
- Mpesa deposits using paybill number 400200
- No Operating balance
- Free cash deposit
- Access to Loan facilities
- Unlimited withdrawal
- No ledger Fee
BENEFITS
- Internal Cheque book provided on request
- Interest earning threshold of Kshs 5,000/-
- Competitive rate of interest
- VISA branded with Chip ATM card available
- Transaction via mobile phone upon registration at the branch
Requirements
- ID card/passport
- 200/= for membership
Bingwa Sacco Loans
Development Loans
Features
Have maintained an active account with Bingwa
Savings of not less than minimum required
Loan term is up to 5 years.
Provide security. Security options include:
- Land Titles
- Sacco Deposits
- Guarantors
- Certified fixed deposits
- Movable assets acceptable as security by the Sacco.
BENEFITS
- Reducing Balance Interest rate
- No hidden Charges
- Fast Processing
- Flexible repayment
- Clear Terms and Conditions
Requirements
- You need to be a Sacco member.
- A duly completed loans application form
- Original ID Card as well as a copy
- Loan Documents needed to complete the application
- Shares and Deposits
School Fees Loans
Features
- No maximum amount
- Repayment period – 12 months
- Interest rate on a reducing balance
- Fees structure should be attached as proof of school fees
- Cheques are raised in the name of the school where applicable
- Only one school fees loan may be granted at any one time
BENEFITS
Reducing Balance Interest rate
No hidden Charges
Fast Processing
Flexible repayment
Clear Terms and Conditions
Requirements
- You need to be a Sacco member (Open an account if not yet a member).
- A duly completed loans application form
- Original ID Card as well as a copy
- Loan Documents needed to complete the application
- Shares and Deposits
Loans Available
- School Fees Loan payable within 1 year
- Higher Education Loans to facilate purchase of items such as laptops, and pay the semester fee
Emergency Loans
eatures
Have maintained an active account with Bingwa
Maximum Amount – 3 times member’s savings
Loan term is up to 12months.
Provide security. Security options include:
- Land Titles
- Sacco Deposits
- Guarantors
- Certified fixed deposits
- Movable assets acceptable as security by the Sacco.
BENEFITS
- Reducing Balance Interest rate
- No hidden Charges
- Fast Processing
- Flexible repayment
- Clear Terms and Conditions
Requirements
- You need to be a Sacco member.
- A duly completed loans application form
- Original ID Card as well as a copy
- Loan Documents needed to complete the application
- Shares and Deposits
Salary Loans
Features
Top-ups available upon request
Monthly loan repayment with duration of up to 60 months (84 months Negotiable)
Insurance cover against death and permanent disability
Competitive interest rates charged
Security for loans above 2 Million may be required based on employer terms. Security options include:
- Land Titles
- Sacco Deposits
- Guarantors
- Certified fixed deposits
- Movable assets acceptable as security by the Sacco.
BENEFITS
- Check off facility available to goverment/county employess, TSC and where the sacco has an agrreement with the employer:- Kiriwasaco, Kirinyaga University
- Reducing Balance Interest rate
- No hidden Charges
- Fast Processing
- Flexible repayment
- Clear Terms and Conditions
- Your salary is the security
Requirements
- You need to be a Sacco member (Open an account if not yet a member).
- A duly completed loans application form
- Original ID Card as well as a copy
- Two Payslips with the current a must or a letter from employer with employment terms
- Loan Documents needed to complete the application
- Shares and Deposits atleast 10% or per the salary loan policy being applied
Loans Available
- Salary 1-2 Month(s) advance – Salary must pass through Bingwa
- Salary Advance repayment upto 36 months – Salary must pass through Bingwa period can extend to 60 months
- CheckOff Salary advance with 84 months repayment extendable on request
- Special Salary advance for those with check off facilty and salary passes through Bingwa
Business Loans
eatures
- No maximum amount
- Repayment period from as low as 1 month to 72 months
- Interest rate on a reducing balance
- The debt service ratio is 50%
- Available to new and existing businesses
BENEFITS
- Reducing Balance Interest rate with Competitive rates
- No hidden Charges
- Fast Processing
- Flexible repayment
- Clear Terms and Conditions
Requirements
- You need to be a Sacco member (Open an account if not yet a member).
- A duly completed loans application form
- Original ID Card as well as a copy
- Proof of registration of the business
- Borrowing powers where applicable
- Operate the account atleast 3 months or provide proof of cashflows
- Attach required documents and provide security as required
Loans Available
- Biashara Loan
- Mama Mboga loan
- Boda boda Loan
- Asset financing
Women Enterprise Fund
Features
- Maximum amount determined from time to time
- Repayment period from as low as 1 month to 36 months
- Interest rate on a reducing balance
- The debt service ratio is 50%
- Available to women as groups and individuals
BENEFITS
- Reducing Balance Interest rate with Competitive rates
- No hidden Charges
- Fast Processing
- Flexible repayment
- Clear Terms and Conditions
Requirements
- You need to be a SACCO member (Open an account if not yet a member).
- A duly completed loans application form
- Original ID Card as well as a copy
- Proof of registration of the business or permit
- Borrowing powers where applicable
- Operate the account atleast 1 month or provide proof of cashflows
- Attach required documents and provide security as required
GROUP LOAN
Features
- Maximum amount determined x 4 of savings.
- Repayment period from as low as 1 month to 36 months
- Interest rate on a reducing balance
- The debt service ratio is 50%
- Saving and training for 6-8 weeks before borrowing
BENEFITS
- Reducing Balance Interest rate with Competitive rates
- There is co-guarantor ship by group members
- Fast Processing
- Flexible repayment
- Clear Terms and Conditions
Requirements
- Group need to be a SACCO member.
- A duly completed loans application form
- Group members should be 18 years and above with a national ID or passport.
- Group constitution.
- Group minutes.
- Certificate of registration.
- Attach required documents
CHECKOFF LOAN
eatures
- Maximum amount determined x 10 of savings.
- Repayment period from as low as 3 months to 84 months (Negotiable)
- Interest rate on a reducing balance
- 2/3 rule applies
BENEFITS
- Reducing Balance Interest rate with Competitive rates
- Regular Savings programme to boost your shares on monthly basis
- Fast Processing
- Flexible repayment
- Clear Terms and Conditions
Requirements
- 3 certified,current payslips.
- A duly completed loans application form and signed by the employer
- Employer has signed an MOU with the SACCO
Mobile Banking
Mobile Banking Solution available is partnered with Cooperative Bank to help in accesing your account Securely and Conveniently.
Mobile Banking Channel
Access your Account through our mobile banking platform through these two channels:
1. Mobile Banking – USSD
You will be required to complete an application form in order to be set up on the service.
To activate mobile banking dial *667*2# or *557*2# and enter your PIN.
With mobile banking you can:
- Transfer of funds from your Bingwa Sacco Account to any MPESA subscriber
- Fund your Sacco account via MPESA using Bingwa Sacco PayBill 765244 or use Coop to Sacco Paybill 400200
- Check Balance
2. MCOOP CASH APP Application – SACCO OMNI
The Mobile Banking App owned by Cooperative Bank available on Android and IOS. It has exciting features that make your banking experience with Bingwa Sacco fast and convenient. Enjoy the following features when you download the App
- Quick balance display for accounts
- ATM locater information
- M- PESA service that is linked to phone address book
- Send Money to Mpesa
MPESA PAYBILL DEPOSIT PROCEDURES – PAYBILL 765244
Depositing to account through M-PESA Paybill is Free and Fast, Enjoy instant deposit to your saving and investment accounts from the comfort of your home
Using Identification Number
When using identification Number ensure it is th one used to register with us
SEND MONEY TO YOUR SAVINGS ACCOUNT
Cash Deposit Using Identification Number
- Go to MPESA
- Select Lipa Na MPESA
- Select PAYBILL
- Enter business number 765244
- Enter account number IDNO or PASSPORTNO OR MEMBERNO.
NB: Remember to put correct Identification Number
- Enter amount.
- Enter your MPESA pin.
- Okay
INVESTMENT THROUGH MPESA
Sacco Shares Using Identification Number
Invest in shares, they are payable dividends but transferable
- Go to MPESA
- Select Lipa Na MPESA
- Select PAYBILL
- Enter business number 765244
- Enter account number IDNOS1 or PASSPORTNOS1 or MEMBERNOS1
NB: Remember to put correct Identification Number & Add S1
- Enter amount.
- Enter your MPESA pin.
- Okay
Sacco Deposits Using Identification Number
Invest in Deposits, they are payable interest annually and are refundable and can be used to guarantee loans
- Go to MPESA
- Select Lipa Na MPESA
- Select PAYBILL
- Enter business number 765244
- Enter account number IDNO or PASSPORTNO.
NB: Remember to put correct Identification Number & Add S2
- Enter amount.
- Enter your MPESA pin.
- Okay
Using Account Number
When using Account Number use the correct account details, if not sure consult us through +254725713471
SEND MONEY TO YOUR SAVINGS ACCOUNT
Cash Deposit Using Account Number
- Go to MPESA
- Select Lipa Na MPESA
- Select PAYBILL
- Enter business number 765244
- Enter account number Account
NB: Remember to put correct Account
- Enter amount.
- Enter your MPESA pin.
- Okay
INVESTMENT THROUGH MPESA
Sacco Shares Using Account Number
Invest in shares, they are payable dividends but transferable
- Go to MPESA
- Select Lipa Na MPESA
- Select PAYBILL
- Enter business number 765244
- Enter account number SHARES ACCOUNT
NB: Remember to put correct Account
- Enter amount.
- Enter your MPESA pin.
- Okay
Sacco Deposits Using Account Number
Invest in Deposits, they are payable interest annually and are refundable and can be used to guarantee loans
- Go to MPESA
- Select Lipa Na MPESA
- Select PAYBILL
- Enter business number 765244
- Enter account number Depoists Account
NB: Remember to put correct Account
- Enter amount.
- Enter your MPESA pin.
- Okay
MPESA PAYBILL DEPOSIT PROCEDURES – PAYBILL 400200
Depositing to account through M-PESA Paybill is Free and Fast, Enjoy instant deposit to your saving and investment accounts from the comfort of your home
Using Identification Number
When using identification Number ensure it is th one used to register with us
SEND MONEY TO YOUR SAVINGS ACCOUNT
Cash Deposit Using Identification Number
- Go to MPESA
- Select Lipa Na MPESA
- Select PAYBILL
- Enter business number 400200
- Enter account number 3375#IDNO or 3375#PASSPORTNO.
NB: Remember to put correct Identification Number
If your Account number is 1234567
Account will be 3375#1234567
- Enter amount.
- Enter your MPESA pin.
- Okay
INVESTMENT THROUGH MPESA
Sacco Shares Using Identification Number
Invest in shares, they are payable dividends but transferable
- Go to MPESA
- Select Lipa Na MPESA
- Select PAYBILL
- Enter business number 400200
- Enter account number 3375#IDNOS1 or 3375#PASSPORTNOS1
NB: Remember to put correct Identification Number & Add S1
If your Account number is 1234567
Account will be 3375#1234567S1
- Enter amount.
- Enter your MPESA pin.
- Okay
Sacco Deposits Using Identification Number
Invest in Deposits, they are payable interest annually and are refundable and can be used to guarantee loans
- Go to MPESA
- Select Lipa Na MPESA
- Select PAYBILL
- Enter business number 400200
- Enter account number 3375#IDNO or 3375#PASSPORTNO.
NB: Remember to put correct Identification Number & Add S2
If your Account number is 1234567
Account will be 3375#1234567S2
- Enter amount.
- Enter your MPESA pin.
- Okay
Using Account Number
When using Account Number use the correct account details, if not sure consult us through +254725713471
SEND MONEY TO YOUR SAVINGS ACCOUNT
Cash Deposit Using Account Number
- Go to MPESA
- Select Lipa Na MPESA
- Select PAYBILL
- Enter business number 400200
- Enter account number 3375#Account
NB: Remember to put correct Account
If your Account number is 4107-007-00001
Account will be
3375#410700700001
- Enter amount.
- Enter your MPESA pin.
- Okay
INVESTMENT THROUGH MPESA
Sacco Shares Using Account Number
Invest in shares, they are payable dividends but transferable
- Go to MPESA
- Select Lipa Na MPESA
- Select PAYBILL
- Enter business number 400200
- Enter account number 3375#AccountS1
NB: Remember to put correct Account & Add S1
If your Account number is 4107-007-00001
Account will be
3375#410700700001S1
- Enter amount.
- Enter your MPESA pin.
- Okay
Sacco Deposits Using Account Number
Invest in Deposits, they are payable interest annually and are refundable and can be used to guarantee loans
- Go to MPESA
- Select Lipa Na MPESA
- Select PAYBILL
- Enter business number 400200
- Enter account number 3375#AccountS2
NB: Remember to put correct Account & Add S2
If your Account number is 4107-007-00001
Account will be
3375#410700700001S2
- Enter amount.
- Enter your MPESA pin.
- Okay
Bingwa Sacco Customer Care Contacts
Bingwa Sacco Ltd
434 -10300, Kerugoya
info@bingwasacco.coop
+254 725 713 471
+254 707 069 180
Customer Care Desk: +254 799 979 535
Mon – Friday 8:30 to 16:00
Saturday 8:30 to 12:00
Holidays & Sundays: Closed
