Below are important details to know about Defense Sacco:
1. How do I become a Member?
To become a member, fill an application form which can be downloaded and printed or get a hard copy from Pay Offices, welfare Office and Unit Chief Clerk.
2. What is the minimum monthly contribution?
Minimum Monthly Deposits Contribution is Kshs 3500.
3. How much is the share capital amount?
Share Capital is Kshs. 20,000.
4. Who is eligible to join Defence Sacco?
Membership Eligibility to Defence SACCO is open to all Uniformed Serving and retired Personnel.
5. What is the sink fund amount?
Sink Fund is Kshs 300.
6. How can i contact the sacco for assistance?
Our contact are:
Address: P.O BOX 40668 – 00100 Nairobi Kenya
Telephone: +254 79 3281989
Email: contactus@defencesacco.com.
7. What are the benefits of being the member of the sacco?
An opportunity to save and access affordable loans at only 1% p.m.
5. What are the available mobile loans?
Okoa Cash.
Salary Advance.
Salary in Advance.
Long Term Loans
Development Loan
Affordable credits to support a member take that next step in growth. Such as construction,farming etc
Repayment period of 48 months
Interest rate per month 1.0% on reducing balance
Product features
Deposits X 4
Loan Application & Processing Fee 1%
Personal Loan
Credit facility designed to support each member’s unique financial needs
Repayment period of 36 months
Interest rate per month 1.0% on reducing balance
Product features
Deposits X 3
Loan Application & Processing Fee 1%
Premier Loan
Loan facility tailor-made for members who need additional financing for a longer period
For super savers members with shares of not less than Kshs. 500,000
Repayment maximum period of 72 months
Minimum monthly deposit contribution of Kshs. 5,000
Interest rate per month 1% on reducing balance
Product features
Deposits X 4
Loan Application & Processing Fee 1%
3 Guarantors
FOSA Personal Loan
Unsecured loan available to members who have channeled their salaries through DESACCO FOSA for at least 3 months
The maximum repayment period is 36 months
Interest rate of 12.5% p.a. reducing balance
The member must have fully paid up the minimum share capital
One must be a member for at least 6 months in order to qualify
Members who take up this product must have minimum monthly contributions of KShs 5,000.00
Maximum loan amount is Kshs. 600,000
25% of the Loan amount shall be retained as member’s deposits
Only given on check off basis
Fully guaranteed
Sharia Loan
Maximum loan amount is 2 times members’ deposits.
Loan maximum repayment period is 36 Months
Zero interest and zero processing fee is charged on this loan
Minimum monthly contribution of Kshs. 5,000 and Kshs. 10,000 for loans above Kshs. 450,000 and Kshs. 1,000,000 respectively.
Members who apply for this loan are not eligible to get dividends and interest on deposits
Monthly account maintenance fees of KShs. 1000 (will be reviewed annually)
Members to save for at least 12 months before borrowing, with no shareboosting
Short Term Loans
Okoa Cash
A maximum of KES 30,000.
The amount is repayable in two month
Interest is charged upfront
Accessible mobile phone app or USSD *515#
Salary in advance
– Maximum amount to be advanced capped at 300,000
– Maximum repayment period of 6 Months
– The FOSA account should be active with salary processed for at least 3 months
– Instant automated disbursement
– Accessed using mobile app or USSD code *515#
– Top up not available for this product
Salary advance
Maximum repayment period of 1 month
The FOSA account should be active with salary processed at least 1 month
Instant automated disbursement
Accessed via mobile app or USSD code *515#
Top up not available for this product
Karibu Loan
Eligible to all new members
Interest is 1% per month.
Maximum loan amount is KShs100,000
1/3rd of the loan amount applied will be used to boost shares
Maximum repayment period 12 months
Elimu Loan
Credit facility to assist a member pay school fees in various learning institutions
Repayment period of 12 months
Interest rate per month 1.0% on reducing balance
Product features
Maximum amount Kshs. 150,000.00
Loan Application & Processing Fee 1%
Disbursement of funds to the respective education institution at a fee of Kshs 100.00
Sharia Emergency Loan
Maximum loan amount KShs100,000
Maximum repayment period 12 Months
Zero interest and zero processing fee is charged on this loan
Monthly account maintenance fees of Kshs. 1000 (will be reviewed annually)
Members who apply for this loan are not eligible to get dividends and interest on deposit
Members to wait for at least 6 months before borrowing, with no shareboosting
Pension Advance Loan
Credit facility designed to support Veteran’s unique financial needs
This service will be available to veterans who have subscribed after they begin receiving monthly checkoff remittance.
It is meant to guarantee veterans of regular and steady cash flow during retirement.
90% of the veteran’s monthly pension remittances is credited to their current account on the date of processing salaries.
A processing fee of 1% is charged on the disbursement with a monthly interest of 1%.
A member will only qualify for two disbursements before repayment, with a maximum amount capped at 75% of back office deposits.
Principal amount and accrued interest are automatically recovered from any other amounts credited to the account.
Emergency Loan
Credit facility to assist a member meet urgent financial obligations
Repayment period of 12 months
Interest rate per month 1.0% on reducing balance
Product features
Maximum amount Kshs. 100,000.00
Loan Application & Processing Fee 1%
SAVINGS PRODUCTS
| FIXED DEPOSIT ACCOUNT -This allow FOSA account holders to lock their savings for a specified period and earn highly competitive returns -The minimum allowable deposit is be KShs20,000.00 -Funds can be fixed for 3,6 or 12 months and upon maturity the contract will be renewed or the amounts withdrawn -Accrued interest is only paid on maturity and will be forfeited if funds are withdrawn before maturity | JUNIOR SAVINGS ACCOUNT – This savings account is designed for children below 18 years – Aims at fostering financial literacy and a savings culture in children as well as providing parents with an avenue to plan for their future -The minimum monthly savings to this account is KShs 500.00 -A competitive interest calculated monthly is paid if funds have not been withdrawn for 6 months | AKIBA SAVINGS ACCOUNT – This is a save as you earn account tailor made for service personnel – It offers highly competitive interest rates, seamless account management via mobile banking and flexibility in access of funds – Minimum monthly deposits is be KShs1,000.00 PM -Savings done via check off or internal standing order only -Withdrawals can only be done once quarterly |
| VETERAN ACCOUNT – This product is meant to cushion members from financial challenges during retirement – Veterans is able to access pension in advance immediately after retirement before pension remittances commence – Veterans who subscribe for pension advance services, is assured of regular payments to their accounts on salary processing dates – Veteran credit facilities attract 1% interest PM |
Insurance services
Defence SACCO have partnered with Housing Finance bancassurance Intermediary (HFBI) to offer insurance services and products to our members for both general and life insurance.
Secure My Car
>You can protect your vehicles from any accidental damages, fire and theft plus other third-party liabilities through the comprehensive cover. At an additional premium you will also get the excess protector, political violence cover and the loss of use cover/courtesy car for 10 days incase your car has to be repaired. Third party cover to protect against third party liabilities is also available.
We will need;
-Dully completed and signed proposal form
-Copy of your PIN Certificate
-Copy of log book premium required
Secure My Home
>We will help you secure your home against loss or damage to the structure and the content in your home. It also extends to phones, laptops, jewelry and other personal possessions. It allows you to insure only what is relevant to you..
Insure My Life
>Protect yourself and your love ones from the effects that arise from accidents through the personal accident cover. It offers benefits such as hospital cash, medical expenses and funeral expenses The coverage is worldwide.
DESACCO M-banking services
DESACCO mobile banking services enable members to access Sacco services such as m-pesa withdrawal, deposits, bank transfers, utility payments, loans among others.
USSD:
>Accessed by dialing *515# .
Mobile Application
>Members can download and install DESACCO app
How to use DESACCO USSD and mobile app
> Activation
1. Dial *515# and input the initial pin sent to your phone by DESACCO.
2. Input answers to specific questions asked and confirm.
3. Input the new pin and then login.
4. After login, you can activate the mobile app, by selecting option 5, then follow the prompts.
>Balance Enquiry
1. Enter option 1 after login for balance enquiry
2. Select the account type BOSA or FOSA accounts.
3. Select the account and submit. (you will receive a notification with your current balance)
>Cash Withdrawal
1. Input option 2 to withdraw money via M-PESA
2. Select FOSA current account
3. Enter your pin and submit. ( you will receive both M-PESA and DESACCO notifications)
>Deposits and Payments – to member accounts such as deposits contribution, FOSA account, share capital etc
1. After login, select option 3.
2. Select account to deposit amount e.g Own account or other member’s account.
3. Enter the amount and submit .
4. You will be prompted by M-PESA to enter your pin then sent.(You will receive a notification with the amount deposited)
Mobile Loans – select option 4 for loans
1. Select option 1 to check loan limit, option 4 for loan balance, and option 5 for mini-statement
2. Loan application – select option 2 then select the type of the loan to apply.
3. Loan repayment – select option 3, select the loan to repay via M-PESA.(You will be prompted to enter your M-PESA pin to complete)
Note: both BOSA and FOSA loans can be rapayed using this option.
>My Account – the option allows members to activate mobile app, change pin, get divident receipt, ATM details and account balances.
>Bank transfers
1. Select option 6.
2. Select option 1 for DESACCO accounts or option 2 for bank accounts transfers
3. If option 1 is selected, you will select the account types to deposit such as Current account, Deposits contribution or share capital.
4. If option 2 is selected, select the bank to transfer to and the bank account(if account is not created you will need to create one first).
5. Once the option is selected, select the current account then enter the amount and submit.
6. Input your pin and submit.
>Utility payments – the option enables members to pay for services such as KPLC tokens, DStv, ZUKU, GOtv, buy airtime among others
Defence Sacco Customer Care Contacts
Defence SACCO (DESACCO)
Ulinzi House, Lenana Road
Address: P.O BOX 40668 – 00100 Nairobi Kenya
Email: contactus@defencesacco.com
Telephone: Customer care(24/7): +254 205134900 / +254 793281989
FOSA enquiries: +254 205134911
Insurance enquiries:+254 205134921
Defence Sacco Membership Requirements
Membership eligibility to Defence SACCO is a closed bond made up of serving Military personnel and Veterans.
Membership involves filling of an Application form which can be downloaded and printed or from Pay Offices, welfare Office and Unit Chief Clerk.
Requirements
Membership Registration fee Kshs 500
Minimum Monthly Deposits Contribution of Kshs 3500
Share Capital Kshs 20,000
Account maintenance fee of Kshs 1000 (Sharia accounts only)
Sink Fund Kshs 300.
