Tower Sacco Branches and Contacts

HEAD OFFICE

Olkalou Town-Tower SACCO Plaza,
OL’Kalou/ Nakuru Road:
P.O Box 259-20303,OL’KALOU,
Mobile: 0792333111,
WhatsApp: 0731638930
General Email: info@towersacco.co.ke
Diaspora mail: diaspora@towersacco.co.ke,
Queries: customercare@towersacco.co.ke

ENGINEER BRANCH

Tower Sacco Plaza
Mobile: 0792333111

NAIROBI BRANCH

Kariobangi Light Industries along outer-ring road
Adjacent to Kariobangi Roundabout. Mobile: 0792333111

NYAHURURU BRANCH

Along Sharp Road, Next to KCB Bank Mobile: 0792333111

NDARAGWA BRANCH

Ndaragwa Town along Nyahururu Nyeri Road Next to Sub county offices.
Mobile: 0792333111

MIHARATI BRANCH

Next to Mahanda Supermarket
Mobile: 0792333111

NAKURU BRANCH

Along Kenyata Avenue, Opposite Naivas Supermarket CK Patel Building
Mobile: 0792333111

NAIVASHA BRANCH

Naivasha Town
Opposite NSSF Building
Mobile: 0792333111

GILGIL BRANCH

Texxin house, Next to Ingine Supermarket Opposite Co-operative Bank Mobile: 0792333111

KWA HARAKA BRANCH

Opposite Kanini Baraka Supermarket Mobile: 0792333111

MTWAPA BRANCH

Along Mombasa Malindi Highway near Burn-off stage Opposite Mtwapa business park
Mobile: 0792333111

MIRANGINE BRANCH

Next to home pride supermarket
Mobile: 0792333111

RUMURUTI BRANCH

Elparaiso Building-Hospital Road
Mobile: 0792333111

MURUNGARU BRANCH

Murungaru Shopping Centre Mkulima Building
Mobile: 0792333111

MARALAL BRANCH

River side Building, Opp. Jamia Mosque Mobile: 0792333111

NAROK BRANCH

Whisper Building, Opp. Jambo Studio Mobile: 0792333111

MAI-MAHIU BRANCH

Along Mai mahiu Nairobi Road Opposite Rubis petrol station Next to Posta
Mobile: 0792333111

NANYUKI BRANCH

Nanyuki town
Along Lumumba road
Opposite Central park formally Kanu ground/ Best lady Supermarket.
Mobile: 0792333111

NGORIKA BRANCH

Ngorika shopping Cente
Mobile: Mobile: 0792333111

KAMAKIS BRANCH

Along Eastern Bypass at Reliance Park

NGANO BRANCH

Ngano Shopping Centre Mobile: 0792333111

WIYUMIRIRIE BRANCH

Along Nyahururu Nyeri road, Wiyumiririe Shopping Center
Mobile: 0792333111

SHAMATA BRANCH

Shamata shopping centre
Mobile: 0792333111

GETA BRANCH

Geta Shopping center near bus park Mobile: 0792333111

GATEWAY BRANCH

Along Nakuru -Nairobi highway near Magumu fly-over
Opposite Soko mpya market
Mobile: 0792333111

WAMBA SUPER AGENT

Wamba shopping centre Near bus park Mobile: 0792333111

KINAMBA SUPER AGENT

Along biashara road Opposite Ambassador hardware
Mobile: 0792333111

SUBUKIA SUPER AGENT

Subukia Shopping Centre
Along Nyahururu – Nakuru highway
Mobile: 0792333111

Tower Sacco Savings Products

Ordinary Savings Account

This is a transactional account that allows you to access any time you wish by dialing *655#, through our internet banking channel, App, Paybill, Tower Sacco Agent or Visa branded ATMs.

Account features:-

• Cheques deposited into the account mature within 2 working days.
• The account holder upon filling a mandate form can appoint someone to transact on their behalf.
• The account has no ledger fee or hidden charges.
• No notice for withdrawal of huge amounts over the counter.
• Mobile banking can be enabled to withdraw up to Ksh 300,000 per day

Premium Deposit Account

• This account is ideal for farmers, business community, registered groups, Self-help groups, schools, hospitals, cooperatives societies and churches.
• Registration fee is Ksh 500
• Minimum monthly contribution is Kes.500.
• Deposits in this account earns rebates P.a
• A group intending to open this account must be legally registered.
• To withdraw from premium account membership, one must give a 60 days’ notice.
• The account has no legder fees
• The account determines one’s eligibility for loan in regards to multiplier and consistency.

Current/Business Account

The account is ideal for corporates and business people who wishes to settle their bills or make withdrawals through cheques.

•  

• This Account is ideal for business people.
• Account holders are issued with cheque books
• No minimum balance
• Cheque books are processed within two weeks after requisition
• The account accommodates overdraft facility
• Statements are issued for free

Sacco Junior Account

This an account designed for children who are between birth and 18 years.

• Free Birthday cards.
• Free entertainment and banking day for the kids.
• Parent are advised to open a different account for each child.
• Minimum interest earning balance is Kshs.2,000.
• Free home banking.
• Competitive interest earned P.A
• Account can be withdrawn 3 times a year.
• Free cheques to school
• No ledger fee
• Accounts are accessed by the parent

Requirements for opening the account:

• Parent’s I.D. Card.
• Child’s birth certificate (Optional)
• Fill in application form (Parent)
• No account opening fee.

Fixed Deposit Account

• Minimum start up amount of Kshs.20,000
• Contract period is 3 months, 6 months, 9 months and 12 months.
• Competitive interest rates above market rates.

No notice required to withdraw the fixed amount before or after maturity date.

Stop Gap Account

• Account is designed to fill the gap between a member’s last pay and when he/she receives the gratuity (pension).
• The amount is only withdrawn on retirement either in lump sum or on monthly basis.
• Minimum monthly contribution is Kshs.200.
• Interest of upto 12% P.A which is ploughed back to the account

Education Account/ School Fees Account

• Account has no minimum balance.
• Cheques to school can be drawn to this account.
• School fees loans from BOSA must pass through this account.

Holiday Account

The account is designed to allow members save towards a vacation plan.

Features:-

• Withdrawable once a year.
• No minimum balance
• Monthly contribution guided by the planned budget.

Tower Sacco Loan Products

Premium Loans

– Loan Purpose

This is a short term loan that is specifically targeted to assist Tower Sacco members to finance working capital

– Target Clients

Individuals in Businesses

– Eligibility Criteria

Individuals in Business

• Must be a member of Tower Sacco.
• Must have been in business for at least 6 Months, legally known as per Kenya Constitution.
• Must have ability to repay

– Product Features

• Disbursement can be done upon approval and security perfection.
• Loan Tenor: Upto 4 years.
• Mode of repayment:

                    1.Daily collection/normal account operations

                    2.Standing Orders.

• Deposit: Minimum Share Deposit of 1/3 of loan and Share Capital of Kes 2,000.
• Property Insurance-Fire and Perils Insurance to be taken.

– Security/Collateral

• Own Deposits
• Guarantors Eligibility check.
• Motor vehicle
• Legal Charge over the property being purchased or the property where the construction is undertaken.

Fosa Flex Loans

– Loan Purpose

This is a short term loan that is specifically targeted to assist Tower Sacco members to finance working capital

– Target Clients

Individuals in Businesses

– Eligibility Criteria

Individuals in Business

• Must be a member of Tower Sacco.
• Must have been in business for at least 6 Months, legally known as per Kenya Constitution.
• Must have ability to repay

– Product Features

• Method of calculation: Reducing balance.
• Disbursement can be done upon approval and security perfection.
• Loan Tenor: Up to 4 years.
• Mode of repayment:

                    1.Daily collection/normal account operations

                    2.Standing Orders.

• Mode of Loan disbursement: Direct debit to the operative account.
• Loan Amount: Determined by the ability to repay
• Deposit: Minimum Share Deposit of 1/5 of loan and Share Capital of Kes 2,000.
• Property Insurance-Fire and Perils Insurance to be taken.

– Security/Collateral

• Own Deposits
• Guarantors Eligibility check.
• Motor vehicle
• Legal Charge over the property being purchased or the property where the construction is undertaken.

Asset Finance Loans

– Loan Purpose

This is a short term loan that is specifically targeted to assist Tower Sacco members to finance purchase of movable assets e.g. motor vehicles, tractors or specialized machinery.

– Target Clients

Individuals in Businesses or Employment

– Eligibility Criteria

Individuals in Business Must be a member of Tower Sacco. Must have been in business for at least 6 Months, legally known as per Kenya Constitution or employed persons. Must have ability to repay

– Product Features

Disbursement can be done upon approval and security perfection. Loan Tenor: Up to 5 years. Mode of repayment:   Daily collection/normal account operations Standing Orders. Mode of Loan disbursement: Direct debit to the operative account. Loan Amount: Cost of the asset Deposit: Minimum Share Deposit of 20% of loan Insurance-Comprehensive Insurance to be taken. Property Insurance-Fire and Perils Insurance over the property.

– Security/Collateral

• Own Deposits
• Guarantors Eligibility check.
• Asset being sought

Makao Bora Loan

In partnership with KMRC

This is a loan offered for the Purpose of building residential homes

• Multiplier is 10 times your share deposits
• Friendly qualifications steps
• The property being financed becomes collateral for the loan
• Loan size- up to 6,000,000
• Loan Tenure up to 120 months

Requirements

• Duly signed application form
• Copy of Customer ID/PIN
• Copy of Sale Agreement/Offer leer
• Valid valuation report
• Customer to raise 10% of value of property
• Certified ownership documents to be submitted to the Sacco
• Property to be charged to Tower Sacco for the duration of the loan period ¯
• Terms and conditions apply

Mortgages

• Loan size- no maximum amount – depends on ability to pay
• Loan Tenure – up to 120 months
• Multiplier is 5 times your share deposits
• Loan secured by title deed

Requirements

• Duly signed application form
• Copy of Customer ID/PIN
• Copy of Sale Agreement/Offer leer
• Valid valuation report
• Customer to raise 20% of value of property
• Certified ownership documents to be submitted to the Sacco
• Property to be charged to Tower Sacco for the duration of the loan period ¯ Terms and conditions apply

Salaried Loans

Description

Salaried loans are loans offered to members whose employer has a check off arrangement with us.

The advantage of getting loans with us as an employer are but not limited to:

Quick loan turnaround time: disbursement within hours upon receipt of pre-requisite documents.

Debt Consolidation & refinancing

Unsecured loans with flexible requirements.

Flexible repayment plan.

Competitive interest rate.

VUKA LOAN

This loan enables you to settle or buy off pressing loans at your convenience. No guarantors or saving period required.

• Loan size –Kes. 100,000 to Kes.3.5 Million.
• Loan Tenure up-to 96months.
• One need not to have been a member
• Your salary is the collateral
• No guarantors Required
• No multiplier thresh-hold
• Applicable to members in permanent and pensionable terms of engagement.
• Minimum deposit ksh. 20,000 and Capital Share of Ksh. 10,000 deducted up front for newly on boarded members

NORMAL LOAN

This loan offers the opportunity to get 5 times your savings with a flexible repayment period

• Loan size – no maximum – Depends on ability to pay
• Loan Tenure up-to 72months.
• Your salary is the collateral
• 3 guarantors needed
• Applicable to members in permanent and pensionable terms of engagement.
• Multiplier 5 times your share deposits.

FOSA LOAN

This loan offers the opportunity to get 6 times your savings with a flexible repayment period

• Loan size – no maximum – Depends on ability to pay
• Loan Tenure up-to 96 months.
• Your salary is the main collateral
• 3 guarantors needed
• Applicable to members in permanent and pensionable scheme
• Multiplier 6 times your shares

EMERGENCY LOAN 12

Do you need to sort out an urgent issue, this is the product for you.

• Loan size – no maximum (Ability to pay)
• Granted as a rider loan to other products
• Loan Tenure up-to 12 months.
• Your salary is the main collateral
• 3 guarantors needed

Applicable to members in Contract and permanent and pensionable terms of engagement.

EMERGENCY LOAN 24

• Loan size – no maximum (Ability to pay)
• Loan Tenure up-to 36 months.
• Your salary is the main collateral
• 3 guarantors needed
• Applicable to members in Contract and permanent and pensionable terms of engagement.

Multiplier 5 times your shares

SALARY ADVANCE

• Maximum amount is Kshs.50,000
• Two guarantors needed
• Salary must be processed through fosa account
• Maximum repayment period 12 months.
• Requirement of 1 pay slip.
• Minimum salary Kshs.3,200
• For loan amount above ksh 20,000 members are required to add additional two guarantors.

Kilimo Advanced Loan

– Loan Purpose

To on lend to farmers in dairy and horticulture sectors and support towards adoption of climate smart and adaptive practices

– Eligibility Criteria

• Proof of residency or project location
• A member of Tower Sacco for at least 6 weeks
• Demonstrate ability to repay – Total net income should be positive i.e. Net Farm Income (Farm Income – Expenses)
• + Net Household Income (HH Income – Expenses)
• Loan deduction must be not be more than 50% of net cash flows
• Clean credit history evidenced by a credit reference bureau report

– Loan Features

• A minimum of 3 months and a maximum of 36 months depending on the loan amount.
• 4 times member deposits for individual members
• Loan amount to be guided by the member ability to pay.
• 25% Non-Withdrawable deposited in a member’s Non Withdrawable deposit account.
• Guarantors who sign a chattel mortgage and open an account with Tower Sacco or have an existing account.
• Irrevocable letter of undertaking from processors/Aggregators/Buyers where applicable
• Chattels mortgage
• Other collaterals like logbooks, title deeds.
• Approval within 48 Hours from receipt of completed loan application form

Tower Sacco Customer Care Contacts

Location

OLKALOU TOWN, TOWER SACCO PLAZA, Along Olkalou-Nakuru Road
P.O BOX 259-20303 OLKALOU

Email:customercare@towersacco.co.ke diaspora@towersacco.co.ke info@towersacco.co.ke

Call Us:TEL: +254 792 333 111

Tower Sacco Paybill Number

• Members and non-members can deposit direct to Tower Sacco account using Mpesa Paybill No. 506900 at no cost.
• Group Members can deposit directly to their group account
• One can pay deposit directly to any savings account, share deposit account or loan account.

STEPS TO FOLLOW

1. Go to Mpesa Option in your phone select >Lipa Na Mpesa>Pay bill.
2. Enter Business No.506900
3. Enter specific 16 digits account number
4. Enter the amount, your Mpesa PIN No. and complete the transaction.
5. The transaction is realtime.

Tower Sacco Interest and dividends

If you save in Tower Sacco,you will earn interest of 10% to 15%.Divdends also pay 12% to 16%.

Tower Sacco Membership Requirements

Visit the Sacco’s account opening website.

Pay the registration fee of Ksh 500

Download the required forms.

Fill in the registration forms.

Attach a copy of your ID or Passport.

Take a passport photo.