Having been established in the year 2001 to promote a saving culture among its members, Safaricom Sacco has tremendously grown to over 12,000 members from 222 members. The members comprise Safaricom Limited employees as well as employees from other related technological companies. Besides promoting saving culture, they have also provided loans to members to develop and improve their economic lives.
Who is eligible for Safaricom Sacco Membership
Apart from being 18 years of age to be eligible for Safaricom membership, the membership is also available to Safaricom Limited employees and the spouses of members. Sacco members can also introduce individuals, and employees of other corporations can also obtain admission as indicated in the policy of membership.
Becoming a Member of Safaricom Sacco
Having achieved the requirements of becoming a member, it will take you a few steps to make it to Safaricom Sacco membership books. The steps are straightforward and more similar to the procedures needed to join any other Sacco. They include;
a) Filling the Application Form
You can either obtain the Safaricom Sacco registration form from their online portal or any of their nearest branches. The form will capture your essential details to be kept in the Saccos members’ data portal. After completing the form, you can drop it at any branch or send it as a parcel.
b) Attach Your Documents
To complete your membership registration, you will attach two passport-sized photographs and a copy of your original ID. They help in capturing your details in the membership register.
c) Pay Membership Fees
Payment of membership fees of Kshs1000 will help process your membership application and capture your details in the Safaricom Sacco portal. The price is payable once and is non-refundable. It will also go a long way in affirming your commitment to be a member of the Sacco.
d) Pay Monthly Contribution
Your monthly contributions with the Sacco will act as a security to borrow loans. Loans usually are given three times your savings. Further, the loans are one of the main reasons why people join Saccos so that they can carry out their development plans.
Safaricom Sacco charges Kshs2,500 for a monthly contribution. You can either make the payments through the bank or Mpesa—whichever is convenient.
e) Pay Sinking Fund
A sinking fund refers to the amount paid by members for a self-insurance scheme for members’ deposits and loans in case of death. It also helps assist members’ next of kin and nominee with funeral expenses as prescribed in the nominees’ form.
Safaricom Sacco charges Kshs300 for the sinking fund, with half going to the sinking funds’ account and the other half taking care of the institutional ratio deficit.
f) Pay Share Capital
Paying a Safaricom Saccos to share capital of Kshs40,000 gives you the right to become a shareholder, apart from benefiting from the annual dividends. It is a minimum non-refundable share capital of 400. While you can pay the total amount once, there is a provision to pay in installments of Kshs.3,334 monthly for one year.
The shares attract good annual dividends, which can help you propel your development agendas. There are some types of development shares offered by the Sacco that you can join.
Some exceptional groups can join Safaricom Sacco, including Chamas, Small Medium Enterprises (SNES), and Corporate Institutions. The requirements to join the Sacco vary depending on the group. To participate as a Chama, at least one Chama member should have a membership with the Sacco.
Apart from the corporate institutions, which should make a monthly contribution of Kshs20,000, Chama and SMSs can only make a monthly contribution of Kshs5,000.
Safaricom Sacco is one of the best rated in the Kenyan financial market with favorable loans and high return on dividends. Joining the Sacco is not complicated. With just a few steps, you can start your journey to saving for your future prosperity. Many members have achieved different financial goals with ease.
Categories: Safaricom Sacco