Safaricom Sacco; How to Join Safaricom Sacco, Requirements

Safaricom Sacco membership

The Safaricom Sacco is a cooperative society that is open to its employees, their spouses, and children over the age of 18. The Sacco also extends membership to individuals who are introduced by existing members, as well as employees of other companies that are admitted according to the Sacco’s Membership Policy. The Sacco currently provides financial services to over 100 corporates.

Individual members (Alpha membership) who have saved consistently for six months in the Back Office Services Activity (BOSA) section are eligible to use the loan facilities. Group or Omega membership does not become eligible for the loan facilities until they have saved for the same period in the Front Office Services Activity (FOSA) section.

How to join the Safaricom Sacco

You can join the Safaricom Sacco Online through the iConnect Web portal: https://iconnect.safaricomsacco.com/Account/MemberRegistration

Requirements for individuals (Alpha membership)

1. Kshs.1,000 membership fee, which is deducted from the Salary or paid at the point of registration
2. Kshs 3,000 minimum monthly deposit contribution
3. Minimum Safaricom Sacco Share Capital of 400 shares, each at Kshs.100, which comes to Kshs.40,000 in total (Payable within 12 months, equivalent to Kshs. 3,334 per month)
4. Credit Reference Bureau (CRB) report shall be generated to confirm membership eligibility.
5. Qualification for a loan is after 6 Months of consistent savings for both long-term loans and three months for short-term loans.
6. Monthly Contributions are acceptable through any mode of payment i.e. Standing Orders, Payroll Deductions from employers, Cheques, Over the counter deposits, and M-Pesa.

How to exit the Safaricom Sacco

Should you want to withdraw your membership from the Sacco, follow the procedure below:

1. Fill in an exit withdrawal form
2. If you would like to withdraw your membership from the Sacco and have guaranteed for someone else’s loan, you should find an alternative guarantor replacement.
3. The Sacco will refund your deposits within 60 days of withdrawing your membership
4. You can retain your shares or sell/transfer to an existing member.