Safaricom SACCO is a member-based SACCO that was originally established by employees of Safaricom PLC to help promote financial growth among members.
Like other SACCOs, the primary way you benefit by joining Safaricom SACCO is getting access to affordable credit – and members need to build up their savings to qualify for loans for 6 months.
Here is the good news:
Safaricom SACCO membership is open to Kenyans outside of Safaricom- but you need to be introduced by an existing member of the SACCO (remember that apart from direct employees of Safaricom Ltd, their Spouses and Children- aged 18+ years- can also join directly).
The only thing you’d need to keep in mind is that Employees from other corporates are admitted according to Safaricom SACCO’s Membership policy (more on this later).
Below is a complete guide on how to join Safaricom SACCO as an individual, Chama, SME, etc….
How to Join Safaricom SACCO
There is nothing really complicated when it comes to joining Safaricom SACCO.
In fact, you just need to meet the requirements set by the SACCO leadership (which are fairly straightforward) and you’ll be good to go.
Let us look at these basic requirements:
Requirements to Join Safaricom SACCO
These requirements differ based on whether you are joining the SACCO as an individual, Small Medium Enterprise(SME), CHAMAZ, or a Corporate.
The basic requirements for individuals (You are referred to as an Alpha Member) are;
- Passport-sized photograph
- KRA PIN certificate(copy)
- Copy of your national ID card
- Your first monthly contribution (Be ready to be meeting the monthly share contribution obligation)
- Registration fee
- Share capital
- A recent Credit rating (CRB) report (to verify your credit history/status)
How to Join Safaricom SACCO (Monetary Requirements for those joining as individuals)
- Membership registration fee of Kshs 1,000
- Minimum monthly contribution of Kshs 3,000
- Minimum non-refundable Share Capital of 400 shares @ Kshs 100 totaling Ksh 40,000 – This can be paid in installments of Ksh 3,334 monthly for 12 months (You must pay the entire share capital amount within the first year after registering)
Requirements to join Safaricom SACCO as a CHAMA
- Membership Fee of Kshs 2,000
- FOSA (Front Office Service Activity) minimum monthly deposit of Kshs 5,000
- Ability to raise 20% deposit in case of loan requests
- Purchase minimum shareholding of Kshs 10,000 in Safaricom SACCO on joining
- The CHAMA must be legal and duly registered (certificate of registration needed)
Here is a vital requirement: One of the CHAMA members must be a member of the Safaricom SACCO for the chama to be accepted.
Requirements to join Safaricom SACCO as an SME (Small Medium Enterprise)
- Registration Fee of Kshs 2,000
- Minimum Shareholding = Kshs 1,000
- FOSA minimum contribution (Monthly) of Kshs 5,000 – you must have this amount at hand when joining.
Don’t forget that the amount (least) you can have in your FOSA account is Ksh5,000 as an SME.
Requirements to join Safaricom SACCO as a corporate
- Membership Fee: Corporates pay Kshs 2,000 as new membership registration fee
- Minimum Shareholding amount: Ksh 20,000
- FOSA monthly contribution (minimum): Kshs 5,000 is the least amount you can deposit into your FOSA account as a corporate.
Like SMEs, the amount (least) you can have in your FOSA account is Ksh5,000 as a corporate.
That’s all for the requirements.
Steps to join Safaricom SACCO
You can join Safaricom SACCO in one of these two ways:
- Self-registration (Online)
- Manual (Physical) registration
Online Safaricom SACCO Registration
Self-Safaricom SACCO registration is straightforward:
Once you do that, you need to follow the indicated instructions.
Note that there are documents you need to submit (as required) and they should be uploaded in pdf format while images like your ID copy or passport should be in jpeg format.
Follow all the steps (click next after you complete each step) until you come to the confirmation step (here you re-read everything just to be sure you have entered the correct information).
Submit your application once satisfied and wait for the SACCO officials to get back to you.
Manual Safaricom SACCO registration
The other way to join Safaricom SACCO is by completing a physical form and delivering it (attached with the documents indicated above) to Safaricom SACCO’s headquarter offices at Westlands, Nairobi.
You can download the application form from Safaricom SACCO website (Go to downloads and look for the correct form under Membership Forms).
How to Deposit Money to Safaricom SACCO
You can make your monthly deposits and share contributions to Safaricom SACCO using either of the following means:
- Bank direct deposits
- Standing orders
- Employer check-off
Direct Bank Deposit
For direct bank deposits, use the following details:
|Bank||Account number||Account name|
|NIC||1000426306||SAFARICOM SACCO LIMITED|
|Co-op Bank||01120061487800||SAFARICOM SACCO LIMITED|
|KCB bank||1276859082||SAFARICOM SACCO LIMITED|
|CBA||6956820019||SAFARICOM SACCO LIMITED|
Ensure to indicate your full names and the purpose for the deposit.
Be sure to email the confirmation slip to firstname.lastname@example.org afterward.
The paybill to use while remitting cash to Safaricom SACCO is 505100.
Use the procedure below:
- Go to M-Pesa Menu
- Lipa Na M-Pesa, then ‘Paybill’ option
- Enter Business number ‘505100’
- Enter Account Number (should be your ID or Passport number, the one you used to register with the SACCO) followed by letter ‘D’ if you are making a regular deposit/Savings/Contribution or letter ‘S’ if the money is for shares. Example; 1234567D if your number is 1234567 while making a deposit
- Enter Amount
- Enter Pin and Confirm
- Wait for M-Pesa to reply. You’ll also get a confirmation message from Safaricom SACCO
Now, the above process also applies when you’re making loan repayments.
But you need to replace the ‘D’ and ‘S’ with the loan key code for the loan you want to pay for.
Check the codes below;
- ADV for ADVANCE LOAN
- CAR for CAR LOAN
- COLL for COLLEGE/EDUCATION LOAN
- CON for CONSOLIDATION LOAN
- DEV for DEVELOPMENT LOAN
- EMER for EMERGENCY LOAN
- HSE for HOUSEHOLD LOAN
- INSU for INSURANCE LOAN
- LAND for LAND LOAN
- MID for MID-YEAR LOAN
- PREM for PREMIUM LOAN
- F for FOSA
- MIRADI for MIRADI
- REG for REGISTRATION
- SUPER for SUPER PREMIUM
- BEN for BENEVOLENT/HAND OF COMFORT
- XMASS for X-MASS LOAN
To see how to pay your contributions via standing order and employer check-off, read this.
Safaricom SACCO Loans Legibility
To secure a loan with Safaricom SACCO, all you need is to save consistently in BOSA (Back Office Service Activity).
For long-term loans ensure to save for at least 6 months while you need to save for at least 3 months for short-term loans.
Long-term loans are usually exceeding one million and their repayment period surpasses a year.
On the other hand, short terms are less than a million and are repaid within 12 months.
Keep in mind that the processing time for a long-term loan averages 5 working days while that of a short-term loan is 24 hours.
That’s how to join Safaricom SACCO…
Now, joining Safaricom SACCO is worth the investment.
You’ll start getting dividends on shares and rebates on your savings at the end of every financial year.
Plus, fast loans for emergencies.
Go ahead and make that very important step- it could turn out to be your best decision so far.
PS: Watch this video for more