How Safaricom Sacco Works (2024)

Safaricom Sacco is a savings and credit cooperative society (Sacco) that was founded in 1994 by employees of Safaricom. The Sacco is open to all Kenyans who are employed or self-employed, and it offers a variety of savings and loan products.

To join Safaricom Sacco, you must be introduced by an existing member. You will also need to provide a copy of your ID, KRA pin certificate, and passport photo. The minimum monthly contribution is Ksh. 3,000.

Safaricom Sacco offers a variety of savings products, including:

Shares: Shares are the basic unit of ownership in a Sacco. When you buy shares, you are investing in the Sacco and you are entitled to a share of the profits.
Fixed deposit accounts: Fixed deposit accounts are savings accounts that earn a higher interest rate if you agree to keep your money in the account for a certain period of time.
Current accounts: Current accounts are used for everyday banking, such as making payments and withdrawing cash.

Safaricom Sacco also offers a variety of loan products, including:

Personal loans: Personal loans are available to members for a variety of purposes, such as buying a car, renovating your home, or paying for school fees.
Business loans: Business loans are available to members who own their own businesses.
Group loans: Group loans are available to members who form a group of at least 5 people. The group members are jointly liable for the loan, which means that if one member defaults on the loan, the other members are responsible for repaying the loan.

Safaricom Sacco is a regulated financial institution, and it is a member of the Kenya Deposit Insurance Corporation (KDIC). This means that your savings are insured up to Ksh. 1 million in case the Sacco fails.

Here are some of the benefits of joining Safaricom Sacco:

Access to cheaper, affordable loans: Sacco loans are typically much cheaper than bank loans. This is because Sacco members are all working together to help each other, and there is no need for the Sacco to make a profit.
Grow your savings and more returns annually: Sacco savings accounts typically earn a higher interest rate than bank accounts. This is because Sacco members are all working together to make the Sacco more successful, and the Sacco is able to pass on the benefits of its success to its members.
Multiply your wealth with available investment opportunities: Sacco members have access to a variety of investment opportunities, such as land, shares, and government bonds. This can help members to grow their wealth and reach their financial goals.
Sort out your emergencies via our quick loans of only 1Hr processing: Sacco loans can be processed quickly, which can be helpful in an emergency.
Get Dividends on shares and Rebates on savings every end February: Sacco members are entitled to dividends on their shares and rebates on their savings. This can help members to save money and reach their financial goals.

If you are looking for a reliable and affordable way to save and borrow money, Safaricom Sacco is a great option. The Sacco has a long history of providing its members with excellent service, and it offers a variety of products and services that can meet the needs of its members.