Safaricom Sacco Ltd Description
Safaricom Sacco Ltd was founded in May 2001 to serve members with the opportunity to access credit and savings to develop and improve their economic and social status.
The initial membership of the SACCO was 222 members all from the Parent Company – Safaricom Ltd. The SACCO membership has continued to grow over the years and now stands slightly above 6,800 members. The membership as well has widened to include family members of already present members, employees from related technology companies and also individual membership outside the common bond.
In 2011, The Safaricom Sacco was licensed by SASRA to operate FOSA. The emergence of FOSA has led the Sacco not only to focus on individual memberships but Chama’s, groups, Corporates and Mergers with small Sacco’s. FOSA has boosted the Sacco’s liquidity level through introduction minimum shareholding to members and several unique products which are in line with the current technological trends.
Safaricom Sacco Ltd Governance
The Society is managed by Board Members comprising of 12 members and 3 Supervisory Committees. The Sacco has 2 branches, one in Mombasa road and Safaricom Care Center but there are plans to open other branches across the country since membership was opened to the public.
Members are represented in all regions by over 60 champions. The champions are trained on Sacco products and services hence they act as eyes of the Sacco in the regions. They also represent members in their regions during AGM and champions Forums.
Safaricom Sacco Ltd Technology
The Sacco has fully embraced ICT through computerized products and services. All the business processes are automated hence members are able to access FOSA funds, loans and statements at their comfort. Some of the services provided are; VISA branded ATM’s, Mobile banking, online member’s portal, Loan Application through the phones, and many more. The SACCO also has active social media accounts and a unique website that enables the staff to interact with the members online.
Safaricom Sacco Products | Services
FOSA Savings Products
This is a transactional account in FOSA where Members are able to process their Salary through the Sacco.
♦ Bankers’ cheques are available.
♦ VISA branded ATM debit card..
♦ Salary processing fee @ Ksh 100
♦ Internal standing orders
♦ Online Statements
♦ Access to Rununu Advance (*346#)
♦ Cheque Books coming soon
♦ Minimum account Balance Ksh 500
This is a vibrant account for members kids aged below 18 Years of Age. The Sacco enables the parents to inculcate the savings culture to the young ones at a petite age.
♦ Bankers’ cheques available from the account to pay for school fees etc.
♦ Lipa Na M-Pesa option for consistent savings
♦ Annual fun day for the Kids
♦ Free Birthday & Success cards
♦ Free Giraffe / Home Bank
♦ 7.5% Interest p.a. on savings above Ksh 10,000.00
Fixed Deposit Account:
The Fixed Deposit Account is an Investment Account open to Members of the Sacco, Corporates, SME’s & Chamaaz.
♦ Short term to long term investments.
♦ Interest is paid on MATURITY only.
♦ Minimum Ksh 20,000
♦ Fix the money for 3, 6 & 12 months
♦ The option of rollover of funds upon maturity is also available
♦ Competitive Interest rates from 7% to 12%
This is an Investment Account for Corporates/ Chama/ SME. Members with Businesses can open an account and better manage their Finances and also enable track the performance of their Businesses/ Merry Go Rounds.
♦ Investment/Business Account
♦ Lipa na M-Pesa option for consistent savings
♦ Credit facilities available up to 5 times Deposits
♦ Cheques / Physical Cash
This account is for all members. Members are advised to save, travel and see the world! Once in a while, we partner with suppliers who give unbeatable rates and enable members’ to travel anywhere they wish to.
♦ Plan for your Holiday through a savings plan
♦ Lipa na M-Pesa option for consistent savings
♦ Cheques / Physical Cash
♦ Statements available online
♦ Competitive interest rates
Jaza Jaza Account:
This account enables members to save for a short period of time and enable get a competitive return as withdrawal from the account is Twice in a year!
♦ Biannual withdrawal
♦ Minimum account Balance Ksh 3,000
♦ Earns 4.5% interest p.a
FOSA Credit Products
This is a special product tailored to take care of numerous and immediate short term needs that require instant financial remedy.
This facility enables members to sort out any unexpected emergencies.
FOSA Silver Advance:
This facility enables salary account holders to top up their Advance loans and access more money, repayable over a longer period of time.
Insurance Premium Finance Loan:
It is a service offered by the Sacco to finance Insurance premiums which includes Life policies, Education policy, Domestic and Car Insurance.
Sacco Members should own businesses. This Facility intends to encourage members to own business either as groups or as individuals
This is a credit facility from the government to the youths which gives them access to capital for business start-ups and existing businesses.
BOSA Loans (Long Term)
This product is intended to empower members undertake development projects with long term benefits e.g. Residential & Commercial buildings, Business ventures and other investments.
Super Premium Loan:
This is a special product tailored to satisfy members need for extra financing after taking up a Development loan and there still need for more project funds and stretch the repayment within 72 Months
This product is intended for development projects i.e. Real estate, Business, Construction that need longer repayment periods for convenience.
Own your first car or an upgrade through the SACCO. You can now purchase imported or locally purchased a car at 1% p.m and repayment of up to 48 months.
Asset Financing Loan:
Members involved in diverse business ventures which include specialized machinery, Boda Boda, Office, Gym and laboratory equipment can now purchase the equipment through Co-ownership of the Sacco
This is a special product tailored to satisfy members need for extra financing after taking up a Development loan and there still need for more project funds.
This product is facilitated by the Sacco to empower members to own a piece of land.
BOSA Loans (Short Term)
There is a need to promote active membership by giving new members the opportunity to access credit before the 6 months of membership period is over.
Smart Home Loan:
This product provides financing for members to equip their homes with quality appliances, House furniture, car accessories, Phones, Tanks, Motorbikes, Laptops, Authorized Apple Dealer, etc. from selected our reliable suppliers.
Studying is already quite demanding, the Sacco offers members’ with an opportunity to pay for their studies as well as their Children’s school fees without straining.
Virtual Sacco Services
Rununu Advance empowers members who have emergencies to sort out within 10Mins by applying for the advance through our USSD *346#. Only Salaries that are processed through the Sacco qualify to get the advance.
The Sacco has VISA branded ATMs that facilitates the cashless movement of funds. Members can enjoy withdrawal of funds in Co-operative Bank at Ksh .33 or any other bank where VISA charges shall apply. Shop anywhere at any time, pay bills.
The Sacco has a mobile application that is convenient. Members can access their FOSA savings, Salaries and loans paid via any phone and transfer is made to M-Pesa within seconds.
The Sacco’s main goal is Customer Focus. We have a virtual helpdesk where members can email within working hours and get a fast response to their inquiries and feedback.
Lipa na Mpesa:
The SACCO introduced Lipa Na M-Pesa method to enable members to remit Savings / Shares/ Loan repayments/Hand of Comfort at your own convenience over the phone.
Safaricom Sacco Ltd Membership
For one to qualify for Sacco membership, one must meet the following qualifications:
♦ Be an ordinary resident of Kenya.
♦ Has not been convicted of a criminal offense involving fraud or dishonesty.
♦ Be atleast 18 years of age.
♦ One must be within the field of a membership consisting of the following common bond.
♦ Employees of Safaricom Limited serving on permanent or contract terms and its subsidiaries found within the Republic of Kenya.
♦The members who have retired or resigned from service can continue enjoying the full privileges and rights of a member on the recommendation by the Management Committee.
♦ Spouses of employees of Safaricom.
♦ An employee of the Safaricom SACCO Ltd or Other member accepted by the Management Committee and approved by the General Meeting.
Safaricom Sacco Ltd Contacts
Address: P.O. Box 2392 – 00606,Westlands,Nairobi,00606,Kenya
Tel: +254 722004065
JCC Office| Mombasa Road, Sarin Park (JCC) Ground Floor
Tel: +254 722002685
Safaricom Sacco Ltd News
Safaricom Sacco new shares offer seeks Sh1 Billion for expansion
Updated On: 30th September 2015
Nairobi, Kenya: Safaricom Sacco has issued new shares seeking Sh1 Billion to fund strategic expansion. It also plans to construct a proposed 15-story office complex opposite the Safaricom headquarters- an edifice it says will be symbolic of achievements of empowering one another by the greater Safaricom family and to showcase the limitless potential of the Sacco movement in Kenya.
The Sacco founded in 2001 to serve the common bond of Safaricom employees presently has 8000 members and an asset base of Sh2.8 Billion, and is implementing a strategic plan targeting to grow its business fourfold by 2018.
George Ochiri, Safaricom Sacco CEO, speaking while launching the shares offer dubbed “Nawiri na Safcom Sacco” said: “The success of the Nawiri a Safcom Sacco share offer will usher in an era of greater accomplishment by our members. The funds we raise will go towards increasing the threshold for members ’loans currently standing at Ksh 2.7 Billion for 6,600 borrowers at an upper limit of Ksh10 Million.
We also want to introduce collateral backed lending and complete construction of this proposed Safaricom Sacco Tower along Waiyaki way,” said Mr. Ochiri. The Safaricom Sacco headquarters, if approved as proposed, will be one of tallest buildings dotting the Westland skyline. 15 story high, it will tower over nearby buildings such as the Sky Park, 7-storey Sankara Hotel and nearby Sarit and Pacis center.
It will feature a swimming pool at the top, green energy and compose about 50-60 percent glass in its architecture. The SACCO is awaiting approval from the Nairobi County. Safaricom Sacco said only members are eligible to buy the shares. Recently the Sacco has expanded membership base to include employees of companies affiliated to Safaricom. The CEO said Safaricom Sacco had received approval from the Sacco Societies Regulatory Authority (SASRA)and Capital Markets Authority (CMA) to mobilize new shares from members.
NAWIRI NA SAFARICOM SACCO SHARE OFFER
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