Savings and Credit Co-operative Societies are on a steady rise because of their competitive financial products and services. We look at Safaricom Sacco loans with a closer focus on membership requirements, interest rates, dividends, and customer care contacts.
Safaricom Savings and Credit Cooperative Society Limited started in 2001 is at least two decades old. Core services include improving the economic status and financial accessibility among members.
Safaricom Sacco loans membership
Membership in Safaricom Sacco is open to Safaricom PLC employees and their beneficiaries. These include spouses and children aged above 18 years.
On top of that, non-workers can gain membership through Safaricom representatives.
Safaricom Sacco requirements
In the list of Safaricom Sacco loans requirements are the following;
Passport photo
KRA PIN certificate copy
Identification card copy
CRB report
Registration fee of Ksh. 1,000
Additional requirements include a minimum monthly contribution of Ksh. 3,000 and a minimum of Ksh. 40,000 equivalent to 400 shares, each costing Ksh. 100.
The number of loans and interest rates varies greatly depending on the type of loan and the creditworthiness of a member. The general requirements are as follows;
Loan guarantors or acceptable collaterals
Member should have either 3 months or 6 months of consistent savings.
The interest rate of 1% per month on reducing-balance
Safaricom Sacco loans are surely affordable.
How to deposit money in Safaricom Sacco account
Follow these steps to deposit money using the mobile money transfer option.
on your toolkit, navigate to Lipa Na MPesa and select the Pay Bill option
In the account number section, enter your ‘Safaricom Sacco membership number’ in the format (2345678D) where ‘D’ stands for deposit
Enter the amount and provide your MPesa PIN to complete the transaction
Members can as well complete their payments through automatic employer check-off or directly from the bank.
Which Sacco has the highest dividends in Kenya? Safaricom Sacco’s dividend and rebates rank highly against competitors such as Kenya Police Sacco and Nyati Sacco.
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