Safaricom Sacco was established in the year 2001,and has grown tremendously over the years to a membership of over 12,000 members drawn from Safaricom Limited and other technology related companies.
Their main objective is to promote a savings culture among their members as well as grant them loans so that they may develop and improve their economic and social well being.
There are two ways you can join Safaricom Sacco;
- Online through iconnect web portal
- Download the registration form, fill it with your personal details, attach a passport photo, a copy of your id and KRA pin certificate and drop it at the nearest Safaricom Sacco office.
Below are the requirements you need to provide when joining Safaricom Sacco;
- Pay an entrance fee of Ksh 1,000.
- Purchase a minimum share capital of 400 shares of Ksh 1,000 each.
- Contribute a minimum monthly contribution of Ksh 3,000.
- Once you join, an SMS notification with your member number will be sent to your phone.
How to withdraw money from Fosa account to M-pesa
There are two ways you can withdraw money from your Fosa account to your M-pesa account
- Through SAFCIRI app.
- Through *345* USSD option.
How to withdraw money from Fosa account using SAFCIRI app
- Download the SAFCIRI app from Google play store and install it in your phone.
- Open the app and you will be prompted to select two options i.e Activate and register
- If you have used the USSD *345# or the app before select activate then jump to step 6 below
- If it’s your first time ,select register then enter your phone number .
- An OTP (one time password) will be sent to your phone via SMS.
- Enter your ID number when prompted.
- Login to the app using the OTP and you will be prompted to change your password to your own 4 digit pin.
- Click on activate account and select send me an activation key.
- Enter your phone number and the pin number that you set.
- Click OK. An activation code will be sent to your phone via SMS.
- Finally enter your USSD pin to login to the app.
- Select mobile money option.
- Select withdraw and follow the prompts to finish the process.
Safaricom Sacco Loans
Below are the type of loans that Safaricom Sacco offers to its members;
|Type of loan||Interest rate (p.a)||Eligible Amount||Repayment Period|
|Emergency||12%||3 X shares||12 months|
|Asset Financing||12%||3 X shares||48 months|
|Faraji construction home||9%||5 X shares||25 years|
|KMRC mortgage||8%||5 X shares||25 years|
|Ustawi mortgage||12%||5 X shares||15 years|
|Land||12%||3 X shares||48 months|
|Fosa silver||5% p.m||4 X net salary||6 months|
|Insurance premium||12%||3 X shares||6 months|
|Business||18%||5 X shares||24 months|
|Pamoja||9.6%||3 X shares||6 months|
|Smart home||12%||3 X shares||12 months|
|Education||12%||3 X shares||12 months|
|Development||12%||3 X shares||72 months|
|Premium||12%||5 X shares||48 months|
|Car||12%||3 X shares||48 months|
All loans must be guaranteed either by guarantors or collateral such as title deed or log book.
How to pay Safaricom Sacco loans
You can repay Safaricom Sacco Loans through mobile banking. Below is the step by step process on how to do this;
- Go to M-Pesa Menu
- Select Lipa na M-Pesa option.
- Enter Safaricom Sacco business number :: 505100
- Enter your account number in the format;Members ID Number then the Loan code e.g. 23654851PREM. Below are the codes for all the products.
- Enter the amount you want to repay the loan for.
- Enter and confirm your M-pesa pin.
- You will get a confirmation via SMS from SAFCOMSACCO.
|Loan Product||Short Code|
|Benevolent/hand of comfort||BEN|
Safaricom Sacco dividends 2020
The Safaricom Sacco issued a dividend rate of 12% per share and an interest rate of 7.5% on member deposits for the financial year 2020.
Safaricom Sacco Contacts
For any enquiries, you can contact their customer care on 0111222226 or 0111222227.
You can also email them on email@example.com
Safaricom Sacco is among the best sacco’s in Kenya to join, due to its high dividend and interest rate and also due to its outstanding reputation.