The Safaricom Sacco initiative is one of the first schemes created to exclusively look out for, and cater to, the needs of employees in a company. Filling its application form to become a member is taking a step towards empowering yourself and having access to loans and credit facilities.
Safaricom has been one of the most innovative companies in Kenya for years. The company continues to create schemes geared towards making life better for everyone in Kenya and ensuring that people have the needed support to achieve whatever goal they have. This extends to the Safaricom Sacco scheme which has met positive response since its debut.
What Exactly Is Safaricom Sacco?
Safaricom Sacco is a savings and credit co-operative society created to support employees of Safaricom Limited. It was created in 2001 to provide members with access to loans to improve both their economic and social statuses.
Safaricom Sacco is owned and managed by members who share a common goal and objectives. The founding members were all employees of the telecommunication giant, Safaricom. It began with a modest membership number of 222, but as of 2020, the number has grown magnificently. Safaricom Sacco now caters to over 12,000 strong members. These members are from Safaricom Limited and over 100 technology-related companies who all have a common bond.
The main goal of Safaricom Sacco is empowerment. Empowering its members by presenting them with a wide range of products and services means the members can have sustained economic and social growth in all areas. Due to its explosive expansion, Safaricom Sacco currently has an asset base of Ksh 6.6 billion, and The Sacco Society Regulatory Authority regulates the Sacco in Kenya.
Their Objective, Motto, and Core Values Revolve Around Empowerment
As with any company created anywhere in the world, the Safaricom Sacco was established with an objective in mind. Along with this, the society also has its motto, mission statements, and core values. All these are things each member of the society strives to live and abide by. They also serve to inspire new members to register and join the Safaricom Sacco family.
Strategic Objective – The primary aim of the society is to encourage and push for a saving culture amongst its members. It also wants to provide them with access to loans that can help elevate their status economically and socially.
Motto – The society’s motto is a very straightforward and concise one. It reads ‘Empowering You’
Vision and Mission Statements – The society also has a simple vision, and that is ‘to be the financial partner of choice’ for potential collaborators and partners. The mission statement states that the society aims to transform the lives of its members by providing affordable, accessible, and innovative financial services to them.
Core Values – Core values are what define a company. They are the characteristics a company adheres to and lives by. Safaricom Sacco’s core values are Integrity, Customer Focus, Reliability, and Innovation.
Becoming A Safaricom Sacco Member Is Quite Easy
Safaricom Sacco was initially formed in May 2001 to cater to Safaricom employees who share a common bond. Over the years, membership has grown, and the society has become much more accepting and inviting. Membership has widened to include family members of original Safaricom Sacco members, and employees from similar technology-related companies. As of 2020, even individuals outside the common bond can now be members.
The society is also accepting membership from corporations, small & medium enterprises (SMEs), and Chamas. Individual members belong to the ‘alpha membership’ while the corporates/SMEs/Chamas are under the ‘Omega membership’. Individual members only have access to loan facilities if they have been diligently saving for six months to the Back Office Services Activity (BOSA) section. Omega members are eligible after patronizing the Front Office Service Activity (FOSA) section for the same period.
Requirements to Officially Become A Member
The requirements needed for people with common bonds to join differ from those required from those seeking to join the alpha membership and the omega membership.
Requirements for Members with Common Bond
- Be resident in Kenya
- Free of criminal convictions or accusations like fraud or abuse
- Have a minimum age of 18
- Have the following common bond:
- Be an employee of Safaricom on permanent or contract terms working in any of its subsidiaries within Kenya
- Retired or resigned members can still stay on
- Spouses or children of Safaricom employees
- An employee of other technology-related companies acceptable to the management committee and approved during general meetings.
Requirements for Individual Members (Alpha Membership)
- A one-time membership fee of Ksh 1000 deducted from your salary at the point of registration.
- A minimum monthly contribution of Ksh 3000
- A minimum share capital of 400 shares equity. Costs Ksh 3,334 per month, or Ksh 40,000 for the year for 100 shares equity.
- Generated Credit Bureau Report to validate membership eligibility
- Six months of consistent saving to qualify for long-term loans and three months for short-term loans
Requirements for Omega Membership
- A membership fee of Ksh 2,000
- A minimum deposit of Ksh 5,000 to FOSA
- Minimum account balance of Ksh 5,000
- Loan eligibility of up to Ksh 3 million for registered companies
- Minimum shareholding of Ksh 20,000
The same requirements as stipulated for corporates except the minimum shareholding required for SMEs is Ksh 1,000.
The same requirements as with corporates except the minimum shareholding required for chamaz/investment groups is Ksh 10,000.
Step-by-Step Process Of How to Join Safaricom Sacco
After meeting the requirements, it is now time to join. To do this, you need to take the following steps:
- Launch the browser on your system
- Visit this site http://safaricomsacco.com/downloads/category/10-membership.html
- Download the form with the relevant information needed. Ensure the answers provided are truthful and verifiable.
- Attach passport to filled form.
- Also, attach a copy of your ID and Kenyan Revenue Authority pin certificate
- You also need to be introduced by a member of the Safaricom Sacco.
- Submit the documents and await a verification process.
Visiting the Official Portal and List of Things to Do There
After becoming a member of Safaricom Sacco, it is essential to visit the portal to carry out certain activities. The portal was created to ensure members have easy access to information and can carry out activities from the comfort of their office or homes. To login to the portal,
- Visit the link https://safaricomsacco.com/
- Click on ‘member login’ to access the portal
- Enter your username and password to gain access
- If you are a member who has not signed up to the portal yet, click ‘register’ instead
- You are directed to enter in your identification number and member number as issued by Sacco
- Also, enter the mobile number you would like to use then press ‘next’
After signing in to the member portal, you can now carry out various activities that include:
- Mini Statement – you can check out the mini statement in connection to your account. You can access your account balance, savings, and expenditures as necessary.
- Loan Eligibility – You can also check your loan eligibility on the portal. You can find out if you are eligible to apply for a loan, your loan limit, and the waiting time.
- Update Guarantors – Members can also check and update their guarantors on the portal. Guarantors help you secure loans, and you can update the list as you please.
- Transact – You can make your monthly contributions, withdraw, and complete other transactions once you are logged into the portal. It is all designed to minimize stress and ensure things get done faster.