HomeInvestmentHow to Join...

How to Join Safaricom SACCO Online

Safaricom SACCO is one of the easiest SACCOS you can join in Kenya. The process is straightforward, and you can complete it in minutes from the comfort of your home. This article will take you through how to join Safaricom SACCO online.

Before we begin, let’s find out Who is eligible for Safaricom Sacco? And the minimum requirements required to join the SACCO.

To be eligible for Safaricom Sacco, you must be at least one of the following:

  1. Employees of Safaricom PLC, their spouses, and their adult children.
  2. Sacco members introduced individuals.
  3. Employees of other corporates are admitted as per the Membership policy.

Related: 20 Best Saccos in Kenya.

How to Join Safaricom SACCO Online

There are two options available to you when joining Safaricom Sacco online. The first option is through the Safaricom Sacco website, and the second option is through a membership application form delivered via the post office.

Documents required to Join Safaricom SACCO Online

Before you begin, you need to have the following documents in PDF format:

  1. A clear and recent passport-size photo of yourself in JPEG format.
  2. A copy of your ID or passport Scanned on both sides and in PDF format
  3. Your KRA PIN Certificate
  4. Lastly, a minimum of Ksh 1000 in your Mpesa account for registration.

How to join Safaricom SACCO through the website

To join Safaricom Sacco through the website, follow these steps:

  1. Visit the Safaricom iConnect Web portal to self-register.
  2. Fill in your details in the marked fields.
  3. Upload the required documents in the correct format as described above.
  4. Please review your application and submit it.
  5. Click next and enter your Next of Kin personal details.
  6. Click next and enter your Remittance details such as employment details, employer name, remittance mode, monthly deposit contributions, etc.

You will then be asked to pay Ksh 1000 or Ksh 7,400 registration fee, monthly deposit, and Share Capital contribution via the Paybill number provided.

They will then validate the transaction by entering the Mpesa reference code on the field provided.

At this stage, it’s very advisable to register for mobile banking as this will allow you to conduct transactions on the go without having to visit the SACCO.

Once your application is processed and approved, you will receive an email with your Safaricom SACCO account number and other details.

Congratulations! You are now a member of Safaricom Sacco and can start enjoying all the benefits of being a member.

Summary of Safaricom SACCO Requirements for an Individual (ALPHA MEMBERSHIP)

  1. The Membership fee is Kshs.1,000. This is payable via Mpesa at the point of registration.
  2. The minimum monthly deposit contribution is Kshs 3,000
  3. Minimum Share Capital is 400 shares equity @ Kshs.100 equal to Kshs.40,000.(Payable within 12 months or equivalent to Kshs. 3,334 per month)
  4. They shall generate a credit Reference Bureau (CRB) report to confirm membership eligibility
  5. Qualification for a loan is after 6 Months of consistent saving for long-term loans & short-term loans for three months.
  6. Monthly Contributions are acceptable through any mode of payment, i.e., Standing Orders, Payroll Deductions from employer, Cheques, Over the counter deposits & M-Pesa
Tim Jumah
Tim Jumah
Tim is a journalist currently blogging at nasonga.com. He loves music and art and has an eye for detail that often helps him spot the best stories before anyone else does!

Related

Continue reading

10 Best Shares to Buy in Kenya in 2022

These are some of the best shares to buy in Kenya today and hold for years. As you all know, a stock market is volatile, but you can grow your wealth steadily over time with the right shares. However, knowing...

How to Buy Safaricom Shares

If you're looking to invest in Safaricom PLc, you'll want to know how to buy Safaricom shares. Shares in Safaricom are traded on the Nairobi Stock Exchange (NSE), and there are a few different ways you can buy them. This...

Top 10 Registered Stockbrokers in Kenya

There are many registered stockbrokers in Kenya. However, not all of them offer the best services. This article will list 10 of the best-registered stockbrokers in Kenya. Kenya's capital markets are some of the most sophisticated in Africa. With a well-developed...

17 Best Investment Companies in Kenya

In this article, we will be discussing the top 10 investment companies in Kenya. These days, when looking to invest in Kenya, one needs to be extra careful and ensure they are putting their money into a reliable company that...