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:
- Employees of Safaricom PLC, their spouses, and their adult children.
- Sacco members introduced individuals.
- 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:
- A clear and recent passport-size photo of yourself in JPEG format.
- A copy of your ID or passport Scanned on both sides and in PDF format
- Your KRA PIN Certificate
- 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:
- Visit the Safaricom iConnect Web portal to self-register.
- Fill in your details in the marked fields.
- Upload the required documents in the correct format as described above.
- Please review your application and submit it.
- Click next and enter your Next of Kin personal details.
- 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)
- The Membership fee is Kshs.1,000. This is payable via Mpesa at the point of registration.
- The minimum monthly deposit contribution is Kshs 3,000
- 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)
- They shall generate a credit Reference Bureau (CRB) report to confirm membership eligibility
- Qualification for a loan is after 6 Months of consistent saving for long-term loans & short-term loans for three months.
- Monthly Contributions are acceptable through any mode of payment, i.e., Standing Orders, Payroll Deductions from employer, Cheques, Over the counter deposits & M-Pesa