Objective of the Sacco

  • To financially empower the members of KNCCI

Specific Objectives

  • Develop loan products customized to members of KNCCI
  • Ensure the loan products are accessible and affordable.


SACCO is the acronym/short name  of Saving and Credit Cooperatives

  • Registered Member of KNCCI
  • Employee of KNCCI
  • 18Years and or above
  • Make monthly Deposits as approved by SACCO
  • A Person with Integrity

A Sacco is a financial vehicle used by members to save money every month and access affordable credit and is therefore a Sacco is in the business of money (saving and development of loan products for its members).

You make an application through your chapter using the prescribed downloadable application form on Click Here . After filling the required information you Make your entry payment of KES. 500 and share contribution of KES. 1,000 to:

KNCCI bank account Bank: Sidian Bank
Account Number: 01003020043581
Branch Code: 003
Bank Code: 066
Bank Swift Code: SIDNKENA
M-Pesa Paybill No. 4027805.
ACCOUNT: “Your National ID / Passport No”

KNCCI Sacco as the recipient. After payment Attach copies of payment receipt, Identity Card and KNCCI membership certificate and latest Pay slip (for employees) to the local chapter.

No. To put it plainly all SACCOS are Cooperatives BUT not all Cooperatives are SACCOS. There are Agricultural marketing cooperative (dealing with marketing of agricultural produce), Transport (in the business of transportation), sand harvesting (in the business of sand), Consumer Cooperatives (in the business of hotels) etc The name appended to a cooperative defines the business of the entity.

  • It provides members with a safe platform to save on regular basis as the SACCO has a legal framework that is regulated by Commissioner for Co-operative Development (CCD);
  • Members determine the interest rate chargeable on loans
  • The interest charged on loan repayment is based on declining/outstanding principle amount therefore making the effective interest over the repayment period to be about 6-7%
  • It accords members an opportunity to borrow at affordable rates as the interest rates are not affected by macro-economic factors
  • Members determine development of loan products that are  customized to their needs  
  • To borrow a member does not require any collateral but guarantors thus making loan processing cost to the members be zero
  • As an investor and owner, members will may earn dividends on share and interest on deposits based on the performance of the society as highlighted in the audited accounts and determined by the owners
  • Sacco members may benefit from other networks of Government and development partners targeting the SMEs community.
  • A member is the investor, owner and consumer of the SACCO

You stand a chance to benefit from Government and development partners interventions targeting the Medium, Small and Micro Enterprises (MSMEs).

Yes there is a big difference in Cooperatives in regards to the meaning of share capital and savings.

Share capital means the amount of money, you as an investor invests to lay the foundation of the SACCO. This is the money that is used in buying equipment or buildings for the operations of the SACCO. For example, if a SACCO puts up a building the money contributed will buy cement or stones, this money is fixed and cannot be assigned to any one individual once it gets into the pool.

Savings is the amount of minimum money one saves every month as agreed to in the bylaws. Savings determines how much loan one will qualify in line with the set bylaws or resolutions.

Share capital is only transferable but is not refundable. On exit a member can transfer their capital to another member. However, during the winding up of a SACCO, share capital will be refundable on a prorate basis based on what is available

Yes. When a member intends to exit the SACCO one must ensure they have cleared their personal loans and transferred any guarantor-ship liability to fellow members. Once this information is captured by the SACCO management, they can then write to the Sacco notifying them of their intention to exit and give a 60 working day notice for the refund to be effected. The Board should pay the members his total savings less any overheads incurred by the society.

The SACCO determines the minimum monthly saving. A member can therefore save as much as they can subject to the fact that their total savings is below 20 percent of the total Sacco aggregate savings.

A member will qualify for a loan after at least 6 months of continuous savings. The amount of loan one can qualify will be in line with the loan policy.

The amount one can borrow will be determined by the loan policy in place,  total amount one has saved, submission of a duly completed loan application to the relevant SACCO authorities and the quality of the guarantors .

Ensure you borrow wisely (you put the loan amount into good use), save regularly, and pay your loan timely.

A member of good character and their commitment to the repayment of the loan

The interest on loans will be 12% per year on declining balances/outstanding loans

Yes depending on the volume of business, members will likely receive interest based on their savings and dividends based on their share capital. In addition, any targeted financial intervention by donors/partners to Medium, Small and Micro enterprises (MSMEs) will be channeled through the SACCO.