Adventist Sacco is one of the leading Saccos in the country. It was started in 1988 to cater to members of the SDA church central Kenya conference. In 1990, they expanded their membership to all SDA church employees country-wide and later in 2009, to the entire SDA church membership in the country. Like Waumini Sacco, Kingdom Sacco among other Saccos, Adventist Sacco draws its membership from a religious denomination.
Can I Join Adventist Sacco?
For one to become a member of Adventist Sacco, they have to meet the following requirements;
- Should be an Adventist Member. Confirmation from the local church where you attend.
- Must be economically active. Have an income-generating activity.
- Complete membership application form
- Pay a non-refundable entrance fee of Kshs. 2,000.00
- Submit a copy of your National Identity card (Both sides)
- Submit one colored passport-size photo.
- New members to buy at least 200 shares of Ksh.100 each into the society. The minimum SHARE CAPITAL value is Kshs. 20,000.00 which should be paid at once or developed in at most 6 months from the date of membership.
When you meet the above admission criteria, you can fill in the membership form and forward it to Sacco.
What Products Does Adventist Sacco Offer?
1. Sacco Shares
These are non-refundable shares that give the member right to own the Sacco. Currently, the minimum share capital per member is Kes 20,000. This money is paid upfront or in installments for 6months.
The Sacco shares shall earn dividends at the end of the year based on the performance of the Sacco. The Sacco shares are not refundable when one exits the Sacco but can be transferred or sold to an existing Sacco member or a new member.
2. Savings Products
These are deposits that a member makes to the Sacco every month. The deposits are used as a multiplier basis for all the loans the member wishes to take. At the end of the year, Sacco pays interest on deposits which depends on the performance of Sacco. The deposits are refundable when one is exiting the Sacco and after giving a 60days written notice.
3. Loans
The core business of the Sacco as espoused on their mission statement is to Mobilize savings by providing innovative and well-researched financial facilities, through effective management, marketing, and quality training.
They provide several Sacco loan products as below.
3.1 Adventist Sacco Emergency Loan
- These are based on repayment ability.
- Maximum Kshs. 50,000/=
- Only on Sickness, Death, and Court fines but not criminal.
- All Loans shall have documentary evidence to support them.
- The interest rate charged is 1% per month on reducing balance
- Repayment period – 12 months.
3.2. Adventist Sacco School Fees Loan
- Based on repayment ability
- Maximum Kshs. 100,000/=
- Repayment period – 12 months
- The interest rate is 1% per month on reducing balance.
3.3. Adventist Sacco Instant Loan
- Based on repayment ability
- The interest rate is 2% per month on reducing balance
- Repayment period – 12 months
- Maximum Kshs. 150,000/=
3.4. Adventist Sacco Re-Financing Loan
- Given as top-up loan.
- Given to combine other loans where the applicants are still in need of extra funding for a project in progress.
- Based on repayment ability.
- The interest rate is 1.5% per month on reducing balance.
- The repayment period is 42 – 60 months.
- The maximum amount given is 3 times the member’s deposits.
- One must have paid 50% of other/previous loans.
3.5 Adventist Sacco Empowerment Loans
- Based on one’s repayment ability.
- Given for Housing and land acquisition only Within x3 of members deposits.
- Repayment period 36 – 72 months.
- Compound Interest at a rate of 1% per month.
3.6 Adventist Sacco Investment Loans
- Based on repayments ability.
- Given for Items or Shares on offer acquisition.
- The repayment period is 6 – 42 months depending on the amount involved.
- Interest charged is calculated separately on reducing balance method and loaded
What Are The Lending Requirements Of Adventist Sacco?
For one to be eligible for a loan, one must meet the following minimum requirements as set by Adventist Sacco.
- One must have been a member of the Society for at least six months with regular monthly contributions.
- Member should undertake to pledge future salary/earnings from any employer before such a loan is granted by the society.
- The applicant where under formal employment, should attach the latest payslip.
- Amount applied should be covered in full by guarantors.
- All application forms must be signed by employers before being submitted to Sacco Office for processing.
- All applicants must attach a photocopy of the National Identity Card (ID).
What Is Adventist Sacco Paybill Number?
Adventist Sacco has a pay bill number through which members can easily make monthly deposit savings and repay loans. The paybill number is 977 210. Here is how you use Adventist Sacco paybill number.
- Go to Mpesa menu Lipan a Mpesa
- Select paybill
- Enter business number 977 210
- Account no. Enter your membership number
- Enter the amount you wish to pay
- Enter your Mpesa pin
- Confirm the details before sending
- You will receive a notification message from Mpesa.
How do I contact Adventist Sacco?
You can get in touch with Adventist Sacco through postal address, email, or through the telephone as detailed below.
Adventist Sacco Society Limited
P.O. Box 41352 – 00100 Nairobi, Kenya
Tel: 0777 900 074
Cell: 0721604 765
0713 662 887 / 0711684 144
E-mail: [email protected]
Website: www.adventistsacco.co.ke
Final Thoughts
As a Kenyan, having a savings plan will help you on a rainy day. As the Swahili saying goes, “AKiba Haiozi” save for tomorrow and secure your financial future. If you meet the minimum entry requirements for Adventist Sacco, you may consider joining.
