Back To Top

Safaricom Sacco @15

It is exciting how time flies! Safaricom Sacco is turning 15 !

And we are not only turning 15, we are celebrating starting from very humble beginnings.

The SACCO has continued to improve in scope and quality of service as demonstrated by growth in business. We have registered reasonable growth in terms of volume of business and overall profitability. Technology has been one of the game-changing differentiators in the industry and being at the core of one of the best communication platforms in the country, we pride ourselves as a platform for other Sacco to learn.

While our success in the sector is well documented, it is important to appreciate the fact that we in the sector operate in an extremely dynamic and volatile environment. Over the years, we have seen heightened competition from commercial banks and microfinance institutions (MFIs) and our continued success will hinge heavily on our ability to offer competitive products and services to satisfy an increasingly discerning membership

Some of the achievements that the Society has accomplished can be summarized as follows:



Manual system

Automated Systems

Membership closed to Safaricom Employees

Sacco currently open to Corporates (Currently over 100) , Individuals introduced by Sacco members

Membership 222 only

10,000 economically empowered membership

Maximum loan application 2M

Maximum loan application 10M

1 Staff

26 Staff

Demonstrating to the membership a vibrant and stable Sacco that has seen its balance sheet grow over and above its “peers”

Join us to celebrate our “Growth and Future Prospect”

editor's note

News, services and events coming closer to you

Michael Porter (1981) says an organization without a strategic plan is like a ship without radar. From the Sacco secretariat, we are pleased to share the progress made towards managing the Sacco a “one stop shop”.

The 2014-2018 strategic plan proposed the following pillars:

  • Financial Pillar                                
  • Products and Service offering
  • Human resource               
  • Membership
  • Leadership and Governance   
  • System and Risk Management

The board and senior staff reviewed the strategic plan and noted that we have made certain achievements in the just concluded FY2015. Like all organizations with intent of achieving a desired result, Safaricom Sacco is in the second year of their adopted strategic plan 2014-2018 which is meant to help the company achieve its goals. It is targeted to align itself to the company Vision (“To be the financial service partner of choice”) Mission statement (“Transform our members lives through provision of affordable innovative and accessible financial service”) and lastly its values (Customer Focus, Integrity, Reliability and Innovation).

Where we are:
Performances on selected parameters are as below:-




% change

Going Forward

Total Assets




Targeting 40% growth

Total loans




Targeting 50% growth

Total deposits




Targeting 40% growth





Targeting 50% growth

Defaulted loans




To be maintained at <1% of total loans





Targeting below 20%

Sacco Shares Drive 2015

  • Managed to comply with all the required prudential ratios except institutional capital.
  • Mobilized kes 150million and pledges worth Kes 366million at the end of the year
  • Improve the institutional capital through increasing our reserves.
  • Attain the 1billion target

Sacco Tower

  • Project to start immediately we attain the 1billion mark
  • Project in progress.

Corporate Governance

  • Constituted a nominations committee within the year
  • Change the electoral process from a one day event to start in quarter 3 every year


Safaricom Sacco in a 23pc surge in profits at the close of FY2015

Way Forward
We strive to introduce various initiatives – such as product launches, geographic expansions, land projects- that the organization will carry out in pursuit of the goal.

These strong results are attributed to by the hard work of the board, staff and all members of Safaricom Sacco. We are most grateful for the continued support given by Safaricom Ltd and we look forward to yet another great performance in 2016.

benevolent fund

Read a testimonial on the benefits of signing up

Howard Olume has been a member of Safaricom Sacco for the past 3 years and is currently the Human Resource Manager at the Commission for the Implementation of the Constitution- (CIC)

I am a living testimony of how the Benevolent /Hand of Comfort fund can provide relief to families during bereavement. After my mother’s demise in February this year, Safaricom Sacco Paid Kshs.120, 000 from the fund despite the fact my contributions at the time was only Ksh 10,800.

I advise all members of the SACCO to consider joining Safaricom Sacco Benevolent Fund. You cannot go wrong with the fund. Besides, though death is inevitable, you cannot tell exactly when it will occur. It often comes knocking when we are least prepared. It is precisely at that point that you will fall to the fund and trust me it won’t disappoint you! I thank the team that modelled and pushed this product to members as it is really a value addition to not only them but offering comfort to their families when they need the most.

Your Monthly Tips

What does it mean to be a guarantor?

A guarantor is a person who guarantees to pay for someone else's debt if he or she should default on a loan obligation. A guarantor acts as a co-signor of sorts, in that they pledge their own assets, savings or services if a situation arises in which the original debtor cannot perform their obligations.

DO’s and Don’ts   on Guarantorship

  • A member should NOT guarantee a partially completed form, read the contents (The Devil is always in the details) and understand them well. Put on some glasses if you cannot read between the lines.
  • It is wise to form guarantorship club/s amongst your friends; colleagues; where you know others better and becomes easier to co-guarantee one other easily.
  • Read and understand the nature of the guarantee. A prospective guarantor must not sign a document that he has not read or sign a document which is in fact a blank form or a partially completed form. A person signing such a document would have no defense in law should he decide to challenge it in the court of law or in a court tribunal.
  • You may opt to seek professional (Sacco Staff) advice on the legal implications of the guarantee before signing
  • Be wary about giving a photocopy of your identity card or passport to anyone other than the Sacco.


  • Do not have a financial, business or moral interest in the transaction and are uncertain as to the nature of the loan. Your instinct is always RIGHT.
  • Have doubts as to the ability or integrity of the borrower
  • Feel that you are under undue pressure or duress to do so
  • Do not understand the terms of the guarantee and do not have an independent party explaining it to you
  • Believe that you have no capacity to settle the debts of the borrower if he fails to pay

If a member defaults on a loan, the law allows the guarantor to sue that member in a Cooperative Tribunal. (For further information contact the Sacco offices)

ALWAYS ensure that:

  • The maximum amount to be guaranteed is clearly stipulated and whether it is inclusive of accrued interest
  • You are aware of your liabilities in the event that variations are made to the terms and conditions of the loan
  • In a joint or joint and several guarantee, all the guarantors sign the guarantee
  • The name of the borrower is clearly stated on the guarantee document

You seek clarification or explanation on any of the terms of the guarantee, if in doubt. If necessary, seek advice before signing

What does the law dictate on Guarantorship?

Application for loan or credit facility
Where security is required with respect to a loan, the Sacco society may accept as security against any loan, an endorsement by a guarantor or co-guarantor, assignment of an interest in real or personal property, deposits or wages of the borrower or any collateral as may be prescribed by the          authority.

Insider lending
No director, officer, employee or a member of the board of a Sacco society shall act as a guarantor of any person with respect to a loan advanced or credit facility granted to a person by that society.

Charge against shares and savings deposits
A Sacco society shall have a first charge against deposits and share capital and upon any dividend or interest payable to a member for any debt due to the society from the member, either as a guarantor or endorser of a loan or credit facility or for any other obligation.

Protection of deposits
If a member has outstanding loans or credit facilities owing to a Sacco society, the member or guarantor’s deposits as the case may be, shall offset   he loan or credit facility before the member or guarantor may receive any net from the members’ or guarantors’ protected deposits.

Security for loans
A guarantor shall be adequately informed of the nature of the liability prior to signing an agreement creating guarantor liability.
Source: Sacco Act 2008

Here are some hilarious definitions of a guarantor according to some member’s:
1. Swahili/Slang Version
Boss, niaje?  Ni-guarantee Sign hapa nataka Loan, Si sisi ni mabeshte ebu sign hii form
– English Translation – 
“Boss, how are you? Guarantee me, sign here I want a loan, we are friends aren’t we? Sign this form”
2. Swahili/Slang Version
“Wee boss, ebu ni guarantee 200K hio ni kidogo, kwani unasavingi how much?”
– English Translation – 
“Youuuu guy, guarantee me 200K, that’s little money, is it that you don’t save or what?”
3. Swahili/Slang Version
“Cheki, niko na speedy, nipelekee form yangu round wani guarantee nitachukua form after meeting na sonko”
– English Translation – 
I am in a hurry; take my form round to all my buddies to guarantee me I’ll take the form after meeting with my boss”
4. Swahili/Slang Version
Nitafutie Guarantors, niko less by 1M, Loan ikitoka, tutajibambe baadaye
 – English Translation - 
“Assist me in looking for guarantors, I am remaining only 1M in guarantee, when the loan is disbursed we shall go and party somewhere”
The type of language we use determines on whether to sign the loan form or not however hilarious or absurd it may sound. It is funny and disheartening how serious issues like that of guarantors is taken lightly.

website design

Get your website designed through an affordable payment plan…

Take advantage of this special offer today

Safaricom Sacco in Partnership with Africa 118 has a Special Offer for a Website design package for all its members!

The package includes:

  • Own Domain name and Website with .ke/.com
  • 5 free emails – with own domain names
  • Photography done for your Website
  • Mobile friendly website for your clientele
  • Member to provide content
  • Website ready within 4 weeks

Financing is available through the Sacco in 12 easy monthly installments

Follow this link for more information: (

Safaricom Investment Co-operative (SIC)

The SACCO can help you own your property

motor insurance

We have the solution for you…

Dear Member

Have you renewed your Motor Insurance? Get a good enough reason to renew your insurance cover through Your Sacco today!

Experience the convenience of paying interest at ONLY 1%p.m Check this...

Fact: The market rate for Motor Insurance is 7.5%

Fact: The SACCO has negotiated on your behalf a fleet rate of 4% for all SACCO members

Commercial vehicles also covered, third parties given consideration

Respond to this email for immediate free valuation and cover (Advise Location)

CIC SACCO REPS: JAMES: 0703657411, ANNIVER: 0727233188, MIRIAM: 0723076766, HILDA: 0723777265