Hazina Sacco Society Ltd is a nationwide deposit-taking SACCO established in 1971 under the Co-operative Societies Act. With over 34,000 members across Kenya, the SACCO provides savings, competitive dividends, affordable loans, and full FOSA banking services. This guide provides a detailed breakdown of Hazina Sacco’s membership, loan products, savings accounts, and how to join the SACCO.
Whether you’re saving for a house, education, or emergency funds, or looking for affordable loans, Hazina Sacco offers a variety of financial services designed to meet your needs. Here’s everything you need to know about becoming a member, contributing to the SACCO, and accessing its financial products.
About Hazina Sacco
Hazina Sacco is a regulated savings and credit co-operative that provides its members with an opportunity to grow their deposits while accessing a wide range of loan and banking services. It caters to individuals from government institutions, private organizations, and independent commissions, making it one of Kenya’s most inclusive and accessible SACCOs.
Membership Eligibility
To join Hazina Sacco, you must be:
- A Kenyan citizen or a resident.
- An employee of any of the following:
- National government.
- County governments.
- State corporations and parastatals.
- Private organizations.
- Hazina Sacco employees.
- Independent commissions.
Benefits of Joining Hazina Sacco
As a member of Hazina Sacco, you enjoy a variety of benefits designed to help you achieve your financial goals. These benefits include:
- A reliable platform for structured savings: With access to a wide range of savings products that help you grow your wealth.
- Attractive interest on deposits and dividends on share capital: This allows your savings to grow at a competitive rate.
- Access to loans: After only one payroll deduction for check-off members, with loan limits based on deposits.
- Loan repayment periods of up to 108 months (9 years).
- Loan limits of up to KES 40 million based on your deposits.
- Salary-based loans of up to KES 5 million.
- Loan buy-offs from other financial institutions.
- Top-ups on existing loans, providing more flexibility.
- Faster loan processing: Ensuring your financial needs are met in a timely manner.
- Access to salary advances: To manage immediate expenses.
- Competitive loan interest rates: With rates lower than traditional financial institutions.
- Diverse banking services: Including salary processing, ATM, EFT, and RTGS services.
How to Join Hazina Sacco
To become a member of Hazina Sacco, follow these simple steps:
- Fill in the Membership Application Form: This form is available for download on the Hazina Sacco website. You can also get a physical copy at any Hazina Sacco branch.
- Submit Required Documents: These include:
- Copy of National ID.
- Passport-size photograph.
- Current payslip (for check-off members).
- Registration fee of KES 1,000.
- Submit the Form and Documents: You can submit the completed form and documents via email or deliver a physical copy to any Hazina Sacco branch.
Member Contributions
To maintain your membership and access Hazina Sacco’s products and services, you need to make the following contributions:
- Registration fee: KES 1,000 (one-time fee).
- Share capital: KES 16,000 (to be increased by KES 1,000 annually starting December 2024).
- Monthly deposit: A minimum of KES 1,000 or 5% of your basic salary.
- Welfare contribution (Benevolent Fund): KES 200.
Benevolent Fund Payouts
Hazina Sacco offers payouts from the Benevolent Fund to members’ beneficiaries in the event of the member’s death. The following amounts are available:
| Beneficiary | Amount (KES) |
|---|---|
| Member | 100,000 |
| Spouse | 75,000 |
| Children (up to 25 years) | 50,000 |
| Biological Parents | 30,000 |
Loan Eligibility
To qualify for a loan:
- Check-off members (payroll deduction) qualify for the Jibu Loan after the first payroll contribution.
- General members qualify for loans after four months of consistent contributions.
- Members transferring 100% of their deposits from another SACCO qualify for loans immediately after their first contribution.
Hazina Sacco loans are available up to five times the member’s deposits, with Super Loans offering up to six times.
Hazina Sacco Loan Products
Hazina Sacco offers a range of loan products for members, including both BOSA (Back Office Service Activities) and FOSA (Front Office Service Activities) loans:
BOSA Loans (Back Office Service Activities)
| Loan Type | Deposit Multiplier | Interest Rate (Reducing Balance) | Repayment Period (Months) | Maximum Loan |
|---|---|---|---|---|
| Super Loan | 6 | 1.2% | 108 | KES 40M |
| Normal Top-up Loan | 5 | 1.1% | 96 | KES 40M |
| Normal Loan | 5 | 1% | 84 | KES 40M |
| Daraja Loan | 5 | 1% | 48 | KES 40M |
| Jibu Loan | 5 | 1% | 24 | KES 300,000 |
| Emergency Top-up Loan | 5 | 1% | 18 | KES 40M |
| Emergency Loan (School Fees, etc.) | 5 | 1% | 12 | KES 40M |
| Stawisha Loan (Home Improvement) | – | 1.2% | 24 | KES 350,000 |
FOSA Loans (Front Office Service Activities)
These loans are available to members whose salary is processed through FOSA:
| Loan Type | Interest Rate (Reducing Balance) | Repayment Period (Months) |
|---|---|---|
| Karibu Loan | 1.17% | 60 |
| HSF Special Advance Loan | 1.15% | 36 |
| HSF Okoa Loan | 1.1% | 18 |
Mobile Loans
- Flash Advance Loan: Loan limit of 20% of deposits or KES 60,000, with a repayment period of 1-4 months.
- Mobi Loan: Loan limit of KES 60,000 or 300% of net pay, with a repayment period of 1-6 months.
Hazina Sacco FOSA Savings Accounts
Hazina Sacco offers various savings accounts under its FOSA (Front Office Service Activities), each tailored for different needs:
| Account Type | Minimum Operating Balance (KES) | Minimum Interest Earning Balance (KES) | Withdrawal Frequency | Interest per Annum |
|---|---|---|---|---|
| Ordinary Savings Account | 500 | N/A | Unlimited | N/A |
| Premium Savings Account | 1,000 | 5,000 | Once per quarter | Negotiable (4-6%) |
| Jipange Savings Account | 500 | N/A | Unlimited | N/A |
| Jewel Savings Account | 500 | 3,000 | Twice per year | N/A |
| Fixed Deposit Account | 20,000 | 20,000 | Twice per year | Negotiable |
How to Access Funds
Members can easily access their funds through the following channels:
- ATMs at Co-operative Bank, Co-op Agents, or any Visa-branded ATM.
- Over-the-counter withdrawals at Hazina Sacco FOSA.
- Mobile banking via *850# or the Hazina Sacco App.
Payment Details
To make payments, you can use the following options:
- Bank Payments
- Bank: Co-operative Bank
- Branch: Nairobi Business Centre
- Account Name: Hazina Sacco
- Account Number: 01120000553600
- Reference: ID Number + relevant short code (for example: 12345678DEP)
- M-PESA Payments (Paybill 850436)
- Go to Lipa na M-PESA > Select Paybill > Business number: 850436 > Account number: ID Number + code
- For deposits: 12345678DEP
- For welfare: 12345678WEF
- For entrance fee: 12345678ENT
- Go to Lipa na M-PESA > Select Paybill > Business number: 850436 > Account number: ID Number + code
Contact Information
For any inquiries, members can contact Hazina Sacco using the following details:
- Email: [email protected] | [email protected]
- Phone:
- Mombasa: 0717 445 552 / 0772 922 081
- Siaya: 0717 445 553 / 0772 922 083
- Vihiga: 0717 445 726 / 0722 922 088
- Kitale: 0114 727 913
Key Takeaways
- Affordable membership fees: With a KES 1,000 registration fee and a KES 1,000 monthly deposit, Hazina Sacco provides an accessible platform for savings and loans.
- Diverse loan products: From emergency loans to home improvement loans, Hazina Sacco offers flexible financial solutions for all needs.
- Savings flexibility: With various FOSA savings accounts and fixed deposit options, members can earn interest at competitive rates.
- Mobile convenience: You can manage your account, apply for loans, and make payments all through mobile banking.
Hazina Sacco is your reliable partner in building wealth, achieving financial goals, and accessing affordable credit with flexible repayment terms. Join Hazina Sacco today to take the first step toward securing your financial future.
