It can be expensive to live in Kenya. The cost of necessities like food and shelter continues to rise while incomes remain relatively stagnant. This can make it challenging to make ends meet, let alone save for the future.
One way to ease the financial burden is by taking a loan from a Sacco. Sacco loans are becoming increasingly popular in Kenya as they offer competitive interest rates and flexible repayment terms. Safaricom, one of the largest telecommunications providers in Kenya, offers its own Sacco loan.
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A Sacco is a savings and credit cooperative, a financial institution owned and operated by its members.
If you’re thinking of applying for a Safaricom Sacco loan, here’s everything you need to know.

Who is Eligible for Safaricom Sacco?
Employees of Safaricom Limited, Spouses of Members, and children aged 18 years or older are eligible for the Safaricom Sacco membership. Individuals acquainted with Sacco members and employees of other corporations are also welcome to join.
Alpha/Individual members can borrow loans after a 6-month period of consistent savings with the Back Office Services Activity (BOSA) Section. On the other hand, Omega/Group members are eligible for a loan after saving for the same period with Front Office Services Activity (FOSA) Section.
Safaricom Sacco Limited’s core capital is the Share Capital, where every member must buy at least 400 shares, each costing Sh.100. Members get dividends at the end of every FY based on the Sacco’s performance in that financial year.
How to join Safaricom Sacco? Simple.
Joining Safaricom is as easy as applying for membership via iConnect Web portal. Alternatively, you can download Safaricom Sacco’s membership registration form from Safaricom Sacco’s website.
Consequently, attach your ID copy, passport photo, and a KRA pin certificate copy. You are notified via an SMS when your account is open within two days, with your membership number.
You will also need to pay a one-off fee of Sh.1,000. Furthermore, you must understand that you will pay a minimum monthly contribution of Sh.3,000.
For groups joining Safaricom Sacco, the Omega membership fee is Sh.2,000. The minimum monthly deposit for FOSA is Sh.5,000 and a Sh.20,000 minimum shareholdings for corporates.
Registered companies, SMEs, and investment groups/chamas are eligible for a maximum of Sh.3 million Safaricom Sacco loan.
Safaricom Sacco Loan Application
All Safaricom Sacco loans, long-term and short-term, are accessible via iConnect. You can acquire Safaricom Sacco loan application form from the site if you meet all the requirements.
Go to iConnect portal and register if you are not yet a member, and validate the registration through the link sent to your email.
Suppose you are a member, log in to access rebates, dividends, and capacity to apply for loans. The application process varies for FOSA and BOSA savings products.
Safaricom Sacco Loan Requirements
Safaricom Sacco loan products are divided into two– BOSA and FOSA. BOSA savings products are centered around individual members dealing with non-withdrawable savings.
This allows the members to borrow Safaricom Sacco loans against their savings. BOSA products have competitive interest rates.
FOSA, on the other hand, involves financial services curated for groups. It allows the group members to transfer and deposit cash. It also gives them a convenient and affordable savings platform.

Loan Requirements for:
- Checkoff Members
This includes Safaricom staff and members with a common bond. To be a check-off member implies that one’s employer remits deductions directly to the Sacco.
In addition, the employer signs a memorandum of understanding with Safaricom Sacco, agreeing for remissions every 5th of the month. They need to meet the following checklist to acquire a loan:
- Non-checkoff Members
Non-checkoff members are Safaricom Sacco members without a common bond. They have to provide:
- Individual/Alpha Members in Business
Individuals doing business can acquire Safaricom Sacco loans after meeting the following requirements:
- Omega/Group members
This category includes chamas, self-help groups, SMEs, corporates, and investment groups. Acquiring group loans requires:
What are the benefits of a Safaricom Sacco loan?
There are several benefits of taking out a Safaricom Sacco loan, including:
Exiting Safaricom Sacco
You can also withdraw from Safaricom Sacco by following the steps below:
Closing Thoughts
Safaricom Sacco loans are a quick and easy way to access funding for emergencies or unexpected expenses.
However, it’s essential to understand the eligibility requirements, repayment terms, and penalties for late payment before taking out a loan.
Do you have any experience with Safaricom’s Sacco loan service? Let us know in the comments below.