Mhasibu Sacco Society Limited, founded on April 16, 1986, by the Institute of Certified Public Accountants of Kenya (ICPAK), has grown significantly from its humble beginnings. Initially catering to accountants, the Sacco has expanded its membership to include all professionals, their spouses, children, groups, and corporates. Today, Mhasibu Sacco Society Limited boasts over 23,000 members worldwide and an asset base exceeding KES 9.5 billion.
The core mission of Mhasibu Sacco is to mobilize savings and economically empower its members to achieve financial independence. This mission is supported by a commitment to core values such as customer focus, accountability, professionalism, integrity, teamwork, and innovation. These values have guided the Sacco in delivering a range of financial services, including short-term, long-term, self-guaranteed, and mortgage loans.
Mhasibu Sacco’s vision is to be a “Sacco of Excellence among the best managed in the world.” This aspiration drives their efforts to offer a diverse portfolio of competitive products, ensure a strong market position, and maintain a robust digital presence. The Sacco’s dedication to member convenience and excellent customer service is evident in its comprehensive range of loan products and its commitment to educating members on financial services and investment strategies.
Mhasibu Sacco Society Limited Membership and Eligibility
Mhasibu Sacco’s membership is open to accountants and professionals, which ensures that the financial products and services offered are tailored to the unique needs of this demographic. This focus on a specific professional group enhances the trust and reliability within the Sacco, as members share common professional standards and values.
Membership Eligibility
1. Individual Membership:
Open to all professionals.
Registration fee: KES 1,000.
Monthly contribution: Minimum KES 3,000.
Share capital: Minimum KES 10,000.
2. Group/Corporate Membership:
Open to registered entities.
Registration fee: KES 5,000.
Monthly contribution: Minimum KES 10,000.
Share capital: Minimum KES 20,000.
Requirements:
Certificate of registration.
KRA PIN and ID copies of officials/directors.
Passport photographs of officials/directors.
Group constitution or Articles of Association.
Evidence of physical address.
Mhasibu Sacco Society Limited Products
Savings Products
Mhasibu Sacco Society Limited offers a variety of savings products designed to meet different financial goals:
Ordinary Savings Account: This is the basic savings account for members, providing competitive interest rates and easy access to funds.
Holiday Savings Scheme: This account helps members save specifically for holiday expenses, encouraging disciplined saving habits.
Child Savings Scheme: Tailored for parents to save for their children’s future, this scheme is an excellent tool for securing educational expenses and other future needs.
Fixed Deposit Accounts: These accounts offer higher interest rates for members willing to lock in their funds for a specified period.
Loan Products
Mhasibu Sacco provides an array of loan products to cater to the diverse needs of its members:
Normal Loans: These are the standard loans available to members, with competitive interest rates and flexible repayment terms.
Development Loans: Designed for long-term investments like purchasing property or starting a business, these loans have favorable terms to support significant financial projects.
School Fees Loans: To help members manage educational expenses, these loans are structured to be affordable and easy to repay.
Emergency Loans: Quick access to funds for unforeseen circumstances ensures that members can handle emergencies without financial strain.
Swift Loans: These are short-term loans with quick approval processes, ideal for members needing immediate financial support.
Digital Banking
Mhasibu Sacco has embraced technology to enhance the convenience and accessibility of its services. Members can access their accounts, apply for loans, and manage their finances through the Sacco’s online banking platform and mobile app. This digital transformation ensures that members can perform transactions and access services anytime, anywhere.
Mhasibu Sacco is also actively involved in corporate social responsibility (CSR) initiatives. The Sacco participates in various community development projects, including supporting education, health, and environmental sustainability. These initiatives not only benefit the community but also enhance the Sacco’s reputation and member loyalty.
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