Lengo Sacco, officially registered on 24th March 1976, was formed by employees of the defunct Municipal Council of Malindi. Licensed by SASRA in 2012, the Sacco has since expanded to offer deposit-taking services to a broad membership base. With an asset base of Kshs 0.48 billion, Lengo Sacco continues to provide reliable financial solutions to its members.
Membership Eligibility
Lengo Sacco has opened its common bond, making membership open to all Kenyans regardless of profession or background.
Membership Requirements
To join Lengo Sacco, you need:
- Membership Application Form: Available on the Sacco’s website or branch offices.
- ID for Verification: A copy of your national ID.
- Passport-Size Photograph.
- Registration Fee: Pay Kshs 500.
Lengo Sacco Products
1. Loan Products
(a) Development Loans
- Eligibility: Available to registered members after 6 months.
- Interest Rate: 1.5% on a reducing balance.
- Repayment Period: Up to 72 months.
- Requirements:
- 3 guarantors.
- 1 witness.
(b) Development Loan Top-Up
- Eligibility: Members must have serviced at least 3/4 of their current loan.
- Penalty: A 10% charge on the reducing balance.
- Interest Rate: 1.75%.
(c) Somesha Loan
- Purpose: For all educational needs (primary, secondary, and college students).
- Interest Rate: 1.5% on reducing balance.
- Repayment Period: Up to 48 months.
2. Savings Products
(a) Jawabu Account
- Features: An account designed to meet financial needs at any time.
- Requirements:
- ID copy of the applicant.
- Passport-size photo (taken at the branch).
- Minimum operating balance: Kshs 100.
- Ledger fees: Kshs 500.
- Registration fee: Kshs 500.
(b) Lengo Savings Account
- Initial Deposit: Kshs 500.
- Account Maintenance: Free.
- Withdrawal: Restricted to once per month.
(c) Tunza Junior Account
- Purpose: Introduces children to the culture of saving.
- Initial Deposit: Kshs 300.
- Withdrawal Charges: Kshs 120.
- Requirements:
- Child’s birth certificate.
- Parent/guardian ID copy.
- Passport-size photo (taken at the branch).
(d) Bakisha Account
- Target: Small traders.
- Features:
- Free account opening.
- No minimum operating balance.
- Ledger fees: Kshs 150.
- Registration fee: Kshs 500.
Lengo Sacco Branches & Contacts
1. Head Office
- Location: Stanchart Arcade Building, Malindi.
- Contacts: 0715 882 191 / 0707 700 084.
2. Kilifi Branch
- Location: Guiness Building.
- Contact: 0790 482 091.
3. Mtwapa Branch
- Location: Mama Ken Plaza, 3rd Floor.
- Contact: 0769 394 450.
4. Mariakani Site Office
- Contact: 0759 909 306.
Conclusion
Lengo Sacco is a trusted financial institution providing a wide range of savings and loan products tailored to its members’ needs. With competitive interest rates, flexible loan terms, and accessible branches, it serves as an excellent choice for anyone seeking financial empowerment and security. Joining Lengo Sacco ensures access to reliable financial services and long-term economic growth opportunities.
