Bandari Sacco, established in 1975, is one of Kenya’s largest deposit-taking Saccos with an asset base of Kshs 12.01 billion and a membership exceeding 18,000. It offers financial solutions aimed at enhancing the financial stability and general well-being of its members through thrift promotion and affordable credit services.
Membership Eligibility
- Any person can join Bandari Sacco by submitting duly completed account opening forms along with the necessary identification documents (copy of ID and coloured passport photos).
Membership Structure
- Share Capital:
- Mandatory for all Sacco members.
- Minimum share purchase requirement: Kshs 10,500.
- Shares can be purchased progressively on a monthly basis, subject to Sacco management approval.
- Share capital earns annual dividends.
- Non-withdrawable Deposits:
- A minimum deposit of Kshs 1,500 per month or Kshs 50 per day.
- These deposits qualify a member for active membership.
- Refundable only upon cessation of membership with a 60-day notice period.
- Ordinary Savings Account:
- An everyday collection and disbursement account.
- Supports ATM, internet banking, mobile banking (USSD), and paybill services.
Account Opening Requirements
1. Personal Savings Account
- Copy of National ID.
- Duly filled account opening form.
- Coloured passport photo.
2. Group/Chama Account
- Certificate of registration.
- Constitution of the group.
- Recent minutes indicating the decision to open an account at Bandari Sacco.
- Copies of National IDs of group officials.
- Member listing with names, ID numbers, telephone numbers, and signatures.
- Photos taken at the Sacco on the account opening day.
3. Sole Proprietor Account
- National ID of the sole proprietor.
- KRA PIN certificate.
- Certificate of registration of the business.
4. Dau Junior Savings Account
- Copy of National ID of the parent/guardian.
- Copy of the child’s birth certificate.
- Duly filled account opening form.
- Parent/guardian must already hold an account with Bandari Sacco.
5. Limited Company Account
- Certificate of incorporation and KRA PIN of the company.
- Copies of IDs and KRA PINs of company directors.
- Board resolution on the company letterhead (enclosed with the company seal).
- Articles and Memorandum of Understanding (MOU) of the company.
6. Society/Club Account
- Certificate of registration.
- Minutes of the board resolution.
- Signing mandate and photos.
- Copies of IDs and designations of account signatories.
Bandari Sacco Contacts
Head Office: Bandari Sacco Building, Moi Avenue, Mombasa.
Contacts:
- Phone: 0724 002 525 / 0735 336 685.
