Connect with us

Hi, what are you looking for?

Finance

Tower Sacco Membership Eligibility & Requirements

Tower Sacco, established on September 15, 1976, is one of Kenya’s largest deposit-taking Saccos with an asset base of Ksh 19.57 billion. Initially formed to serve primary school teachers, it now draws membership from a wide range of individuals and institutions.


Membership Eligibility

Membership is open to individuals and groups from the following sectors:

  • Government ministries.
  • County governments.
  • Teachers Service Commission (TSC).
  • Kenya Defense Forces (KDF).
  • Kenya Police.
  • Kenya Prisons.
  • Hospitals.
  • Parastatals.
  • Farmers.
  • Business community.
  • Private and public institutions of learning, including non-teaching staff.

Membership Requirements

1. Corporate Employees (Under Check-Off)

  • Registration Fee: Ksh 1,000.
  • Minimum Share Capital: Ksh 10,000.

2. Premium Members (Individual Employees and Business Persons)

  • Registration Fee: Ksh 500.
  • Minimum Share Capital: Ksh 2,000.

3. Corporate Partnerships, Diaspora Members, and Groups

  • Registration Fee: Ksh 500.
    • Minimum Share Capital:
      • Corporate Partnerships: Ksh 50,000.
      • Diaspora Members: Ksh 25,000.
      • Groups: Ksh 2,000.

4. Micro Groups

  • Registration Fee: Ksh 300.
  • Minimum Share Capital: Ksh 500.

Mandatory Accounts Created Upon Registration

  1. Ordinary Account: A transactional account.
  2. Share Deposit: A non-withdrawable savings account used as a loan multiplier.

Tower Sacco Products

1. FOSA Products

  • Fosa Loan.
  • Fosa Premium Loan.
  • Group Premium Loan.
  • Mkopo Mashinani.
  • Fosa Flex Loan.
  • Premium Emergency Loan.
  • Bima Loan (in partnership with Tower Tech).
  • Boresha Mama.
  • Fosa Emergency 24.
  • Vuka Loan.

2. Savings Products

  • Current Account.
  • Business Account.
  • Premium Scheme Account.
  • Stop Gap Account.
  • Education/School Fees Account.
  • Sacco Junior Account.
  • Ordinary Savings Account.
  • Fixed Deposit Account.

3. Farmers Products

  • Farm Produce Advance.
  • Mbolea Loan.

4. Advance Loans

  • Salary Advance.
  • Dividend Advance.
  • Salary in Advance.
  • Kilimo Advance Loan.

5. BOSA Loans

  • Normal Loan.
  • Special Loan.
  • Emergency Loan.
  • School Fees Loan.

Tower Sacco Contacts

  • Head Office: Ol Kalou FOSA Building, Ol Kalou-Nyahururu Road.
  • Contacts: 0723 836 421 / 0733 416 492.

You May Also Like

How To

Visa requirements for Kenyan passport holders differ based on the destination country. While some countries offer visa-free entry, others may provide a visa-on-arrival or...

Business

Installment tax is an estimated income tax that taxpayers pay periodically to the Kenya Revenue Authority (KRA) in anticipation of the final tax liability...

Travel

Tom Johnson stands out as an exceptional software engineer and the creative force behind a groundbreaking travel industry innovation. With extensive experience at some...

Uncategorized

The U.S. Department of State will open online registrations for the Fiscal Year 2026 Diversity Visa (DV) Lottery starting on Wednesday, October 2, 2024,...