Hazina Sacco Reviews: How to join the Sacco, Loans, Savings Products, Contacts and paybill Number

Hazina Sacco is one of the leading Saccos in Kenya. They pay 14%-17% dividends on shares. Below we provide details about the Sacco, how to join, loans, investment products and customer care contacts.

Who Can Join Hazina Sacco Society?

• Any person can join Hazina Sacco from all the segments of the market including:
• Public Service employees.
• Other Government Ministries and Parastals
• Employees of Hazina Sacco Society
• National Government & County Employees
• Employees of Private organizations & Parastatals,
• Private Individual members,
• Chamas & Corporates

Individuals interested in joining Hazina Sacco shall fill in membership application form and forward to our offices together with:

1. Copy of National Identity Card
2. A passport size photograph.
3. Current pay slip for members contributing through check off system
4. Filled Nominee Form
5. Pay entrance fee of Ksh. 1,000.
6. Make minimum monthly contributions of Ksh. 1,000 or 5% of the basic salary, whichever is higher.
7. Take up the minimum share capital within the first 12 months of membership. The minimum share capital as at 31^st December 2023 was Ksh. 16,000. 
8. Contribute Ksh. 200 monthly to the welfare fund. The fund covers death of the principal member, spouse, two (2) children per year and biological parents.

1. Access to loans of up to Ksh.30 million based on Shares/deposits
2. Access to salary based loans of up to Ksh.4 million
3. Access to salary advances
4. Enjoy attractive interest on benefits
5. Enjoy attractive dividends on Shares
6. Get an excellent avenue to save for your retirement
7. Enjoy continuous loan processing
8. Be a share holder of a fast growing Sacco

Eligibility:

The following persons, institutions or groups are eligible for membership:

1. National Government ministries and parastatals
2. County employees
3. Private sector
4. Organized groups e.g. youth groups, women groups etc
5. Immediate family of an existing member

Principles guiding our business:

The society membership shall continue to be guided by the following co-operative principles:

1. Voluntary and open membership
2. Democratic member control additional principle
3. Economic participation by the members
4. Autonomy and independence
5. Education, training and information
6. Co-operation among co-operatives and
7. Concern for community in general

Membership Application :

Application for membership is on a prescribed application form which should be filled and forwarded to the Office for consideration. Members whose applications are successful are sent an acknowledgement and deduction effected in the Payroll immediately. Employers are required to introduce their employees who wish to join the SACCO and commit themselves to deduct and remit all the Societys dues through the Check-off System.

Entrance Fee and Monthly Contributions

Each applicant shall pay a one-off entrance fee of Kshs 1000/= as prescribed in the Sacco By-laws,  which is non refundable. In the event that share contribution are received before the entrance fee, the same shall be deducted from the shares so received. Every member shall be required to make a minimum deposit contribution of Ksh. 1,000 /= per month or 5% of basic salary  whichever is higher.

M-PESA PAYBILL

Members can make deposits and loan repayments through Mpesa Paybill No. 850436.

Instructions on how to deposit money using PAYBILL

1. Go to M-PESA, then select LIPA na M-PESA
2. select  PAYBILL
3. Enter 850436 as the Business Number
4. Account No: YOUR ID NUMBER AND followed by the respective short code e.g. (12345678DEP)
5. Enter the amount you wish to deposit (Between Ksh 10 -Kshs 70,000)
6. Enter Your M-PESA PIN
7. Confirm Details are correct and press OK

Below is the list of short codes to be used when using PAYBILL

BANK ACCOUNT

Bank: CO-OPERATIVE BANK

Branch: NAIROBI BUSINESS CENTRE

Account Name: HAZINA SACCO

Account Number: 01120000553600

Reference: YOUR ID NUMBER AND followed by the respective short code e.g. (12345678DEP)

General Loan requirements

1. Applicants are required to be familiar with the Society’s current Credit Policy.
2. The applicant must ensure parts B – H are filled in full. Incomplete forms will be returned unconsidered.
3. The applicant is required to attach 2 months original current pay-slip (not more than two months old to the date of application) and a copy of National ID card for every loan application. Original Log book, Title Deed & Fixed Deposit/Share deposit statement, KRA PIN, 6 months bank statement where applicable.
4. All loans are processed as they are received.
5. All loans shall be disbursed through FOSA Accounts. To enable the Society Transfer your funds to your Bank account, indicate your Bank Account Number, Name of Bank and Branch under section F.
6. In case your Loan is not recovered through the Payroll, please ensure that it’s paid by CASH, PAYBILL (850436) promptly to avoid Interest in arrears, penalty and DEFAULT.
7. For Non check-off members, initiate standing order instructions ahead of disbursement.
8. For Private members and members who are on contract/temporary employment terms, attach guarantor consent form to the loan application form.

Members access BOSA loans based on their deposits in multiples of 5 or 6. Individual members and chamas may borrow up to a maximum of Ksh. 30 million while corporates may borrow up to Ksh.40 million subject to ability to pay. To cater for our members’ financial needs, we offer a wide range of products with repayment periods of 12 – 96 months.

 Normal /Development Loan

• Given at 5 times of a member’s deposits .
• Interest rate of 1% per month on reducing balance.
• Maximum repayment period of 84 months.

Top-Up Normal /Development Loan

• Available to members who are servicing the Normal Loan.
• Given at 5 times of a member’s deposits.
• Maximum repayment period of 84 months.
• Interest rate of 1% per month on reducing balance. 

 School Fees and College Fees Loans

• Given at 5 times of a member’s deposits 
• Maximum repayment period of 12 months.
• Interest rate of 1% per month on reducing balance.

Super Loan

• Given at 6 times of a member’s deposits.
• Maximum repayment period of 96 months.
• Interest rate of 1.15% per month on reducing balance.

Emergency Loan

• Given at 5 times of a member’s deposits .
• Maximum repayment period of 12 months.
• Interest rate of 1% per month on reducing balance.

Top-Up Emergency Loan

• Given at 5 times of a member’s deposits .
• Maximum repayment period of 18 months.
• Interest rate of 1% per month on reducing balance.

Hisa Loan

• A facility for boosting a members deposits by the Sacco in order to access a bigger loan or clear an outstanding loan for purposes of accessing a new loan.
• Maximum of Ksh. 500,000.
• One off interest of 5% recovered from the loan issued.

Daraja Loan

Advanced within deposits multiplier (*5) Repayment period – 48 months Interest rate – 1 % per month on reducing balance If member wishes to clear emergency loans, an interest on early redemption of 5% shall be charged.

Jibu Loan

For new members who are on check off but have not finished the mandatory 4 months waiting period.

• Given at 5 times of a member’s deposits
• Member qualifies after first contribution is received
• Maximum loan is KES 300,000
• Interest rate – 1% per month on reducing balance
• Repayment period- 24 months or within contract term
• Hisa loan applies

Tech Loan

Loan product for acquisition of telecommunications products (mobile phones and tablets) from any dealer.

• Loan limit is 50% of deposits or Kshs. 150,000/= whichever is lower
• Interest rate- 0.8% on reducing balance
• Repayment period – 12 months

    Tech Loan Application Process:

1. Members can now purchase products from outlets of choice that offer mobile phones, tablets and laptops through check off
2. The dealer issues member with a proforma invoice indicating the identified device and the respective retail price
3. Member fills the SACCO loan application form in the usual manner and attaches the proforma invoice.
4. Loan is appraised and processed in the usual manner.
5. Payment is made to the service provider.
6. Member is contacted by the service provider giving details on collection of the device. The member will be identified using the original National ID.

     Requirements for Loan Application

Members are required to be familiar with the Society’s current Loan Policy. Dully filled loan application form. Attach one original current pay-slip (not more than two months old to the date of application) A copy of National ID Card showing both sides. All loans must be secured by guarantors or collateral Private members to use own deposits for guarantor ship of up to 95%.

 Karibu Loan

• Granted to FOSA account holders whose salary passes through FOSA or with regular savings.
• Maximum repayment period of 54 months.
• Interest rate of 1.17% per month on reducing balance.

HSF Special Advance Loan

• Interest rate of 1.15% per month on reducing balance.
• Maximum repayment period of 36 months.
• Maximum  loan amount Ksh. 600,000

HSF Okoa Advance Loan

• Interest rate of 1.1% per month on reducing balance.
• Maximum repayment period of 18 months.
• Maximum loan amount Ksh. 400,000.

This is a benevolent fund that covers the principal member, spouse, children and biological parents.

Each member contributes Ksh. 200 per month to the Welfare Fund.

The benefits of the fund to the beneficiaries are as below:

Principal Member     – Ksh. 100,000

 Spouse                     – Ksh. 75,000

 Child                        – Ksh. 50,000 (for two children in a year)

 Biological Parents    – Ksh. 30,000

Members are required to fill the Benevolent Fund Nominee Form, attach supporting documents and submit to Hazina Sacco. An administrative fee of Ksh.20, 000 is charged on account claim of Ksh.100, 000 per year.

NOTE:

1. i) A member becomes eligible to this benefit after 6 months contribution
2. ii) Each member to be considered independently in cases where a member and the spouse are members.

• iii) Children are considered from the date of notification of birth to 25 years of age.

1. iv) Death certificate(s) should follow within one month after death notification, failure to which, the payment will be deducted from the member’s deposits or salary.
2. v) 50% of amount contributed to the welfare fund will be refunded to a member who has never claimed welfare benefit. Refund will be made at the time of withdrawal from the Sacco.
3. vi) If a member is found to have defrauded the Sacco on any welfare claim, the amount paid will be deducted from the member’s deposits or any other payment due. The member will in addition be required to pay a penalty of ksh.20, 000.

Yes. You may continue with your membership as a private member while making minimum monthly contributions of Kshs. 1,000 together with the monthly welfare fund contribution of Kshs.200. The monthly contributions can be done through Paybill No. 850436, deposit to Hazina SACCO bank account or over the counter at FOSA. You can also use Hazina SACCO FOSA as your pension pay point and continue enjoying a variety of our products.

Members who have received retirement letters are allowed partial withdrawal of up to 50% of their deposits, while continuing to be members.

Member’s deposits are refunded after 60 days of receiving written membership withdrawal instructions. This will require that a member has cleared all liabilities to the SACCO and has been replaced as a guarantor for any loans guaranteed by the member.

A member is refunded 100% of their deposits. Share capital is not refundable on cessation of membership but can be transferred (sold) to another member.

• Office Telephone: 020-2719098 / 020-2722106/0202428634/0701820219/0701819685/0735926900/
• FOSA: 0727 086 480 /Loans: 0712 149 631
• Email: Info@hazinasacco.or.ke
• Physical Location: Kibera Road Off Ngong Road,

Mobile Banking

Mobile banking allows members to transact remotely using their mobile phone. To access the services, a member must fill and submit the Mobile Banking Application Form. The service can be accessed by dialing *850# or installing the Hazina Sacco App from Play Store on your android phone.

 To use the app, you will be required to verify your membership by providing the mobile phone number that you indicated on the Mobile Banking Application Form. You will receive a PIN on your phone which you will use to Log in.