Nafasi Sacco is one of the leading Saccos in Kenya. Their dividends are 14%-17% per year for your shares. Below are details about the Sacco—how to join, loans, paybill number, savings products and customer care contacts.
To join Nafasi Sacco, you must fill in a membership form, provide your ID and passport photo, and then pay initial shares of KSH 1,000 to Pay bill 920100, the Account Number being your ID No.
Any person can join Nafasi Sacco from all the market segments, including; Employees of the National cereals and produce board, employees working in registered companies, and self-employed individuals.
For you to withdraw from the Sacco, you will have to give written notice of 60 days. Withdrawal is subject to clearance of all Sacco liabilities.
Account available to SACCO members/SME’S operating registered sole proprietor enterprises or registered businesses, Public/private organizations e.g. schools, CBOs
Cheque books on request
Flexible and unlimited access to funds
Access to business support service/experiences as follows:
- Trade facilitation: Guarantees and bonds
- LPO/LSO and contract financing
- Business O.D alternate/advance
- Working capital
- Money transfer/RTGS service/experiences
- Membership to business clubs
- Invoice discounting
In house cheque provided on request
Loan Size is:
- In accordance repayment ability/appraisal
- In accordance with SACCO lending policy
Securities options:
- NAFASI loan security deposit- LSD
- Title deeds
- Logbooks
- Shares
- FD or other deposits
- Insurance certificate
- Floating charge/chattels
- Business stock
- Guarantors
- LSD 25% (exemptions may be given to loans with chargeable security)
Flexible repayment frequency e.g. Monthly/Weekly/Daily
Up to 6 months Account operation and/or statement from previous bank that is considered at the discretion of the CEO upon acceptable commitment to bank with NAFASI eg Lipa na Mpesa (LNM)
Loan to SME’S to finance LPO/LSO and contracts to SMEs with existing accounts
Secured by the payment undertaking by the procuring entity.
Loan term up to 12 months (based on LPO/LSO payment term
Balloon payment mode or as per certified phases
No LSD required
Available Kenyans of majority age willing to join NAFASI upon positive identification.
Each share is worth Ksh 20 and one is required to buy 500 shares to join – total Ksh 1,000
Shares grant the member respective rights as per Nafasi By-Laws
Minimum shares is Ksh 50,000 of which one is allowed to build/purchase gradually over time
Maximum shares are as per the by-laws and applicable laws
Share to be transferred to next of kin or new members as the case may be.
Available to all adults as minimum requirement for membership. All members have rights to NAFASI products and service. Shares earn dividends in accordance with SACCO annual performance. Shares can be transferred to other members or next of kin as the case may be.
Saving for a purpose/ goal related savings eg holiday, investment, etc
Linked to national and international funds transfer service providers, Mpesa, etc
• No opening Balance, and
• Deposit any amount, anytime
Limited withdrawals
Earns Interest earning at the end of the year on pro-rata
Other issues:
- Free standing orders
- Monthly/regular check-off to the account
- Advisory services/reminders on the set goals
- NAFASI Loan to support the goal, in case of shortage
- Free SMS reminders on progress towards the goal
Saving for the next holiday destination
Linked to domestic and international holiday products through partnerships with travel companies
- No opening Balance, and
- Deposit any amount, anytime
Withdrawals or Transfers are allowed towards payment of the holiday package
Earns Interest earning at the end of the year on pro-rata
Other issues:
- Free standing orders
- Monthly/regular check-off to the account
- Advisory services/reminders on holiday options
- Free SMS reminders on progress towards the goal
Loan to acquire assets as per the schedule provided
Asset terms guided by the current guidelines given from time to time, as well as any existing MOU
Term of up to 5 years, varying with asset type/years etc (as per applicable schedule from time to time)
Loan size- 100% of the asset price (see asset financing schedule)
One-month account operation required to channel the Income or written commitment acceptable approved at the discretion of Board & Management
Disbursement in cheque drawn/RTGS in favor of the vendor
Security – Asset registered jointly, comprehensively insured through NAFASI insurance agency, and the Sacco interest noted accordingly as well as installed with tracing devise at borrower’s cost
Perfected asset documents (above) lodged with the SACCO’s lending department
Loan to landlords under agents with whom NAFASI has MOU
Unsecured loans to landlords for up to 36 months
Securities options:
- Deed of rental assignment
- Agent guarantee & indemnity
- Guarantee by the registered owner, if not the borrower is not the owner eg parent
Loan security deposits (minimum of 25%). Exemption to the LSD can be issued through proper authorization as per the policy
Refinancing allowed during loan term
A general purpose advancement of funds against grain under documented and confirmed storage within the NCPB silos and other private grain silos under formal bodies such as east Africa grain council
Open to members with ABILITY TO REPAY and a favorable risk factor as per warehouse receipt value (quality, quantity and valuation thereof), CRB credit score and credit history
Qualification amount is 60% of confirmed receipt value (60% of the purchase price of grain in store)
1) Duration of the advance will be up to six months, but payment will be bullet in nature as the grain in store is being released
2) Securities: Lien on confirmed storage documentation endorsed and lodged in the Saco as security, and only released against full loan repayment
Where the member commit to continuously build their loan security deposit as they continue trading in grains, exemption to the upfront LSD will be given through proper authorization as per the policy
Baraka chama account is available to members operating formalized joint accounts such as Baraka investment groups, public/private organizations e.g schools, NGOs, CBOs, churches etc to help transform members lives through investment chamas.
This account offers:
- Flexible and frequent withdrawals
- Access to tailored support service
- In house cheque provided
This loan product targets members in registered Investment groups/companies engaged in common Investments
This loan is advanced to either individuals for onward aggregation or to the company based on its ability to repay
Investment group constitution or Company articles and memorandum of association required in accordance with SACCO lending policy
Access Requirements:
- Group Investment proposal
- Guarantee by investment group directors on behalf of the shareholders
- Loan Security deposit – up to 15%
- Physical asset collateral- The investment itself
- Loan Term – Up to 5 years
The group can graduate or be recommended to project loan.
Maximum loan to be determined by the by-laws from time to time
Directly qualify investment group for opportunity under NAFASI Housing.
Baraka Group Member Loan – This is where group members can access their own working capital loans in addition to the investment loan or even where there is no such investment
Access Requirements:
- Main investment project share as security for the loan, or
- Co-guarantor ship by fellow group members
- Loan Security deposit- up to 30%
Household chattels with appropriate consent by spousal consent
Available Kenyans of majority age willing to join NAFASI upon positive identification.
Each share is worth Ksh 20 and one is required to buy 500 shares to join – total Ksh 1,000
Shares grant the member respective rights as per Nafasi By-Laws
Minimum shares is Ksh 50,000 of which one is allowed to build/purchase gradually over time
Maximum shares are as per the by-laws and applicable laws
Share to be transferred to next of kin or new members as the case may be.
Available to all adults as minimum requirement for membership. All members have rights to NAFASI products and service. Shares earn dividends in accordance with SACCO annual performance. Shares can be transferred to other members or next of kin as the case may be.
Saving for a purpose/ goal related savings eg holiday, investment, etc
Linked to national and international funds transfer service providers, Mpesa, etc
• No opening Balance, and
• Deposit any amount, anytime
Limited withdrawals
Earns Interest earning at the end of the year on pro-rata
Other issues:
- Free standing orders
- Monthly/regular check-off to the account
- Advisory services/reminders on the set goals
- NAFASI Loan to support the goal, in case of shortage
- Free SMS reminders on progress towards the goal
Saving for the next holiday destination
Linked to domestic and international holiday products through partnerships with travel companies
- No opening Balance, and
- Deposit any amount, anytime
Withdrawals or Transfers are allowed towards payment of the holiday package
Earns Interest earning at the end of the year on pro-rata
Other issues:
- Free standing orders
- Monthly/regular check-off to the account
- Advisory services/reminders on holiday options
- Free SMS reminders on progress towards the goal
The main transactional account for Nafasi members.
- No Opening amount
- No Operating balance
- No ledger Fee
- Free cash deposit
- Unlimited withdrawal at a fee
- Cheque deposits allowed
- Internal Cheque book provided on request
A general purpose loan to all Salaried SACCO members
Funds can be used on personal development eg Personal/consumption, farm production, school fees, household projects etc
Open to all members with ABILITY TO REPAY and a favorable risk factor as per the credit scoring module
Duration to be up to 84 months
Securities options:
- Loan security deposit as per the credit policy [Of which the member may be supported through deposit booster facility deducted from the disbursed loan amount]
- Guarantors
Or other securities options if borrower does not prefer guarantors:
- Land Titles or Allotment Letters
- Listed stocks at NSE
- Paid up insurance policies
- Certified Fixed Deposits
- Moveable assets acceptable as security by the SACCO
Income stream to determine repayment frequency
Loan security deposits (up to 5 times).
Refinancing and top-up allowed during loan term, at a fee -6% of the outstanding loan
Longer period advances to SACCO members against salary/proceeds channeling through NAFASI hence it factors the net salary channeled through the account, net of statutory 1/3rd.
Term is up to 48 months
Loan security options:
- Guarantors (Other NAFASI members, with their salary/deposit)
- Loan security deposit
- Other collaterals acceptable to NAFASI
Monthly repayment
Refinancing allowed during loan term
Monday – Friday | 8:30am – 4:00pm
Closed on weekends and public holiday
Location and phone contacts
NCPB Nairobi Grain silos Complex, Donholm, Nairobi, Kenya.
+254 728 102 039 | +254 737 479 373
Email:info@nafasisacco.co.ke
The Paybill Number for Nasafi Sacco is 920100
