Tower Sacco was founded in 1976 by a group of primary school teachers in Ol’Kalou, Kenya.
The Sacco was established to provide its members with a safe and convenient place to save their money, as well as access to affordable loans.
Over the years, Tower Sacco has grown to become one of the largest and most successful saccos in Kenya, with a membership of over 250,000 and an asset base of over Ksh20 billion.
The Sacco offers a wide range of financial products and services, including savings accounts, loans, and investment products.
Tower Sacco is a registered co-operative society and is regulated by the Sacco Society Regulatory Authority (SASRA).
Tower Sacco offers members different financial services, including investment products, loans, savings and insurance. Currently, they have 29 outlets in 8 counties, more than 300 agents, internet banking, and mobile banking.
Membership Requirements
To become a member of Tower Sacco, you’ll need to go through a simple registration process that involves submitting a few documents and paying a one-time registration fee. You can access the necessary forms through their website or by contacting the Sacco directly.
Step 1: Gather Required Documents
Prepare the following: your original ID or passport, a copy of the same, and a recent passport-sized photograph.
Step 2: Obtain and Complete Application Forms
Fill in the Individual Account Opening Form for personal accounts. All membership and account opening forms are available on the Tower Sacco website. Alternatively, you can request them by email at [email protected].
Step 3: Pay the Registration Fee
A one-time registration fee of KSh 500 is required to finalize your membership.
Savings Options at Tower Sacco
The following are savings options found at the Tower Sacco:
Ordinary Savings Account
The Ordinary Savings Account is a transactional account that gives you easy access to your funds anytime through *655#, internet banking, the Sacco App, Paybill, Tower Sacco Agents, or Visa-branded ATMs.
An account holder can appoint someone to transact on their behalf by filling out a mandate form. The account has no ledger fees or hidden charges, and members can withdraw large amounts over the counter without giving prior notice.
Mobile banking allows withdrawals of up to Ksh 300,000 per day.
Premium Deposit Account
The Premium Deposit Account is ideal for farmers, the business community, registered groups, self-help groups, schools, hospitals, cooperative societies, and churches.
To open the account, there is a registration fee of Ksh 500, and members are required to make a minimum monthly contribution of Ksh 500. Deposits in this account earn rebates annually.
Groups must be legally registered to open the account. Withdrawing from the account requires a 60-day notice.
Sacco Junior Account
The Sacco Junior Account is designed for children from birth to 18 years. It comes with free birthday cards, free entertainment and banking days for kids, and free cheques to schools.
The account earns competitive interest per annum, with a minimum interest-earning balance of Ksh 2,000. To open the account, parents must provide their ID card, the child’s birth certificate or notification, and a filled application form.
Golden Years Account
The Golden Years Account is designed for members who wish to save for their retirement. It is open to both salaried and non-salaried members.
The minimum monthly contribution is Ksh 200. Withdrawals can only be made upon maturity of the plan once the account holder attains the age of 60 years.
The account earns interest of up to 12% per annum, which is ploughed back into the account.
Education Account / School Fees Account
The Education or School Fees Account helps members save and pay for education expenses. The account does not require a minimum balance.
School cheques can be drawn directly from the account, and school fees loans from BOSA must be processed through this account.
Also Read: Stima Sacco: Membership Requirements, Savings, Loan Options And Interest
Loan Options
Premium Loans
Tower Sacco offers Premium Loans, a short-term facility designed to help members finance their working capital needs. The loan specifically targets individuals in business who are active Sacco members and have been operating legally for at least six months.
The loan has a repayment period of up to four years, with flexible repayment options including daily collections, standing orders, or normal account operations.
Members are required to maintain a minimum share deposit of one-third of the loan amount and a share capital of Ksh 2,000.
FOSA Flex Loans
The FOSA Flex Loan is another short-term product aimed at supporting members engaged in business. Eligibility requires active Sacco membership, at least six months of business operation under Kenyan law, and the ability to repay.
It comes with a repayment period of up to four years, repayable through daily collections, normal account operations, or standing orders. Applicants must contribute a minimum share deposit equivalent to one-fifth of the loan and maintain a share capital of Ksh2,000.
Asset Finance Loans
Tower Sacco also provides Asset Finance Loans, designed to help members acquire movable assets such as vehicles, tractors, or specialized machinery. Applicants must have been in business for at least six months or be in formal employment, in addition to being Sacco members.
The loan amount is based on the actual cost of the asset being financed, with members required to contribute at least 20% of the loan as a deposit.
Makao Bora Loan
Members can access up to Kshs. 6 million, with a repayment tenure of up to 10 years. The loan is pegged at 10 times the member’s share deposits, and the property being financed serves as collateral.
Applicants must submit a signed application form, identification documents, a sale agreement or offer letter, a valid valuation report, and certified ownership documents.
Additionally, borrowers must raise at least 10% of the property’s value before disbursement. The Sacco then charges the property for the duration of the loan period.
Mortgages
This loan facility has no maximum limit and is determined by the borrower’s repayment ability. Members can access up to five times their share deposits with repayment periods extending to 10 years.
To qualify, applicants must provide a signed application form, proof of identification, a sale agreement or offer letter, a valuation report, certified ownership documents, and at least 20% of the property’s value.
The loan is secured by a title deed, with the property charged to Tower Sacco throughout the loan tenure.
Salaried Loans
Salaried Loans are available to members whose employers have a check-off arrangement with Tower Sacco. These loans are processed quickly—often within hours—once the required documents are submitted.
They offer flexible repayment plans, competitive interest rates, debt consolidation options, and in some cases, unsecured access.
Also Read: Afya Sacco: Membership Requirements, Savings, Loans Options, And Interest
Vuka Loan
Applicants can access between Ksh100,000 and Ksh3.5 million, repayable within 96 months. A minimum deposit of Ksh20,000 and share capital of Ksh10,000 is required for new members. The borrower’s salary serves as the main collateral.
Normal Loan
The Normal Loan offers members up to five times their savings, with repayment periods of up to 72 months. To secure the loan, applicants must provide three guarantors, and their salary serves as collateral.
FOSA Loan
FOSA Loans allow members to borrow up to six times their savings, repayable within 96 months. Like the Normal Loan, it requires three guarantors and relies on the member’s salary as the main collateral.
Emergency Loans
Tower Sacco offers two emergency loan options. Emergency Loan 12 allows repayment within 12 months, while Emergency Loan 24 provides a repayment period of up to 36 months.
Both facilities are collateralized by the borrower’s salary and require three guarantors. The amount granted depends on the member’s repayment capacity, with multipliers tied to share deposits.
Salary Advance
For quick access to cash, members can apply for a Salary Advance of up to Ksh50,000. To qualify, an applicant must earn at least Ksh3,200 and have their salary processed through a FOSA account.
The loan requires at least one pay slip, two guarantors, and repayment within 12 months. For amounts above Ksh20,000, additional guarantors are needed.
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