Hazina Sacco Society Limited is a nationwide deposit-taking Sacco, established in 1971 and regulated by the Sacco Societies Regulatory Authority (SASRA) under the Co-operative Societies Act (Cap 490) of Kenya.
The Sacco was initially formed by employees of the Ministry of Finance and Planning but has since expanded to include staff from county governments, other government ministries, parastatals, and private-sector individuals. Today, Hazina Sacco has over 28,000 active members.
The Sacco’s head office is located at Hazina Place, Kibera Road, off Ngong Road, Nairobi, with satellite offices in Mombasa, Vihiga, and Siaya. Hazina Sacco’s main objective is to promote savings and thrift among its members, creating a pool of funds that can be accessed through loans.
Members can access a variety of services through the Sacco’s Front Office Services Activity (FOSA) and Back Office Services Activity (BOSA), ensuring comprehensive financial support and empowerment.
Membership Requirements
Hazina Sacco Society is open to a wide range of individuals, including:
- Public service employees
- Staff from other government ministries and parastatals
- Employees of Hazina Sacco Society
- National and county government employees
- Employees of private organizations
- Private individuals interested in joining
How to Join
Prospective members are required to:
- Fill in the membership application form and submit it to Hazina Sacco’s offices.
- Provide a copy of their National Identity Card and a passport-size photograph.
- Submit a current pay slip if contributing through the check-off system.
- Complete a nominee form.
- Pay an entrance fee of Ksh1,000.
- Make minimum monthly contributions of Ksh1,000 or 5% of basic salary, whichever is higher.
- Acquire the minimum share capital within the first 12 months of membership (Ksh16,000 as of 31st December 2024).
- Contribute Ksh200 monthly to the welfare fund, which covers the death of the principal member, spouse, up to two children per year, and biological parents.
Also Read: Imarisha Sacco: Membership Requirements, Savings, Loans Options And Interest
Loan Options at Hazina Sacco
Hazina Sacco offers a wide range of loan products to meet the diverse financial needs of its members, available through both Back Office Savings Activity (BOSA) and Front Office Savings Activity (FOSA).
BOSA loans are largely based on a member’s deposits, usually in multiples of five or six, with individual members eligible to borrow up to Ksh40 million depending on their repayment ability.
Products under BOSA include Normal/Development Loans, Top-Up Loans, School and College Fees Loans, Super Loans, Emergency Loans, Hisa Loans for boosting deposits, Daraja Loans, Jibu Loans for new members, and Tech Loans for purchasing mobile devices and tablets.
Interest rates range from 0.8% to 1.2% per month on a reducing balance, and repayment periods vary from 12 to 108 months depending on the product.
FOSA loans are available to members whose salaries are processed through FOSA or who maintain regular savings. Key products include the Karibu Loan, HSF Special Advance Loan, and HSF Okoa Advance Loan.
These loans have interest rates between 1.1% and 1.17% per month on reducing balances, with repayment periods ranging from 18 to 60 months, and maximum loan amounts up to Ksh800,000.
All loans require members to submit a completed application form, attach relevant documents such as pay slips and National ID, and provide collateral or guarantors as needed.
Loans are disbursed through FOSA accounts, and members on check-off systems can have repayments deducted directly from their salaries.
Also Read: United Nations Sacco: Membership Requirements, Loan Options, Savings And Interest
Savings Plan
Hazina Sacco offers a variety of Front Office Savings Activity (FOSA) accounts to meet different member needs.
The Ordinary Savings Account requires a minimum operating balance of Ksh500, allows salary processing, unlimited deposits and withdrawals, and has no ledger fees. Funds can be accessed via Co-operative Bank ATMs, over the counter, Co-op Agents, and Visa-branded ATMs.
The Premium Savings Account has a minimum operating balance of Ksh1,000 and a minimum interest-earning balance of Ksh5,000. It earns competitive interest, with one withdrawal allowed per quarter.
The Jipange Savings Account requires a minimum operating balance of Ksh500 and a minimum monthly contribution of Ksh500. Interest is earned on balances above Ksh 10,000, and withdrawals are allowed every six months.
The Fixed Deposit Account has a minimum deposit of Ksh20,000 for a minimum period of three months, with interest rates that are negotiable depending on the amount and deposit period.
The Jewel Savings Account is designed for members’ children below 18 years, aiming to promote a culture of saving. It requires a minimum operating balance of Ksh1,000 and a minimum interest-earning balance of Ksh3,000, and offers three free bankers’ cheques for school fees.
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