Invest and Grow Sacco was established in 1977 with only 115 members under the name Kakamega Teachers SACCO and later rebranded to Invest and Grow Ltd in 2015 to reflect its broader membership base and modernized services.
The Sacco is a leading deposit-taking cooperative society in Kenya that provides a range of financial solutions, including Front Office Savings Account (FOSA), Back Office Savings Account (BOSA), M-banking, salary processing, and banker’s cheques.
Today, it has grown to serve 46,000 members from diverse sectors, including teachers, civil servants, self-employed individuals, and corporate entities, with teachers forming the majority.
The Sacco’s head office is located at IG SACCO Plaza, Khalisia Road in Kakamega, and it operates seven branches across Western Kenya, including Mbale, Serem, and Luanda in Vihiga County, and Mumias, Butere, Malava, and Lumakanda in Kakamega County.
Originally, the SACCO primarily served teachers from primary and secondary schools, particularly those affiliated with KNUT, but it has since opened its common bond to members from all walks of life.
Invest and Grow SACCO is recognized as one of Kenya’s top-managed Tier Saccos, offering innovative financial products and services while maintaining a strong presence in the Western region.
Membership Requirements
To join Invest and Grow SACCO, please follow these steps:
- Eligibility: Membership is open to individuals from various sectors, including teachers, civil servants, self-employed persons, and corporate entities.
- Application Process:
- Complete the membership application form available at the office or download it from the official website: Membership Application Form.
- Submit the filled form along with a valid ID or passport and proof of employment or income.
- Membership Fee: Pay the required entrance fee and make the first deposit into your savings account.
- Approval: Once your application is reviewed and approved, you will receive a membership certificate and can start accessing SACCO services.
- Accessing Services: As a member, you can access various services such as FOSA, BOSA, M-banking, salary processing, loans, and other financial products offered by the SACCO.
FOSA Loan Options at Invest and Grow Sacco
The Progressive Loan has a repayment period of 48 months and is processed within one month.
Members qualify if they can repay up to 30% of their net monthly salary, and they must have received their salary through FOSA for at least three consecutive months.
Required documents include the latest payslip and a completed loan application form. Security can include non-withdrawable deposits, salary, savings, guarantors, or other SACCO-approved tangible assets.
Members can borrow up to 10 times their non-withdrawable deposits. To apply, download the loan application, fill it, and submit it to a nearby branch.
The FOSA Plus Loan has a shorter repayment period of 12 months and can be processed within four hours.
Eligibility, security, and document requirements are similar to the Progressive Loan. Members can also borrow up to 10 times their non-withdrawable deposits.
Applications should be submitted to a branch after downloading and completing the form.
The FOSA Loan allows repayment over a maximum of 24 months and is also processed within four hours.
Members must be able to repay up to 30% of their net salary, with at least three months of FOSA salary history.
Security options and document requirements remain the same, with a borrowing limit of 10 times non-withdrawable deposits. Applications are submitted to the nearest branch.
The Empowerment Loan is designed for longer-term needs with a repayment period of 84 months and a processing time of one month.
Members must have received their salary through FOSA for at least 12 consecutive months.
Other eligibility criteria, required documents, and security options are similar to those of the other loans, with a borrowing multiplier of 10 times non-withdrawable deposits.
Applications are submitted in person to a branch.
Lastly, the Akiba Loan has a repayment period of 24 months and can be processed within four hours.
Members qualify based on their ability to repay up to 30% of their net salary.
Security can include non-withdrawable deposits, salary, savings, Akiba savings, guarantors, and SACCO-approved tangible assets.
Borrowing is up to five times the member’s Akiba savings. To apply, members download the application form, complete it, and submit it to a branch.
Also Read: Gusii Mwalimu Sacco: Membership Requirements, Loan Options, Savings And Interest
BOSA Loan
Fanikisha Loan
This loan has a maximum repayment period of 108 months and is processed within a month.
Eligible members must demonstrate the ability to repay, with non-withdrawable deposits and salary used as part of the assessment.
Required documents include the latest payslip and a completed loan application form. Security can include savings, guarantors, and other SACCO-approved tangible assets.
Members can borrow up to 5 times their non-withdrawable deposits, and their salary must have been paid through FOSA for at least 3 consecutive months.
Prime Loan
This loan offers a repayment period of 72 months with processing within one month.
Eligibility is based on the ability to repay, with security including non-withdrawable deposits, salary, savings, and guarantors.
Members can borrow up to 5 times their non-withdrawable deposits. Dividends must be capitalized annually for the loan duration.
Jipange Loan
Designed for retirees, this loan has a repayment period of 24 months and is processed within 4 hours.
Applicants must provide a certified copy of their retirement letter and a completed application form.
Security includes non-withdrawable deposits, savings, a commitment letter from the pensions department, and at least three guarantors. Borrowing is up to 1.5 times your non-withdrawable deposits.
Also Read: United Nations Sacco: Membership Requirements, Loan Options, Savings And Interest
Automobile Loan
This loan provides funds to purchase vehicles, with a repayment period of 72 months and processing within one month.
Eligibility depends on the ability to repay. Security includes non-withdrawable deposits, salary, savings, guarantors, and SACCO-approved tangible assets.
Borrowing is up to 5 times your non-withdrawable deposits, capped at Ksh900,000.
Haraka Loan
A fast-processing loan with a maximum repayment period of 24 months, processed within 4 hours.
Eligibility is based on repayment ability. Security includes non-withdrawable deposits, salary, savings, and guarantors.
Members can borrow up to 10 times their non-withdrawable deposits and can reapply multiple times if they repay successfully.
Normal Loan
This standard loan has a repayment period of 60 months and is processed within a month.
Eligibility depends on repayment ability. Security includes non-withdrawable deposits, salary, savings, and guarantors. Borrowing is up to 5 times non-withdrawable deposits.
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A photo of Invest and Grow (IG) Sacco building, Kakamega Branch PHOTO/IG Sacco
