Kenya National Police Sacco: Membership Requirements, Savings, Loan Options And Interest

The Kenya National Police Sacco was established in 1972 with just 690 members and has since expanded to a membership of more than 73,000.

It offers a range of services, including credit facilities, savings accounts, loans, and investment options. While the majority of its members are from the police service, the Sacco also admits civil servants and businesspeople.

Members benefit from low loan interest rates, annual dividends, interest on deposits, and access to instant loans.

The Sacco is open to any individual above the age of 18 years who meets their eligibility requirements.

In recognition of its performance, the Sacco was named “Best Managed Sacco in Kenya” at the 2024 Ushirika Gala Awards.

It operates seven branches in major towns across the country, with its headquarters located at the Kenya Police Sacco Plaza on Ngara Road, Nairobi.

According to the Sacco Societies Regulatory Authority (SASRA) 2023 report, the Sacco ranked third in asset base, holding assets worth Ksh 54.24 billion.

Membership Requirements

Kenya National Police Sacco Membership
The Sacco’s membership is open to:

• Active and retired officers of the National Police Service
• Civilians employed by the National Police Service
• Employees of Kenya National Police DT Sacco Society Ltd
• All civil servants and salaried workers
• Members of the business community
• Kenyans living in the diaspora

Benefits of Membership
Members enjoy:

• Low interest rates on loans
• High annual dividends and interest on deposits
• Instant M-Tawi FOSA loans
• Loan clearance services on behalf of members
• Access to affordable property through the Investment Co-operative

 How to Join Kenya Police Sacco

• Download the membership application form from the Kenya Police Sacco website (www.policesacco.com) or register online through the same site.
• Fill in the form with your details, address, employment information, and mode of remittance — all in capital letters.
• Attach two copies of your national ID (front and back) and two-coloured passport-size photographs.
• Submit the completed form and attachments to the nearest Kenya Police Sacco branch for verification.
• Once approved, you become an official member of the Kenya Police Sacco.

Members must contribute monthly an amount equivalent to 12% of their basic salary. They enjoy benefits such as high annual dividends, interest on deposits, and instant loans.

Also Read: Mwalimu National Sacco: Membership Requirements, Savings, Loan Options And Interest

Loans Offered

Kenya National Police DT SACCO offers Back Office Service Activity (BOSA), where members’ personal accounts are maintained. Monthly deposits are set at 12% of the basic salary, and all loans are disbursed through POFOSA.

BOSA Loan Products

• Jumbo Loan – Repayable in 108 months, up to 5 times member deposits, with an interest rate of 15.6% p.a. on a reducing balance.
• Bima Loan – Repayable in 12 months, up to 5 times member deposits, with an interest rate of 10% p.a. on a reducing balance.
• Premier Loan – Repayable in 96 months, up to 5 times member deposits, with an interest rate of 15% p.a. on a reducing balance.
• Super Loan – Repayable in 72 months, up to 5 times member deposits, with an interest rate of 14% p.a. on a reducing balance.
• Mega Loan – Repayable in 84 months, up to 5 times member deposits, with an interest rate of 14% p.a. on a reducing balance.
• Normal Loan – Repayable in 48 months, up to 5 times member deposits, with an interest rate of 12% p.a. on a reducing balance.
• Refinancing Loan – Repayable in 60 months, up to 5 times member deposits, with an interest rate of 12% p.a. on a reducing balance.
• Emergency Loan – Repayable in 24 months, up to 5 times member deposits, with an interest rate of 12% p.a. on a reducing balance.
• School Fees Loan – Repayable in 12 months, up to 5 times member deposits, with an interest rate of 12% p.a. on a reducing balance.

Sharia-Compliant Products

• Muslim Loan – Available to Muslim members, repayable in 60 months, up to 4 times member deposits, with no interest charged. A one-off commission of 7% is applied, and the member is not eligible for dividends.
• Muslim Emergency Loan – Available to Muslim members, repayable in 24 months, up to 4 times member deposits, with no interest charged. A one-off commission of 7% is applied, and the member is not eligible for dividends.

Other Loan and Credit Facilities

• Asset Financing Loan – In partnership with suppliers, members can purchase water tanks, solar panels, and household electronics. Repayable in 24 months, up to 5 times member deposits, with an interest rate of 12% p.a. on a reducing balance.
• Salary Advance – Available to members whose salary is processed through POFOSA:

1. M-Sasa: 3-month repayment, 2% interest per month.
2. FOSA Flex: 6-month repayment, 3% interest per month.
3. FOSA Golden: 9-month repayment, 3.5% interest on a reducing balance.
4. FOSA Ultra: 12-month repayment, 4% interest per month.

Business Loans

It offers business loans to fully registered members who have operated a business for at least one year, as well as to registered groups where all members are active SACCO members engaged in income-generating activities. To qualify, applicants must open a business account at FOSA and make regular deposits—weekly, fortnightly, or monthly—for at least two months.

The loans can fund a variety of ventures, including business expansion (such as retail shops, supermarkets, petrol stations, hotels, salons, and barber shops), the purchase or development of commercial houses, and transport businesses involving commercial vehicles.

Loan terms vary by category:

• Enterprise/Business Loans and Commercial Houses Loans have an interest rate of 1.25% per month (15% per annum) and can be repaid over 36 and 60 months respectively, with a qualifying amount of up to 10 times the savings in the business account.
• Transport Business/Commercial Vehicles Loans have the same interest rate but a repayment period of 48 months, with a qualifying amount of up to 4 times the savings in the account.
• Group Loans also run for 48 months at the same interest rate and are limited to 4 times the savings in the business account.

Also Read: Stima Sacco: Membership Requirements, Savings, Loan Options And Interest

Savings

Kenya National Police Sacco offers members various savings accounts to help them deposit and grow their money for different needs. Deposits made into these accounts earn interest and can be accessed according to the specific account terms.

The Holiday Account allows members to save for at least 12 months before making any withdrawals, with a minimum contribution of Ksh 500 per month and an interest rate of 4% per annum.

Additionally, the Junior Account, designed for members’ children under 18 years, also requires a minimum monthly deposit of Ksh 500 and earns 4% per annum. It allows up to three free withdrawals via banker’s cheque.

The Group/Corporate Account is available to groups whose members all belong to the SACCO. It earns 4% interest annually, has no ledger fees, and does not come with an ATM card or M-Tawi service.

Finally, the Business Account is tailored for members in business, requiring regular deposits and offering eligibility for the SACCO’s Micro-Credit facility.

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