Harambee Sacco Services, Registration, loans, Portal and Member Benefits in 2024

In Kenya's dynamic financial landscape, Harambee Sacco stands out as a beacon of empowerment and stability. Since its inception in 1969, the Sacco has evolved from a modest initiative within the Office of the President into a formidable financial powerhouse. With an impressive membership base and a diverse range of services, it plays a pivotal role in fostering economic growth and stability. Whether you are a potential member pondering over the benefits of joining or a current member seeking to maximize Sacco's offerings, understanding the breadth and depth of Harambee Sacco's services is crucial. This guide delves into the essence of Harambee Sacco, unfolding its services, registration processes, and the numerous benefits it offers to its members. So, let's embark on this enlightening journey to discover how Harambee Sacco can be your partner in financial growth and security.

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The Evolution and Impact of Harambee Sacco

Harambee Sacco's Formation and Growth

Harambee Sacco's journey began in 1969, rooted in a simple yet powerful idea. It originated as a savings initiative among the employees of the Office of the President, aimed at promoting a culture of saving and providing short-term loans for personal development. This modest merry-go-round evolved into the Harambee DT SACCO Society Ltd in 1970, marking the beginning of a transformative era in Kenya's financial sector.

Today, Harambee Sacco boasts a net asset base of approximately Ksh. 19.85 billion and a membership exceeding 80,000 individuals. This remarkable growth trajectory is a testament to the Sacco's commitment to serving the diverse financial needs of Kenyans. From its humble beginnings in a single unit, it has expanded into a network of 174 delegate branches, penetrating even the most remote areas of Kenya.

Role in Kenya’s Economy

Harambee Sacco's contributions to Kenya's economy are multifaceted. Beyond offering financial services, it plays a significant role in job creation, poverty reduction, and overall economic empowerment. The injection of substantial funds into various sectors, including real estate, agriculture, and small and medium-sized enterprises (SMEs), underscores its impact on the nation's fiscal health.

Equally important is the Sacco's dedication to financial literacy. By conducting regular workshops and training sessions, it equips members with essential knowledge in savings, investing, and entrepreneurship. This initiative has cultivated a strong culture of savings and investment among Kenyans, contributing significantly to individual prosperity and national economic growth.

Membership Registration and Eligibility

Registration Process

Becoming a member of Harambee Sacco is a seamless process that can be completed either online or in person. Here's a breakdown of the steps involved:

Online Registration:

1. Navigate to the Sacco's official website.
2. Click on 'Membership' followed by 'How to Join.'
3. Fill in the required information and complete your registration.

Physical Registration:

1. Obtain the membership form from any FOSA branch or download it from the Sacco's website.
2. Attach the necessary documents as specified in the membership requirements.
3. Submit the completed forms and documents either through physical delivery, email, or at a FOSA branch.
4. Pay the membership fee of Kshs. 1,000 using the pay bill number 525200 with your ID as the account number.
5. Once verified, a membership number is generated, officially welcoming you into the Sacco.

Eligibility Criteria

Originally, Harambee Sacco's membership was primarily drawn from government institutions. However, in a strategic move to foster growth and expansion, the Sacco opened its common bond in 2020. Today, a diverse range of Kenyan citizens is eligible to join, creating a broad spectrum of financial inclusivity.

Eligible member categories include:

1. Employees of government and reputable non-government institutions.
2. Individuals in formal employment with a regular income.
3. Kenyan citizens living abroad (Diaspora members) with a legal regular income.
4. Spouses and children (above 18 years) of existing members.
5. Legally registered groups like Self Help Groups, CBOs, and NGOs.

Corporates, including sole proprietorships, partnerships, and companies.

Loan and Savings Services Offered

Loan Products

Harambee Sacco understands that each member has unique financial needs and aspirations. To cater to this diversity, it offers a variety of loan services.

BOSA Loans: These loans are tailored to meet different member demands, from emergencies and school fees to development and top-up loans. They are versatile and designed to provide financial support in various life situations.

FOSA Loans: These products, including Shares Boost Advance and Salary Advance, enhance members' borrowing power. They are particularly useful for members with limited savings but who need quick financial assistance.

Mortgage Products: In line with the Kenyan government's Big Four Strategy focusing on affordable housing, Harambee Sacco offers two primary mortgage services - the Harambee Home Loan and Harambee Jenga Loan. These products play a crucial role in enabling members to own homes, a fundamental aspect of financial stability and growth.

Savings and Investment Options

Harambee Sacco goes beyond offering loans; it also provides robust savings and investment options for its members.

Member Deposit Accounts: These accounts serve as a platform for savings and investments. Members can deposit money at any time through various channels, including direct deposits and employer check-offs. Features include:

• A minimum monthly contribution, which is adjusted based on loan amounts.
• Annual interest earnings on deposits.
• Deposits used for loan guarantees and borrowing up to three or four times the deposit amount.
• A Sink Fund Scheme that doubles the deposits of a deceased member for the next of kin.

Shareholding in the Sacco: By purchasing a minimum of 300 shares at Kshs. 100 each (totaling Kshs. 30,000), members gain an ownership stake in Harambee Sacco. These shares not only represent financial investment but also give members a voice in the democratic running of the Sacco.

Digital Services and Member Support

Mobile Banking and Online Portal

In an era where digital convenience is paramount, Harambee Sacco has embraced technology to elevate its service delivery.

1. M-CASH Platform: This innovative platform links members' FOSA Savings Accounts to their mobile phones, enabling effortless financial transactions. Accessible through the USSD code *357# or the M-CASH App (available on Android and iOS), it allows members to manage their finances on the go.
2. Member's Online Portal: Harambee Sacco's online portal is a one-stop destination for various services. Members can check account balances, request statements, apply for loans, and transfer funds, all from the comfort of their homes or offices. This portal exemplifies the Sacco's commitment to providing convenient and accessible financial services.

Customer Support and Branch Network

Harambee Sacco prides itself on its extensive network and responsive customer support.

Branches Across Kenya:

 The Sacco has a significant presence with branches in major cities including Nairobi, Mombasa, Nakuru, Eldoret, Kisumu, and Nanyuki. This widespread network ensures that members, regardless of their location, can access Sacco services with ease.

Harambee Sacco Head Office

• Location: Harambee Plaza, Haile Selassie Avenue, Nairobi
• Contact: +254 709 943 000, +254 709 943 100

Mombasa Branch

• Location: Ground Floor Pandheer Court, Nkrumah Road
• Contact: +254 709 943 151

Nanyuki Branch

• Location: Hamak Building – housing National Bank
• Contact: +254 709 943 160

Kisumu Branch

• Location: Central Square Building, Oginga Odinga Road
• Contact: +254 709 943 141

Eldoret Branch

• Location: Daima Towers, Uganda Road
• Contact: +254 709 943 131

Nakuru Branch

• Location: Post Bank Building, along Nakuru-Eldoret Highway
• Contact: +254 709 943 120

Dedicated Customer Care

 For any inquiries or assistance, members can reach out to the customer care team through direct lines (+254709943000, +254709943100) or email (info@harambeesacco.com). The team is committed to providing timely and helpful responses to all member queries.

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Conclusion

Since its establishment, Harambee Sacco has been a cornerstone of financial empowerment in Kenya. Its diverse array of services, coupled with a commitment to member satisfaction and technological innovation, positions it uniquely in the Kenyan financial landscape. As it continues to innovate and expand, Harambee Sacco remains dedicated to enhancing the financial well-being and independence of its members. By joining Harambee Sacco, you become part of a community that values financial growth, stability, and empowerment.