This article focuses on the eligibility and procedures for joining the Defence Sacco. On April 10, 2019, Defence Savings & Credit Society (DESACCO) was established under the Co-operative Society Act Cap 490.
The KDF leadership proposed establishing a Defence Sacco. This was done after recognizing the gap that military people faced in instilling the culture of saving and gaining access to reasonable and dependable credit facilities.
Defese Sacco strives to be the financial services provider of choice for its members in order to improve their socioeconomic situation while adhering to cooperative principles and values.
Eligibility for Membership in the Defence Sacco
Membership is a closed bond comprised of active-duty military men and veterans.
Filling out an application form, which can be downloaded or printed, or received from pay offices, welfare offices, and unit chief clerks, is required for membership.
Defence Sacco Membership Requirements
- Membership registration fee of Kshs 500.
- Minimum monthly deposit contribution is Kshs 3,000.
- Share capital is Kshs 20,000.
- Account maintenance fee of Kshs 1,000 (Sharia accounts only).
- Sink fund- Kshs 300.
Defence Sacco Products
(a). BOSA Products
(i). Emergency loan
- A credit facility to assist a member meet urgent financial obligations.
(ii). Personal loan
- Credit facility designed to support each member’s unique financial needs.
(iii). Karibu loan
- Credit facility eligible to all new members.
(iv). Elimu loan
- Credit facility to assist a member pay school fees in various learning institutions.
(v). Development loan
- Affordable credit to support a member take that next step in growth.
(vi). Premier loan
- Loan facility tailor made for members who need additional financing for a longer period.
(vii). Sharia loan
- Loan facility tailor-made for muslims
(b). FOSA Products
(i). FOSA current account
- Operates like a savings account.
- Minimum account balance is 0.
- Account holders are eligible for DESACCO m-banking.
- The account attracts no monthly charges.
- All BOSA loans below 1 million are credited to the account.
(ii). Okoa cash
- Tailor made for urgent financial needs.
(iii). Salary in advance
- Mobile loan facility to assist members’ financial needs and repay for longer period.
(iv). Salary advance
- Loan facility designed to support members prior to main salary.
(v). FOSA personal loan
- Unsecure loan facility for members to meet their financial needs.
Read also, NSSF Sacco Membership Eligibility & Requirements
Read also, Functions of Sacco Societies Regulatory Authority SASRA
Defence Sacco Contacts
Location: Ulinzi House, Lenana Road, Hurlingham- Nairobi.
Contacts: 0205 134 900/ 0793 281 989.
Wesite: www.defensesacco.com
For moreifrmation,visit their website https://defencesacco.com/
