Our Savings


A unit of ownership that represents an equal proportion of a company’scapital. It entitles its holder (the shareholder) to aclaim on the company’s surplus (dividend)and an equal obligation for the company’s debts and losses.

Types of shares

1. Redeemable shares , which entitle the shareholder to share in the earnings of the company as and when they occur

Conditions for a share account

  • Minimum payroll shares deduction of MK4000 which are redeemable 3 months after a member withdraws membership from a Sacco

2. Non-redeemableshares (mandatory) This is a requirement by the government through the RBM that each member contribute minimum of 10000 shares upon joining the Sacco.


  • An investment platform for members as they yield dividends at the end of the year based on one’s share capital.
  • Voting rights at theannual general meetings
Savings Account

A savings account allows members to accumulate interest on funds they have saved for future needs. Interest rates are compoundedon annual basis. Savings accounts vary by interest rates, method used to calculate interest, and minimum opening deposit. Understanding the account’s terms will allow for a more informed decision on the account best suited for a member need.

1. Ordinary savings account
MandatoryMinimum payroll deduction of MK 1 000


  • Minimum book balance 2000
  • Withdrawals at any time
  • Interest rate is at 4% per annum

2. Fixed deposit


  • The main purpose of fixed deposit account is to enable the individuals to earn a higher rate of interest on their surplus funds (extra money).
  • The amount can be deposited only once. For further such deposits, separate accounts need to be opened.
  • The depositor is given a fixed deposit receipt which depositor has to produce at the time of maturity. The deposit can be renewed for a further period.
  • As per the Traditional scheme, the principal and interest on the FD account is credited to the Savings account specified on maturity. For the Reinvestment the interest is compounded to the principal amount on maturity.

Duration of Fixed Deposit

  • Fixed deposit can be opened for a minimum period of three months, six months and maximum of nine months.

Eligibility for Fixed Deposit

  • All SACCO members are eligible to open a fixed deposit account

Interest rate

  • 11 % per annum (1 Month)
  • 10% per annum (2 Months)
  • 9% per annum (3 Months)

Minimum book balance

  • MK 10,000

Duration of Fixed Deposit

Fixed deposit can be opened for a minimum period of three months, six months and maximum of ninemonths.