Harambee Sacco is one of the biggest and most trusted savings and credit cooperatives in Kenya. It offers members a smart way to save, earn dividends, and access affordable loans. But who can join? How do dividends work? And what’s the minimum investment required? Let’s break it down.
The primary eligibility criteria in Harambee Sacco is individuals
with regular source of income.
If you fall under any of these categories, you are eligible
to be a member of Harambee Sacco:
Harambee Sacco provides a variety of savings and investment options, each with its own interest rates. For instance, the Fedha Fixed Deposit Account offers interest rates ranging from 4% to 11% per annum, depending on the amount and duration of your deposit. Additionally, members can earn dividends on their share capital, with recent rates around 15%.
To receive dividends, you need to be a member of Harambee Sacco and invest in share capital. Dividends are typically paid annually and are based on the Sacco's performance and the number of shares you hold. For example, in a recent year, members earned a 15% dividend, equating to Kshs 15 per share.
Becoming a member requires a minimum share capital investment. Specifically, you must own at least 100 shares, with each share valued at Kshs 100, totaling Kshs 10,000. This can be paid in full or in installments, such as Kshs 1,000 monthly.
Membership is open to various groups, including government employees, individuals in formal employment, business owners, and even Kenyans living abroad. To join, you'll need to:
The registration fee is Kshs 5,000, and the minimum monthly deposit contribution is Kshs 1,000.
I’m Clinton Wamalwa Wanjala, a financial writer and certified financial consultant passionate about empowering the youth with practical financial knowledge. As the founder of Fineducke.com, I provide accessible guidance on personal finance, entrepreneurship, and investment opportunities.
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