Sacco Information And Reviews.
Afya Sacco was registered in 1971 with just 20 members and has now grown to have over 38,000 members. By being in the industry for more than four decades, Afya Sacco has improved its services and accelerated its members’ savings to boast of having 17.5 billion in assets since its inception. For the past 5 years, despite their delays in payouts, dividends have been at a stable 8-9%. It thus gets a 5/10 rating for being basic but content with minimal digital presence and snail growth in % payouts
What Do We Know About Afya Sacco?
About Afya Sacco, they are consistent, which is good. You know what to expect with these guys. On the other hand, should you be interested in joining this Sacco, dividend growth should be the least of your expectations? The positives, however, are that you can get up to 6 times credit loans on your savings.
Afya Sacco offices are at the famously known Afya Center building near the bus station in CBD.
Also, it heavily attracts members of the Ministry of Health and other related institutions.
What Products does Afya Sacco Offer, and what is it Best Known for?
FOSA– This product was launched in 2000 and offers services similar to commercial banks.
Afya Microcredit Activity: AMCA targets the unbanked and micro-entrepreneurs in rural and urban areas.
Investments: Under investments, Afya Sacco boasts of properties such as 16 marionettes and 21 storey buildings off Ngong rd and in Nairobi respectively. These houses are rented out and profits are shared with the members as dividends. Afya Center is also one of those investment properties housing businesses. Afya Sacco, under investments also offers OTC facilities that act as some form of share trading.
Land Buying: Afya Sacco offers prime plots from time to time to allow for investment and settlements
Savings & Loans products. Such prime plots are the likes of Kisaju, Malaa and Kantafu.
Eligibility and requirements at Afya Sacco
To join this Sacco, these are the requirements:
- Must have a payslip.
- Ksh.2,000 membership/registration fee.
- Minimum monthly deposit of Ksh.5,000.
- Share capital of Ksh.20,000 repayable at a minimum of Ksh.500/month.
Where Can You Download Afya Sacco App?
To access Afya mobile services 24/7, just dial*667*2# and transact using Mpesa services. The app unfortunately is unavailable on Apple stores and Google Playstore too.
How Can You Get A Loan From Afya Sacco App?
A loan from Afya Sacco attracts interest rates of between 12% and 13.75% annually. To get a loan from them, you, ofcourse, need to be a member first.
Depending on the loan that interests you, the standard charges that apply are a loan appraisal fee of 2.5% and a risk management fee at the same percentage.
Loans are processed within a week, and the amounts depend on your savings and type of loan products.
Interest on short term loans is charged at 2% with a repayment period of up to 24 months. The maximum limit here is determined by your ability to pay.
Disbursements and Repayments at Afya Sacco.
If you prefer to deposit money through your Mpesa account to your Sacco account, use the Afya Sacco Paybill 570200.
In regards to repayment on large loan amounts, this is automatically done through salary check off.
Dividends And Shares At Afya Sacco.
Afya Sacco dividends attract a 5% withholding tax. Let’s start there. Ofcourse then, the profits are pegged on the profit made by the society.
What Unique Does Afya Sacco Have To Offer?
The uniqueness of this Sacco is their investments in plots. Afya Sacco offers properties to its members together with title deeds. Their prime plots are available from time to time.
Promotions And Rewards From Afya Sacco
We could not find any promotions or rewards from Afya Sacco.
How Can I Contact With Afya Sacco?
Afya Sacco can be reached through the email [email protected] as well as calling the direct lines 020 2223959/61/70
Interested in investing in the Sacco, head over to Afya Center Building. 5th Flr. In cases of FOSA related issues, visit Mezzanine 1 in the same building.
Contacts for Afya Sacco branches outside Nairobi can be found here.