Sacco Information And Reviews.
Bandari Sacco was founded in 1975 with the objective of supporting its 20 members during tough times such as death. It was mostly closed off to members of KPA up until 2005 when it opened its doors to other members to now include persons in the diaspora.
What Do We Know About Bandari Sacco?
As of 2020, besides the 5M embezzlement fraud by its officials, Bandari Sacco is still one of the tier 1 Saccos with an asset of 10 billion and membership of up to 16,000. In other news, they recently partnered with ABC bank to improve its services and now offer up to 5x your deposits. It gets a 5/10 just because of the negative news and member complaints on the management of their savings.
What Products does Bandari Sacco Offer, and what is it Best Known for?
Savings and deposits The options here are endless. Apart from the personal savings account, Bandari members have access to joining a DAU junior savings account, holiday savings account, landlord, fixed deposit or Chama savings account.
Shares The current value for fully paid membership here is Ksh.30,500. These shares are not withdrawable and can’t be used to guarantee member loans. However, Bandari allows you to transfer or sell to other members. The returns here are high as 20% and are paid annually.
Mobile banking services offered by Bandari are meant to create ease of financial access and member transactions through Mpesa.
Loans Bandari offers a series of loan products similar to other Saccos. These are Emergency loans, Biashara loans, Asset finance loans and Salary advance loans under FOSA. School fees loans and normal loans are also available. Ofcourse all these loans have their own requirements, maximum repayments and amounts which are dependant on your deposits.
Eligibility and requirements at Bandari Sacco
Joining Bandari Sacco is a walk in the park. Either visit their offices in Mombasa, Nairobi or Kisumu or, get a member to refer you and you are good to go.
General requirements like the ability to make monthly deposits of Ksh.1,500 as well as National ID and KYC documents plus a passport photo is one requirement.
Share capital is also needed for every member is Ksh.10,500 worth of shares.
Where Can You Download Bandari Sacco App?
The Bandari Sacco app is unavailable on Google play store or Apple Store. However though, to access mobile banking services on Msacco just dial USSD *346# and follow the prompts. To access these services you need to be a FOSA member, must have filled an application to access the service and an MSACCO pin to withdraw from the service.
Because the deposit option is not available on the Msacco menu, go to the Mpesa menu and input the Bandari Sacco paybill 146320, FOSA account no and amount then make your deposit.
How Can You Get A Loan From Bandari Sacco App?
First of all, to qualify for credit facilities from Bandari, you need to have been a member for at least 6 months consistently.
Secondly, loans are given based on the member’s ability to pay. Therefore, you can take as many loans as you want as long as you qualify and can repay.
Thirdly, all loans taken under Bandari need at least 3 guarantors except for 1-month advance loans.
Disbursements and Repayments at Bandari Sacco.
Dividends And Shares At Bandari Sacco.
The highest recorded dividends stand at 22% as highest shares and 12.2% dividend payout.
What Unique Does Bandari Sacco Have To Offer?
Unlike other Saccos, Bandari Sacco members are not limited to just one loan at a time. As long as they are able to pay back, one can take as many loans as possible.
Promotions And Rewards From Bandari Sacco
There are no promotions or rewards from Bandari Sacco.