Mombasa Port Sacco Loans and Dividends

Sacco Information And Reviews.

[Update 10.03.2022]

Mombasa Port Sacco has partnered with Family Bank, CIC group, Sidian Bank and even Citi group. Relatively, they are a considerable Sacco based in Mombasa. Along the lines of such a large membership of 8,000, the Sacco has check-off arrangements with 80 institutions. Not only that, but 35 of these institutions use their Sacco Fosa salary processing.

6/10 as our tanking because Mombasa Port has been fairly consistent and in the game since the 60s’ Dividends? Not so bad, above-average mostly. For the past 5 years interest ranging from 12-20% back and forth.

Tower Sacco ranks top as the best Tier 1 Saccos alongside Police and Stima Sacco. Thus a 6 because it has positive reviews on Twitter.

What Do We Know About Mombasa Port Sacco?

Mombasa Port Sacco is a financial institution with KPA as a parent company. Since 1966, this Sacco has experienced tremendous growth with an asset base of Ksh.5.3 Billion and a membership of 8000. The Sacco is open to business persons, registered Chamas and institutions plus give out loans by the billions every year. Last year alone, Mombasa port disbursed loans to the tune of 5.12 billion +!

This Sacco has a series of savings products that require Ksh.500-Ksh.1,000 as account opening charges. As for minimum monthly deposits, members need to deposit Ksh.5,000 to earn interest on their accounts. Generally, these savings accounts have fixed deposit rates for up to 12 months.

Considering the Covid 19 wave, the DT Sacco gave out 20% in dividends and interest or 12% on member deposits.

What products does Mombasa Port Sacco Offer and what they are best known for?

BOSA: This enables a member to make deposits and access credit. The accounts under this are:

Deposits of a minimum of Ks.6,000 monthly.

Share Capital. Non-withdrawable, can be sold or transferred to an existing member. Also, the minimum share is Ksh.40,000.

Benevolent fund. These are death benefits plainly put. Burial expenses are of KSH 50,000 are paid to the next of kin and all outstanding loans settled. Also, the bereaved get 2x members’ deposits.

Loan Products:

Jiendelezee
Mega Loan
Normal Loan
Biashara Loan
Asset Finance Loan
Masaa Loan
School fees loan
Emergency Loan

Eligibility and requirements at Mombasa Port Sacco

Membership to Mombasa Sacco is open to employees with Check-off arrangements with the Sacco, salaried employees, entrepreneurs, as well as registered community and youth groups.

Membership requirements:

Filled application form
Passport coloured photos(2)
Copy of ID and KRA pin certificate
Registration fee of Ksh.500 with a minimum savings balance of Ksh.1,000

Where Can You Download Mombasa Port Sacco App?

Mombasa port Sacco has a mobile banking delivery channel that’s accessible 24/7. The mobile access through the USSD code gives you access to;

Checking statements
Funds transfer
Loan application
Utility payments
Cash withdrawal

How Can You Get A Loan From Mombasa Port Sacco App?

To get an instant mobile loan dial *346# and follow the prompts.

For large loans, one must have saved for at least 6 months allowing you access to 4times your deposits.

Salary must pass through Fosa for at least 6 months and the maximum amount given is Ksh.50,000.
Guarantor.
Duly filled application form.
If for business, it should be registered with a 12-month bank statement.

Disbursements and Repayments at Mombasa Port Sacco.

For regular loan products, members enjoy up to 60 months on repayment periods while observing the ⅓ rule. Therefore members enjoy access to 60% of their net salary on loans.

Should you need to make payments through Mpesa, the Paybill for Mombasa Port Sacco is 854845.

Dividends And Shares At Mombasa Port Sacco.

Considering the Covid 19 wave, the DT Sacco gave out 20% in dividends and interest or 12% on member deposits.

Deposits at Mombasa Sacco are non-withdrawable. The share capital is also not withdrawable but transferrable. Ksh.40,000 is your ticket in and Ksh.6,000 in monthly deposits is your minimum contribution.