Overview
Established on March 6, 1977, as Busia Teso Teachers Sacco Society under registration number 2655, Faridi Sacco Society Limited was rebranded on September 13, 2014. Founded to encourage savings and provide affordable credit, the Sacco has grown significantly, serving over 60,000 members with an asset base of KES 1.85 billion. Headquartered at Faridi Plaza in Busia Town, Faridi Sacco is a leading deposit-taking Savings and Credit Co-operative Society, offering a range of financial services to diverse communities.
Who Can Join?
Faridi Sacco welcomes members from various sectors, including:
- Teachers Service Commission (TSC) employees
- Staff from all government ministries
- School subordinate staff
- Kenya National Union of Teachers (KNUT) members
- Faridi Sacco employees
- Other corporate entities
- Business entrepreneurs
- General public through micro-credit programs
This inclusive approach ensures broad access to financial opportunities.
Membership Requirements
To become a member of Faridi Sacco, applicants must:
- Complete a membership application form, available on the Sacco’s website or at its offices
- For Individuals:
- Submit a copy of a National ID or passport
- Provide a payslip, an employer introduction letter, or a KRA PIN certificate
- Include a completed nominee card
- For Corporate Entities:
- Submit a copy of the registration certificate
- Provide IDs or passports and KRA PINs for directors
- Include the articles and memorandum of association
- For Informal Sector Members:
- Attach a letter from a chief or assistant chief
Membership Benefits
Joining Faridi Sacco offers:
- Access to affordable loans with competitive interest rates
- Diverse savings products to build financial stability
- Opportunities to grow wealth through tailored financial services
- Support for personal, educational, and business goals
- A cooperative community focused on economic empowerment
Financial Products
Faridi Sacco provides a comprehensive range of Back Office Service Activity (BOSA) and Front Office Service Activity (FOSA) products to meet members’ needs.
BOSA Products
Savings Products
- Equity Share Capital: Member ownership investment
- Member Savings: General-purpose savings
- Special Activity Shares: Targeted savings for specific activities
Credit Products
- College Loan: For higher education expenses
- Safina Loan: Flexible financing option
- Jipange Loan: For personal financial planning
- Karibu Loan: Welcoming loan for new members
- Normal Loan: General-purpose loan
- School Fees Loan: For primary and secondary education costs
- Development Loan: For long-term projects
- Shares Loan: Based on member shares
- Emergency Loan: For urgent financial needs
FOSA Products
Savings Products
- Fixed Deposit Account: High-yield savings with fixed terms
- Children Account: Savings for young members
- Special Occasion Account: For events like weddings or holidays
- Fees Account: Dedicated savings for educational fees
Credit Products
- Salary Advance: Quick credit for salaried members
- Express Special Loan: Enhanced express financing
- Express Loan: Fast-access loan
- Instant Loan: Immediate credit solution
- Salary Advance Special Loan: Premium salary-based credit
- Instant Special Loan: Enhanced instant financing
- Smart Loan: Flexible loan product
- Smart Special Loan: Premium smart financing
- Supersolution: Comprehensive loan solution
- Hekima Loan: Tailored financing option
- Mavuno Loan: For agricultural or harvest-related needs
Branch Network and Contacts
Faridi Sacco operates two branches to serve its members:
- Head Office
Location: Faridi Plaza, Busia Town, Off Kisumu-Uganda Road, Behind National Bank of Kenya
Phone: 0702 275 343 / 055 232 2262 - Malaba Branch
Location: Malaba Town, Off Malaba-Uganda Road, Next to ACK Church, Opposite New Life Hotel
Phone: Not provided; contact head office for details
