Ollin Sacco Kenya: Eligibility and Registration ,Share Capital , Loans And Branches In 2024

Explore Ollin Sacco Kenya for unmatched savings, loans, and digital banking services designed to unlock your financial growth and empowermen

Feb 7, 2024 - 16:42
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Ollin Sacco Kenya: Eligibility and Registration ,Share Capital , Loans And Branches In 2024
Ollin Sacco Kenya: Eligibility and Registration ,Share Capital , Loans And Branches In 2024

Ollin Sacco Established in 1976, this towering institution has not only weathered the storms of economic fluctuations but has thrived, boasting a membership that has swelled to over 27,000 active participants. Its asset base, exceeding KSh 8.18 billion, underscores its robustness and commitment to fostering economic resilience among Kenyans​​.

The attraction of Ollin Sacco extends beyond its impressive financial metrics; it lies in its ability to offer members a chance to grow their wealth, access affordable loans, and enjoy high dividend rates unparalleled in the financial sector. In 2021, members were rewarded with dividends at a remarkable rate of 17.5% on share capital, a testament to Sacco's profitability and dedication to rewarding its members' trust and investment. Such financial incentives are complemented by an array of services including, but not limited to, instant loan processing, low-interest rates on loans at 1% on a reduced balance, and flexible loan repayment periods extending up to 96 months​​​​.

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Understanding Ollin Sacco

Share Capital and Dividends

At the heart of Ollin Sacco's financial structure lies its share capital, a critical component that embodies the financial commitment of its members and serves as the foundation for its lending capacity. Members investing in share capital are not merely saving money; they are buying into a share of ownership and the right to a portion of Sacco's profits in the form of dividends. The Sacco's approach to dividends is notably generous, with the year 2021 marking a milestone as dividends were paid out at an impressive rate of 17.5% on share capital​​. This rate reflects not only Ollin Sacco's financial health but also a testament to its commitment to rewarding its members' trust and investments.

The Sacco's high interest on deposits further enhanced the dividends' attractiveness, which stood at 12% in 2021. Such returns are indicative of Ollin Sacco's robust financial management and its ability to leverage its assets for optimal member benefit. The principle behind these dividends is simple: the more share capital a member holds, the higher their potential dividends, making it a compelling investment avenue for those looking to grow their wealth within a cooperative framework.

Membership Eligibility and Registration

Ollin Sacco prides itself on a wide-ranging membership base that includes primary school teachers, secondary school teachers, TSC secretariat employees, retired teachers, public officers in government ministries, Sacco and society employees, employees in private institutions, and the business community​​. This diversity underscores Ollin Sacco's inclusive ethos, welcoming individuals from various sectors to join and benefit from its financial services.

Joining Ollin Sacco is a straightforward process designed to be as accessible as possible. Prospective members are required to fill out a membership application form available on the Sacco's website, attach a copy of their ID or passport along with a passport-size photograph, and, notably, no membership fee is involved. This ease of entry, combined with the absence of a joining fee, makes Ollin Sacco an attractive option for many Kenyans seeking financial services and community belonging.

Membership benefits are multifaceted, ranging from access to affordable deposit loans—up to 5 times the member's deposits—to consistently high dividends and high interest on deposits. Moreover, members enjoy instant loan processing, ensuring that financial needs are met promptly without the backlog common in many financial institutions. The Sacco's loan interest rates are competitively low, at 1% on a reducing balance, coupled with a flexible loan repayment period of up to 96 months. Such terms provide financial relief and foster a supportive environment for members to thrive financially​​.

Financial Products and Services

Savings and Loan Products

Ollin Sacco shines in its diverse array of savings and loan products, designed to meet its members' varied financial needs and goals. The Sacco's savings products are broad and include personal, joint, business, and future savings accounts, each tailored to cater to different savings objectives. Members can choose from ordinary savings accounts, fixed deposit accounts, and call deposit accounts, ensuring flexibility and growth of their savings​​.

The loan portfolio at Ollin Sacco is equally impressive, offering both short-term and long-term borrowing options. Long-term loans such as the Capital Loan, Investment Loan, and Development Loan are pivotal for members looking to make significant investments or undertake large projects. These loans are characterized by competitive interest rates, a repayment period of up to 84 months, and the requirement for a minimum share capital, ensuring that loans are both accessible and sustainable for members​​.

Short-term loans, on the other hand, cater to immediate financial needs, including emergencies, education, and salary advances. This segment allows members to access funds quickly, with the Sacco priding itself on instant loan processing, thereby eliminating the loan backlog. The variety and flexibility of Ollin Sacco's loan products underscore its commitment to addressing the financial needs of its members comprehensively​​.

Mobile Banking and Other Services

In an era dominated by digital transactions, Ollin Sacco's mobile banking services stand out for their convenience and efficiency. Members can carry out a plethora of transactions through their mobile phones, including balance enquiries, withdrawals to Mpesa, deposits, airtime purchases, and even loan applications, by simply dialing *645# or downloading the Ollin Kash Mobile App. This level of accessibility ensures that members can manage their finances effectively from anywhere, at any time​​​​.

Beyond mobile banking, Ollin Sacco extends additional banking services to further enrich its members' banking experience. These include Visa branded ATM services, allowing members to access their money conveniently from Sacco accounts through any Co-op bank ATM, point of sale, or any other Visa branded ATMs. The Paybill service is another highlight, enabling members and non-members to deposit money into their Sacco accounts directly from Mpesa for free, which not only simplifies the deposit process but also enhances the accessibility of Sacco services​​.

Agency banking services, provided through Ollin Agency, broaden the scope of accessible financial services, making banking transactions possible in remote areas where traditional banking facilities might be scarce. Such inclusivity ensures that Ollin Sacco's services reach a wider audience, reinforcing its role in driving financial inclusion across Kenya​​.

Branch Network and Accessibility

Ollin Sacco's commitment to serving its diverse membership is vividly reflected in its extensive branch network spread across Kenya. This strategic presence not only brings financial services closer to the members but also embodies the Sacco's mission of fostering financial inclusion and empowerment across different regions.

Branches Across Kenya

As of 2024, Ollin Sacco boasts an expansive network of branches, including but not limited to Kerugoya (Head Office), Mwea, Kitengela, Kiserian, Kimana Loitoktok, Kianyaga, Narok, Thika, Kajiado, and Nairobi. Each branch is strategically located to cater to the Sacco's members, offering a full range of services from savings and loans to mobile banking and customer support​​​​. This geographical distribution ensures that members can easily access Ollin Sacco's services regardless of where members are located.

here is a table of Ollin Sacco branches and their contacts:

Branch Contact
Kerugoya – Head Office 0724 256 461
Mwea Branch 0722 781 092
Kitengela Branch 0724 483 753
Kiserian Branch 0740 485 382
Kimana Branch 0740 485 382
Kianyaga Branch 0794 897 111
Narok Branch 0707 031 630
Thika Branch 0790 271 036
Kijiado Branch 0707 557 304
Nairobi Branch 0748 670 430

Mobile and Online Services

In addition to its physical branches, Ollin Sacco embraces technology to enhance its service delivery further. The *645# USSD service and the Ollin Kash Mobile App are pivotal in this digital strategy, allowing members to perform a wide array of banking transactions from their mobile phones. These services include checking balances, applying for loans, transferring funds, withdrawing money to Mpesa, etc​​​​.

The integration of mobile and online banking into Ollin Sacco's service portfolio not only caters to the growing demand for convenience and efficiency but also aligns with global banking trends. This approach ensures that members who are unable or prefer not to visit physical branches can still enjoy uninterrupted access to financial services. Furthermore, the digital platforms provide a secure and reliable means for members to manage their finances, underscoring Ollin Sacco's commitment to leveraging technology for enhanced member satisfaction and engagement.

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Frequently Asked Questions

How does one become a member of Ollin Sacco?

Membership is open to a wide range of individuals, including educators across various levels, TSC secretariat employees, retired teachers, public officers, private sector employees, and the business community. To join, simply fill out the membership application form available on Ollin Sacco's website, attach a valid ID/passport copy and a passport-size photo. Remarkably, there is no membership fee, making it accessible to everyone​​.

What are the benefits of joining Ollin Sacco?

Members enjoy numerous benefits, including access to affordable deposit loans—up to five times their deposited amount—exceptionally high dividends (17.5% on share capital in 2021), and competitive interest rates on loans and deposits. The Sacco also offers instant loan processing and a flexible repayment period of up to 96 months, among other benefits​​​​.

Can I access Ollin Sacco services from anywhere?

Yes, members can perform various transactions from anywhere through its extensive branch network across key regions in Kenya and its robust mobile banking services (*645# USSD and the Ollin Kash Mobile App). These include balance checks, fund transfers, loan applications, and more, ensuring members have seamless access to Sacco services regardless of their location​​​​​​​​.

Conclusion

Ollin Sacco epitomizes the power of cooperative banking in Kenya, blending traditional values of community and mutual support with modern financial services to create a comprehensive financial ecosystem. Its enduring commitment to financial inclusion is evident in its expansive branch network, inclusive membership criteria, and a wide array of financial products designed to meet the needs of its diverse membership base. The Sacco's innovative approach, particularly in mobile and online banking, reflects its adaptability and forward-thinking ethos, ensuring that it remains at the forefront of Kenya's dynamic financial sector.

Joseph Richard Richard is a distinguished contributor to sledge.co.ke, where he leverages his extensive background in finance, business, and technology to provide insightful guides and analyses. With over a decade of experience in Kenya's dynamic market, Joseph has become a trusted voice in helping individuals navigate complex topics with ease. His work, recognized for its clarity and reliability, spans critical reviews, educational content, and comprehensive guides on making informed decisions in finance and business. Joseph's commitment to empowering Kenyans through accessible information underscores his reputation as a dependable and authoritative figure in the industry