1. What is a SACCO?

 SACCO is a short name for Savings and Credit Cooperative.

A SACCO is a member-owned financial cooperative that operates on the principle of pooling resources to provide financial services to its members. SACCOs are formed by individuals with a common bond, such as belonging to the same profession, living in the same locality, or working for the same employer.

SACCOs play a crucial role in financial landscape, providing a platform for financial inclusion and empowerment for individuals and communities.

2. What is a Diaspora SACCO?

Diaspora Saccos are Saccos in Kenya that promote Investment and Savings for Kenyan Citizens residing abroad or have previously been abroad. You must have a Kenyan ID or Passport and A KRA PIN to become a member of a Diaspora SACCO.

3. What is Pamoja Canada Diaspora Sacco?

Pamoja Sacco or Pamoja Canada Diaspora Sacco Society Limited is the first Diaspora Sacco to be registered by Ministry of Cooperatives and MSME Development to provide financial services to Kenyans living in Canada or returnees from Canada. It is also the first Diaspora Sacco to offer Shariah-Compliant products.

4. When was Pamoja Sacco Registered

Pamoja Sacco was registered as Pamoja Canada Diaspora Savings and Credit Co-operative Society Limited under The Co-operative Societies Act Cap. 490, Section 6(3) of the Republic of Kenya on June 16, 2023. We launched on June 1 2024.

5.Where are Pamoja Sacco offices?

The Pamoja Sacco offices are located in Kenya where the Back Office operations take place.

 Pamoja Canada Diaspora Sacco Society Limited

Suite #2, 2nd Floor Adams Arcade

P.O. Box 21443-00505 Nairobi, Kenya

The Membership Growth and Member Care teams are based both in Kenya and Canada. They can be reached through Telephone at +1 855 435 5588 and Email at membercare@pamojasacco.com

6. What are the benefits of being a Sacco member?

• Shared Ownership and Governance

SACCOs are member-owned and governed, ensuring leaders have genuine interest. Members participate in major decisions and oversight through general meetings, fostering a sense of control and personalized service due to their local presence.

• Adopting a Saving Culture

SACCOs promote a saving and investment culture with minimal charges. They offer products for regular saving, financial management, and even children’s accounts to instill early saving habits.

• Wealth Accumulation

SACCOs distribute dividends and interest on savings annually, offering higher returns than banks. Reinvesting these earnings can grow wealth significantly over time through compound interest.

• Access to Affordable Credit

SACCOs provide affordable and stable credit options. In 2021, Saccos disbursed Kshs. 608.75 billion in loans across various sectors, helping members achieve personal and financial goals with favorable repayment terms.

• Financial Education

SACCOs emphasize member education on financial management, job creation, housing, and more. Joining a SACCO connects you with like-minded individuals and access to resources for financial growth.

7. How can i join Pamoja Sacco?

You simply send an email to membercare@pamojasacco.com after you meet the following joining requirements.

• A Member must be a Kenyan living in Canada or have previously been living in Canada. This includes Dual Citizens, Permanent Residents, Asylum Seekers, International Students or other Newcomers with a Canadian Address.
• A Member must be 18 years or older.
• A Member should be of good character and sound mind
• A Member must be a Kenya citizen
• Am Member must have a valid Kenyan ID card or Passport
• A Member must pay non-refundable entrance/ registration fee of Kshs. 15,000 (currently discounted at Kshs. 7,500)
• A Member in good standing must purchase minimum share capital worth Ksh 20,000 (i.e., 20 shares at Ksh 1,000 each).
• A Member in good standing must make a minimum monthly contribution of Kshs 5, 000 in the Main Savings Account.

8. What measures has Pamoja Sacco put in place to ensure member funds are safe and the society remains stable?

The Board and Management oversee the SACCO in accordance with the Co-operative Societies Act and its by-Laws. The Board adheres to the Integrity clause of the new Kenyan constitution, and the co-operative regulators within the Ministry of Co-operatives monitor the activities of all SACCOs. Additionally, SACCOs conduct Annual General Meetings annually, during which reports and audited accounts will be presented to the members.

9. How can I transfer my investments from another Sacco to Pamoja Sacco?

Yes. You can liquidate your investment in your current Sacco by withdrawing all your savings, selling your shares, and using the proceeds to invest in Pamoja Sacco.

10. I am not a Kenyan, can I still join the Pamoja Sacco?

You must be a Kenyan to be meet the membership joining requirements.