Metropolitan National Savings and Credit Co-operative (SACCO) provides its members with some of the best services.
The Sacco is more easily accessible in that they have embarked on a digital transformation, financial technology (FinTech) embracing strategy that doesn’t require a member to come to the banking hall to receive services; one can transact conveniently through a mobile phone.
Metropolitan National Sacco has products and services suitable for people from all walks of life.
Banking services
During the COVID-19 pandemic and following the rules of social distancing, the Sacco has the Metro Cash mobile banking system where its members can do transactions at the pal of their hands. One can apply for a loan using Metro Cash at a small interest of 1O% per month.
Salary Account: Metropolitan Sacco offers salary account product to its members. The benefit of having a salary account with the Sacco is that loan processing is faster as one doesn’t waste time looking for bank statements, which can be printed from the Sacco’s system if one is passes their salaries through the Sacco.
A FOSA Personal loan is charged at 1.5 per cent per month.
There’s also the FOSA School Fees loan, and Salary/Pension Advance Loan.
The FOSA School fees loans is for members who require to cater for school fees and have their salaries passing through FOSA. The interest rate is 1.5 per cent per month. Loading…
As for the Salary/Pension Advance Loan, members who require urgent need for money in case of an emergency can take a loan and repay at 10 per cent interest rate per month for a maximum repayment period of 6 months.
Application forms for the above products can be easily downloaded from the Sacco’s website.
Savings products
The Sacco has a myriad of savings services geared towards the welfare of its members.
Fixed Deposit Account: The interest payable is negotiable on this product. FDAs are a good savings tool for people who want to keep their money untouched for some long time.
There’s also Group Chama Account for table banking groups, and children too are catered for in the FOSA Junior Account where one can save for their kids education etc.
Dhahabu Investment Plan if a hybrid fixed deposit account with high returns. Interest rate is negotiable depending on the amount deposited on this account.
Bishara Account is tailored for the entrepreneurs and members of the Sacco who have active businesses.
In the above saving plan, members can access normal and emergency loans. The effective interest rates for these two products is 6.5 per cent per month with a maximum repayment period of 3 years and 1 year respectively.
How to join Metropolitan Sacco
The Sacco which started as Teachers’ only financial institution expanded to accommodate members from Government Ministries, Parastatals, Kenya Defence Forces (KDF), National Police Service, Public and Private Universities, Colleges, Academies and the private sector among others.
Therefore, the following can join the Sacco
- Salaried People
- Non Salaried People
- Business Entities
- Minors
- Commissions
The membership requirements are as follows: One needs a passport photo, a copy of your National Identification Card, pay Sh 1000 membership fee, produce a recent payslip for the employed.
One is also required to fill out a membership form which can be downloaded from the Sacco’s website or taken from the Sacco’s offices in town.
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