This article delves into details of all the Amica Sacco financial services such as loans and savings accounts, history, contacts and locations of all the branches in Kenya.
Formerly Murata SACCO, Amica was for several years serving coffee farmers in Murang’a County, and recently rebranded to Amica Savings and Credit to increase visibility and accessibility countrywide. Currently, Amica SACCO has over 130,000 members and an asset base of Ksh 2.8 Billion.
Top 5 Amica SACCO Loans
Below is a list of the 5 most popular loans available at Amica Sacco. (Updated August 2023)
+ Interest rates of 1% pm reducing balance
+ Flexible repayment plan
+ Top up and buy-offs available
+ Available even with other existing loans
+ High loan limits
+ Flexible repayment duration
+ Quick processing, cash sent immediately
+ Convenient application via Mobile USSD
+ Access up-to Ksh. 40,000
+ Low interest rates
+ Stock Booster for traders
+ Unsecured Chama Loans for groups
+ LPO/LSO Finance for suppliers
+ Flexible Overdrafts with high limits
+ Institution Loans for schools, churches, etc
+ Quick access to the funds
+ Flexible repayment period
+ No processing fee
+ No guarantors
+ Free internal transfers to schools
+ No additional security required
+ Clear and fast loan processing
+ Low transaction costs
+ Interest rates of as low as 1% pm
+ A defined repayment plan
Why Many People like Amica SACCO
Overall, being a member of AMICA Sacco provides access to affordable financial services, attractive interest rates, and financial growth. The Sacco is committed to helping its members achieve their financial goals and improve their financial well-being. There are several reasons why many people in Kenya like Amica Sacco:
- Easy Loan Application: Amica Sacco has a straightforward and user-friendly loan application process, making it easy for borrowers to apply for emergency loans from the comfort of their homes or workplaces. You can access up-to Ksh. 40,000 from the comfort of your mobile phone by just dialing *298#.
- Fast Loan Approval: The loan approval process at Amica SACCO is quick, with most loan applications approved within a few hours. Whether it’s a business loan, a school fees loan or a loan to finance your new project, you get money into your account within a short period of time after application.
- No Collateral: Unlike traditional lenders, Amica SACCO does not require borrowers to provide collateral or security for their loans, making them accessible to a wider range of borrowers.
- Competitive Interest Rates: Amica SACCO offers loans at very competitive interest rates, making their facilities affordable and accessible to many borrowers in several parts of the country.
- Flexible repayment terms: The SACCO offers flexible repayment terms of up to 12 months, allowing borrowers to choose a repayment plan that works best for their financial situation.
- No hidden fees: All the Amica Sacco loans are transparent, with clear terms and charges and no hidden fees or charges. This makes it easy for borrowers to understand the total cost of their loans well in advance before committing themselves.
- Excellent customer service: Amica Sacco is known for its excellent customer service, with a team of knowledgeable and friendly representatives who are available to assist members with any questions or concerns.
- 17 Branches: Amica Sacco has a growing network of branches spread in Nairobi, Kiambu and Murang’a Counties; among them Nairobi, Thika, Gikomba, Murang’a, Kangari, Kenol, Kangema, Kigumo, Gitugi and Kahatia.
Overall, Amica Sacco provides a convenient, accessible, and affordable option for persons looking for the best place to save, borrow and grow their financial muscle.
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Business Working Capital: Designed to meet the financial needs of private entrepreneurs for business growth and expansion. Advanced with flexible repayment periods and approved fast. Competitive interest rates of 1% pm reducing balance and free financial advice from experts.
Institution Loans: Loan availed to schools, religious organizations, factories, societies, NGOs, Cooperatives and companies. Fast loan processing with Free financial advice; Flexible repayment plans and Competitive interest rates. Simple and convenient documentation.
Stock Boosta: Traders can now access a short-term loan with ease to replenish their stocks and take advantage of peak seasons like holidays, market days and weekends. This facility is also available through the mobile phone where loan is processed and disbursed digitally within minutes without filling any form or guarantor.
Overdraft: Apply for an overdraft facility and enjoy High and favorable limits, Seize business opportunities when they arise, Flexible repayment plan, Zero penalty for early repayments, Cash available on call.
Chama Loans: This loan facility allows members of a registered group acquire a common asset or do a common business project for their economic wellbeing. For instance, chama members can jointly buy land or plots, put up rental structures or start an income-generating venture together. This credit facility is mostly advanced with no extra security, with free group leadership and financial literacy training availed on request.
Trade Finance: Suppliers of goods to to companies, county and national government through tender can benefit from LPO financing at Amica Sacco.
Project Finance: Available for new or stalled construction projects, whether building a residential house, rental houses and road construction. Project finance loans at Amica Sacco are available at competitive interest rates of as low as 1% pm reducing balance. You are assured of project continuity to completion since the funding is given in phases. You also get access to professional guidance from architects and quantity surveyors.
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Salary Advance Loans
Here are the important things you need to know about Amica Sacco salary loans:
- Loan Amount: Amica Sacco offers salary loans ranging from Ksh. 5,000 to Ksh. 1,000,000, depending on the member’s salary and creditworthiness.
- Repayment Period: The repayment period for Amica Sacco’s salary loans is up to 36 months, giving members ample time to repay the loan. Flexible repayment plans available, plus Top up and buy-offs.
- Interest Rates: The interest rates for Amica Sacco’s salary loans are competitive and vary depending on the loan amount and repayment period, mostly as low as 1% pm reducing balance.
- Collateral: Amica Sacco does not require collateral for its salary loans, which makes them accessible to many members who may not have assets to secure their loans.
- Processing Time: Amica Sacco’s salary loans are processed within 24 hours, and members can access the funds from their mobile phones as soon as the loan is approved.
- Salary Loan-MOU: Employees of companies that have signed MOU’s with Amica Sacco have access to larger amounts of salary loans at negotiated rates. These include TSC, Parastatals, County governments and selected private sector companies.
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School Fees Loans
Here are some of the important things you need to know about Amica Sacco’s school fees loans:
- Loan Amount: Amica Sacco offers school fees loans ranging from Ksh. 10,000 to Ksh. 1,000,000, depending on the member’s needs and ability to repay.
- Repayment Period: The installments are spread throughout the school term, giving parents ample time to repay the loan.
- Interest Rates: The interest rates for Amica Sacco’s school fees loans are competitive and vary depending on the loan amount and repayment period, mostly 1% per month on reducing balance.
- Collateral: Amica Sacco does not require collateral for its school fees loans, which makes them accessible to many parents who may not have assets to advance the education of their children.
- Processing Time: Amica Sacco’s school fees loans are processed within one working day, and the funds are transferred for Free to schools that have accounts at the co-operative.
With no processing fee, no guarantor and quick access to the funds, the school fees loan facility at Amica Sacco is probably the best you can get anywhere in Kenya.
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Here are some important things you need to know about Amica Sacco’s LPO financing:
- Loan Amount: Amica Sacco offers LPO financing ranging from Ksh. 50,000 to Ksh. 5,000,000, depending on the member’s business needs and creditworthiness.
- Repayment Period: The repayment period for Amica Sacco’s LPO financing is up to 120 days, giving businesses ample time to repay the loan.
- Interest Rates: The interest rates for Amica Sacco’s LPO financing are competitive and vary depending on the loan amount and repayment period.
- Requirements: Amica Sacco requires collateral for its LPO financing, which can be in the form of a bank guarantee, a logbook or title deed. To secure the loan, you also need to provide evidence of similar past jobs done through past invoices and delivery notes. Pro-forma invoices for the goods to be supplied/ break-down of costs are also required.
- Processing Time: Amica Sacco’s LPO financing is processed within 48 working hours, and members can access the funds as soon as the loan is approved.
At Amica SACCO, members have a guarantee of preferential LPO financing solutions tailored to their unique needs. Repayment periods are both manageable and adjustable, while interest rates remain competitive so as not to put stress on the borrower’s wallet. To top it all off, members have access to a range of services such as financial counseling and business education.
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Here are some important things you need to know about Amica Sacco’s asset finance:
- Loan Amount: Amica Sacco offers asset finance ranging from Ksh. 50,000 to Ksh. 5,000,000, depending on the member’s creditworthiness and ability to repay.
- Repayment Period: The repayment period for Amica Sacco’s asset finance is up to 60 months, giving members ample time to repay the loan.
- Interest Rates: The interest rates for Amica Sacco’s asset finance are competitive and vary depending on the loan amount and repayment period.
- Collateral: Amica Sacco requires collateral for its asset finance, which can be in the form of the asset being financed or other assets that can be used to secure the loan.
- Processing Time: Amica Sacco’s asset finance is processed within a short period, and members can access the funds as soon as the loan is approved.
To apply for asset finance from Amica Sacco, a member needs to meet certain eligibility criteria, such as being a registered member of the Sacco, having a good credit score, and providing proof of income. The member also needs to provide supporting documents such as the asset being financed and business registration documents among others.
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Other Services at Amica SACCO
There are many other financial services available at Amica Sacco, among them:
All Risks Cover: For any tradesman or contractor, it is necessary to have the protection of an insurance policy that covers a variety of risks. The All risks cover at Amicas Sacco provides safeguards against issues such as fire, floods, storms, deliberate destruction, vandalism and theft. By having such a plan in place you can guarantee your peace of mind should any unforeseen disasters occur.
Crop Insurance: An insurance cover that protects farmers against losses incurred due to crop failure or damage caused by natural disasters, pests, and diseases. Amica’s crop insurance is designed to protect farmers’ income and ensure that they can recover from crop losses and continue with their farming activities.
Goods on Transit Insurance: A valuable insurance cover for businesses involved in transportation and logistics in Kenya and beyond borders. It is designed to protect the goods in case they are lost, stolen, damaged, or destroyed during transit.
Mpesa Insurance: Amica Sacco is one of the few financial partners in Kenya with a policy that covers Mpesa agents against loss of cash due to the dishonesty of employees, loss of agent cash in transit, loss of Mpesa agent property through robbery, fire, and theft.
Fire Insurance: A standard fire policy cover that indemnifies persons incase of losses from fire and lightning incidents. The policy can also be extended to cover fires arising from riots, strike and bushfires.
Motor Cycle Insurance: Amica Sacco offers both Comprehensive and Third-Party Only (TPO) insurance covers for motorcycle owners. This cover caters for both private motorbikes and bodabodas. Theft, Damages to motorcycle and third-party liabilities are all covered, with the requirements being an ID copy, a logbook copy, a KRA Pin copy and personal details.
Livestock Insurance: Amica Sacco is one of the few companies offering livestock insurance to cover domestic animals against accidents, diseases and epidemics, emergency slaughters, accidents while on transit, malicious damages and theft. To get the cover, you will be required to provide a Certificate of good health for your livestock, your ID copy and other personal details.
Treasure Account: If you are looking for a good investment opportunity that pays interests on a monthly basis, this is your best choice. With the Amica Sacco Treasure account, you earn attractive interests on your deposit at 7% p.a. You can get your deposits back any time. Convenient for large deposit amounts.
Investa Deposit Account: A better option for persons who want to save their money by making monthly deposits. Apart from growing your savings, you earn interest as high as 10% per annum. You also get preferential borrowing rates of as low as 1% per month, Permanent total disability benefit equal to accumulated deposits and last expense benefit of Ksh 100,000 among other additional benefits.
Fixed Deposit Account: With this option, you are required to deposit your money for a specified period of time. Amica Sacco gives you several flexible periods – ranging from one month to one year. Members can fix as low as Ksh 5,000 and earn interests that can be paid on a monthly basis.
Amica Ventures: A subsidiary of Amica SACCO focused on real estate needs for both members and non-members. Land parcels and plots in several towns and residential areas available at affordable rates. No extra security is required when buying land through Amica Sacco. With 30% deposit, you get a plot/property, and the balance payable within 6 months.
Junior Savings Account: An excellent way to provide your child with a strong financial foundation for their future. This account offers many advantages, such as a free school fees cheque, complimentary piggy bank*, and interest paid on deposits of over Ksh. 5000. Plus training in money management at no cost to you or your child!
Futures Savings Account: Planning for the future has never been easier. Whether you’re saving for a special occasion like a wedding or dowry payment, or simply setting aside money for emergencies, this Amica account is designed to help make it simpler than ever. And best of all, when you save with Amica Sacco, you’ll receive interest on any amount over Ksh 5,000 and enjoy complimentary financial advice too. So start planning today!
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Amica SACCO Branches
- Nairobi Branch: Wakulima Building, Ground floor, Haile Selassie Avenue
- Thika Branch: Murang’a Union Building, Kwame Nkruma street
- Gikomba Branch: Gikomba market
- Kangari Branch: Amicas Savings & Credit Building, Kangari – Kahari road
- Murang’a Branch: Murang’a Union Building, Uhuru Street
- Kenol Branch: ACK Arahuka Building, Kenol Murang’a road
- Maragua Branch: Murang’a Union Building, Maragua town
- Kiriaini Branch: Amica Savings & Credit Building, Murang’a-Kiriaini road
- Kangema Branch: Muguru – Iyego Building, Kangema Town
- Kandara Branch: Hurukai Housing Co- operative Building, Kandara town
- Kahuhia Branch: Kahuhia Housing Building, Murang’a-Kangema road
- Kahuro Branch: Mugoiri Housing Building, Murang’a – Mugoiri road
- Kirwara Branch: Amica Savings & Credit Building, Gatanga-Gatura road
- Kigumo Branch: Kigumo town
- Kagunduini Branch: Kagunduini Market along Kabati- Kagunduini road
- Gitugi Branch: Next to Gitugi market, Murang’a – Gitugi road
- Kahatia Branch: Kahatia town, Murang’a -Murarandia road
- Saba Saba Branch: Saba Saba town
Amica SACCO History
Half a century ago, a small group of farmers assembled with one unified goal – to create an economic stronghold, untainted by poverty. Their concept was rooted in the power of collective savings and offering accessible financial services to their members through the formation of a cooperative. Now, Amica Savings & Credit stands as the premier tier one Sacco and has been inspired to further expand this shared vision.
1966: A group of like minded farmers in Murang’a District came together to form Murang’a District Co-operative Union (MDCU). The main agenda was to offer banking services to members.
1970: The group was embedded to the Murang’a Farmers District Co-operative Union (MFDCU) as a Union Banking Section (UBS).
1997: The Union Banking Section detached itself from MFDCU and graduated into into a separate legal entity that was registered as Murata Farmers Sacco Society Limited.
2006: Murata Farmers Sacco changed its name to Murata Sacco Ltd.
2011: The Sacco was licensed by the Sacco Societies Regulatory Authority (SASRA) as a deposit taking Sacco.
2016: The Sacco rebranded and changed logo and name from Murata Sacco Ltd to Amica Sacco Ltd in efforts to accelerate its growth to several parts of the country.