Kenya Medical Association SACCO (KMA SACCO) Requirements and Products

ByElizabeth Atieno

Oct 2, 2023
Kenya Medical Association SACCO (KMA SACCO) Requirements and Products

The Kenya Medical Association SACCO (KMA SACCO) is a cooperative society that has been in existence since 1998. It operates as a financial institution and serves a strong membership of more than 6500 members across Kenya and beyond. KMA SACCO is regulated by the Sacco Societies Regulatory Authority (SASRA), which ensures that it complies with all relevant financial regulations and safeguards the interests of its members.

As of December 2022, KMA SACCO had an asset base of Kes. 5.8 billion, indicating its substantial financial strength and stability. This asset base allows the SACCO to offer various financial products and services to its members, including savings accounts, loans, and investment opportunities.

KMA Regulated Non-WDT Sacco Ltd, as the single largest financial service provider for doctors by doctors in Kenya, is uniquely designed to cater to the specific needs of medical professionals. The SACCO was created by doctors who understand the unique challenges and demands of the medical profession, including the busy schedules and financial needs of doctors.

Who is this KMA Sacco for?

KMA SACCO positions itself as a major financier for medical practitioners countrywide, indicating its commitment to supporting the financial well-being of healthcare professionals across Kenya.

The membership of KMA SACCO includes a wide range of healthcare professionals, such as doctors, pharmacists, dentists, and even medical students. This diversity ensures that the SACCO can serve the financial needs of various segments of the healthcare community.

In summary, KMA SACCO is a well-established and SASRA-regulated cooperative society that provides financial services to a diverse membership of healthcare professionals in Kenya.

It is known for its substantial asset base and its focus on understanding and meeting the financial needs of doctors and other healthcare practitioners.

KMA Sacco Membership: How do I join The Kenya Medical Association SACCO?


1. One is required to complete a membership application form obtained from their offices or download the membership form from the website.
2. Download and fill out the Email Indemnity Form and attach it to the application form.
3. Attach a copy of the National Identity card, KRA pin certificate, a photocopy of either MBChB, BDS, or BPharm certificate, and/or Board license or retention certificate with two recent passport photos.
4. Once completed, submit the application together with the joining fee of Ksh 3,000/=
5. Payment can be made through the KMA Sacco Bank Accounts (shared below) or via MPesa Pay Bill No. 540900 (Use ID No./Membership No. as the account No.)

What are the eligibility criteria?

  1. Medical practitioners including doctors, dentists, and pharmacists for principal membership into the Sacco.
  2. Principal members can introduce their spouses, children, and employees. 
  3. KMA Sacco employees and medical students also qualify for membership.

KMA Sacco Products

Savings Products

SACCO Deposits

First up, we have SACCO Deposits. These are savings that cannot be withdrawn right away. Instead, they serve as a way for members to secure loans by using their savings as collateral. Principal members need to make a mandatory minimum monthly contribution of Kes. 5,000.00, while introduced members contribute Kes. 1,000.00. If you want to withdraw your SACCO Deposits, you can do so within 60 days after notifying the SACCO in writing, and once it gets approval from the SACCO Board.

Now, onto dividends and interest on your savings. The rate at which these are paid out is determined by the Board and approved by members during the Annual General Meeting (AGM) every year.

You can make contributions through various methods, including standing orders, direct debit, direct deposit, writing cheques, or using M-pesa paybill number 540900.

We’re not affiliated with the Sacco, so refrain from using terms like “our,” “we,” or “us.” I’m here to inform you about KMA SACCO.

Fixed Deposits

This program allows members to invest a minimum of Kes. 50,000.00 for a minimum period of 3 months. The current fixed deposit rate for Kenya Medical Association SACCO (KMA SACCO) stands at 6.5% per annum for up to 12 months.

When the deposit matures, members looking to withdraw it should email with their bank details. Therefore, the funds will be transferred to their bank account within seven days of receiving instructions.

Should a member choose to withdraw the fixed deposit before maturity, the interest rate drops to 3.5% per annum. It’s important to note that current non-withdrawable deposits (Sacco deposits) cannot be moved to the fixed deposit account.

To open a fixed deposit account, simply transfer funds to any of our bank accounts and email us at Attach the transfer/bank slip and specify the duration for which you’d like to lock in your funds.

Loans Products


This loan product is customized to enable you to enhance your development, educational skills, start-up, and/or revamp your own business practice.
The Loan includes:-

  • The ceiling amount borrowed is capped at 3 times the member’s deposits
  • Interest rate 1% per month reducing balance.
  • Disbursement is on a 1st come 1st served basis.
  • Mandatory minimum monthly savings are as follows:
    • Loans up to 1 Million: 1% of loan
    • Between 1 and 3 Million: 0.5% of the loan
    • Over Ksh3 million: 0.25% of the loan
  • Repayment up to a maximum of 60 Months
  • Top-up and refinance facility is available for this loan for members who have paid at least 1/3rd of the initial loan.


This product is tailored to KMA Sacco members who wish to access bigger development loans up to 4 times the Sacco deposits.
Members can only have one development loan running at a time.
The Loan includes:-

  • The ceiling of the amount borrowed is capped at 4 times the member’s deposits.
  • Interest rate 1.125 % per month reducing balance.
  • Disbursement is on a 1st come 1st served basis.
  • Repayment up to a maximum of 60 Months


Designed to meet the urgent daily needs of members. The amount borrowed is up to 2 times a member’s deposit but capped to a maximum of Kes 1,000,000 repayable within 12 months at 1% p.m. The loan shall be disbursed within 4-7 days.


The Kenya Medical Association SACCO (KMA SACCO) also provides loans on properties with title deeds to secure a loan 100% of the Mortgage value.
The terms and conditions for the loan product are as follows:-

  • The loan product shall be secured by Assets owned by the borrower.
  • The loan shall be advanced to a maximum of 100% of the Mortgage value.
  • The Interest rate for the loan is 14 % p.a. reducing the balance or as shall be determined by the board.
  • The maximum loan repayment period shall be 96 months or as shall be determined by the Board from time to time.
  • A loan processing fee of 0.5% one-off shall be charged. The fee can be paid upfront or loaded to the loan.
  • In addition to the Asset securing the loan, the borrower shall execute a chattel mortgage with the Sacco lawyers.
  • The Asset shall be valued by a reputable Valuer from Sacco’s List of appointed Valuers before the application of the loan.
  • The Asset shall be charged through reputable legal services providers from Sacco’s List of appointed legal services providers.
  • All charges associated with perfection of the Securities for the Loan shall be borne by the borrower and the process shall be executed by the Sacco lawyers.
  • The Assets shall be insured with a reputable Insurance company through TIBA Insurance Agency throughout the period of the loan.


Asset finance refers to a financial arrangement that allows individuals or businesses to acquire assets, such as equipment or property, without having to provide other assets as collateral. It’s a way to obtain the assets you need without tying up your existing properties. Now, let’s dive into how KMA Sacco offers this type of loan.

KMA Sacco is committed to assisting doctors who are looking to acquire assets. Here’s how they do it:

Firstly, the Sacco takes on the role of safeguarding the title documents of the asset throughout the loan period. This means they hold onto these important documents to ensure the loan is properly secured. However, there’s a requirement for the member seeking this loan. They must demonstrate their commitment by making an initial payment equivalent to one-third of the asset’s value. This shows their seriousness and investment in the asset.

Now, it’s important to note that if a member decides to withdraw their fixed deposit savings before it reaches maturity, the interest rate on that deposit will decrease to 3.5% per annum. So, it’s a good idea to keep the deposit intact until maturity if you want to maximize your returns.

Lastly, please keep in mind that any funds currently in non-withdrawable deposits (Sacco deposits) cannot be transferred to the fixed deposit account. These are separate accounts with different rules and terms.

The terms and conditions for the product are as follows:-

  • The ceiling of the amount borrowed is capped at two-thirds of the value of the asset.
  • Interest rate 14% per annum reducing balance.
  • Repayment up to a maximum of 60 Months.
  • Sales agreement
  • Evidence of the 1/3rd payment to the seller and buyer
  • Copy of National ID for both seller and buyer
  • Copy of KRA PIN Certificate for both seller and buyer
  • Current Asset Valuation from our prequalified list of valuers and particulars of the asset
  • Original Asset ownership documents e.g. Log Book, Title deed
  • Any other documents as may be required


This loan product is designed to cater for insurance premium financing to active members who wish to take up one or several insurance covers for themselves or their family but are limited by the availability of cash. The interest rate is at 1.17% per month reducing the balance, repayable in 10 Months.


Specifically designed for members who have School Fees needs. This loan amount is offered based on the fee structure and member account status. Repayment is within 24 months at 1% per month. Members shall be allowed to top up existing school fees loans.


This loan is customized to provide a financial cushion for intern doctors (Intern Medical Officers, Intern Dentists, and Intern Pharmacists) upon their posting while they wait for their first salary.

The borrower undertakes to provide 3 guarantors as part of the security for this loan. One guarantor shall be an active member of KMA SACCO, while the other two shall be either active members or fellow interns applying for the same facility.

The Loan includes:-

  • Maximum amount of Kes. 100,000
  • Interest rate 1.34% per month amortized
  • Disbursement is on a 1st come 1st served basis.
  • Repayment up to a maximum of 9 Months

Necessary documents required

  • Posting a letter from the Ministry
  • The arrival letter dully signed by the Superintendent
  • Copy of your ID
  • Copy of your KRA PIN
  • Two passport-size photos


This loan is for the purchase of fully built residential property ready for occupation in an urban area.

The terms and conditions for the KMA Sacco Home loan product are as follows:-

  • The Maximum loan amount is pegged at 5 times the member’s deposits.
  • The repayment period is up to a maximum of 20 years.
  • The age of the member/applicant plus the repayment period should not exceed 65 years.
  • Financing is at 100% of the mortgage value of the property.
  • The interest rate shall be set by the Board from time to time, currently 13.0% p.a.
  • Borrowers also have an option of including transaction costs up to a maximum of 5% of the loan amount to cater for the legal fees, stamp duty, and Insurance charges.
  • A first-ranking charge over the financed property through the Sacco Lawyers.
  • An arrangement fee of 0.5% will be charged on the amount advanced.
  • Other Charges for all legal, valuation, and stamp duty costs associated with the purchase of this property will be borne by the member.
  • Optional financing of transaction costs to a maximum of 5% of the loan amount to cater for legal fees, stamp duty, and insurance.
  • The property shall be insured comprehensively through the TIBA insurance agency throughout the repayment period at the cost of the borrower.

Documentation required to process applications:

  • Reference letter from Employer confirming that the member is permanent and pensionable.
  • Copy of ID /Passport.
  • Demonstrated ability to repay the loan
  • Latest 6 months’ salary account bank statements.
  • Copies of Certified pay slips for the immediate past 3 months.
  • Sale agreement.
  • Duly filled Home Loan application form.
  • Formal valuation report of the property from the panel of Registered Valuers at the borrower’s cost.
  • For leasehold properties, the remaining lease period should be at least 50 years.
  • Credit Life Assurance, mortgage value ceded to Sacco through TIBA Insurance Agencies.
  • Insurance over the subject property covering all risks (fire, tornado, earthquake), its full value ceded to KMA RNWDT Sacco through TIBA Insurance Agencies and renewed annually.
  • The ability to pay is based on an individual’s consistent long-term income subject to the two-thirds rule in the certified payslip.
  • In case this is the only loan the member has in the Sacco, forced savings should apply as per policy.
  • The Board is to consider the applications on a case-by-case basis.


This product provides financing to members to equip their homes with furniture/fixtures/furnishing and other gadgets. The maximum amount is capped at Kes. 1,000,000 fully secured at the rate of 14.0 % p.a repayable in 24 months.

Who can Apply

  • Members with a home loan product.
  • Clinics, Hospitals, and Offices that need furnishing.


This loan enables members with existing development loan to borrow a top up loan to the maximum they qualify i.e. 3 times member’s Sacco deposits to continue with their developments and revamp their business practice. The interest rate is at 1% per month repayable up to 36 months.


The dividend advance is a product designed for members who wish to access their dividend in advance before the year ends. Members can only access up to 50% of the previous year’s earned dividends.

  • Must be an active Sacco Member Saving Regularly.
  • Members loan accounts must be well serviced and not in default.
  • No partial withdrawals or loan offset within the year.

Dividend advance is recovered as a one-off settlement when the dividends are declared and approved in an Annual General Meeting(AGM)

10% interest recovered once when dividend are declared and approved in an annual general meeting.

Members are required to fill in a loan application form online and send to us for processing.
Payment can either be through cheque or transfer to member’s bank Account.

KMA Sacco Contacts are:
0722519037 | 0202675620