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FAQs

Your Most Common queries about SIC Answered

Membership of Safaricom SACCO and S.I.C are mutually exclusive and one is at liberty to join either without any prejudice to existing membership at safaricom SACCO by joining S.I.C
The following members are eligible for membership:
  • Current and former employee of Safaricom limited and their spouses.
  • Current and former employee of S.I.C and Safaricom Sacco.
  • Any other person as may be approved by the Chief Executive officer
Membership to S.I.C is open to both existing SACCO members as well as prospective members of the SACCO. You can be a member of the S.I.C without being a member of the SACCO and vice versa.
The return on investment will be computed based on the duration within which one's contribution has been invested therefore the time value of money shall be taken into consideration. SIC will pursue investments using the pooled resources of members and they will in turn enjoy a return on these investments in terms of dividends on shares and therefore no loan offered by SIC.

FAQ on Registration

We have 2 categories of membership: Individual membership and group membership for less than 20 members and more than 20 members.

Individual: registration fee 20,000 (non-refundable)

  • Purchase of 100 shares at 525/= totaling to 72,500ksh inclusive of 20,000/= registration fee
  • Fill the membership form acquired from the office and attach copy of ID, copy of Pin and 1 passport form.
  • Make initial payments to the specified bank account
  • Present the fully signed and attached copies to any of our offices

Groups less than 20 and more than 20 members: Registration fee 50,000 (non-refundable)

  • Purchase of 300 shares at 525/= totaling to 207,500
  • Fill the membership form acquired from the office and attach copy of ID, copy of Pin and 1 passport photo for the 3 directors.
  • Make initial payments to the specified bank account
  • Present the fully signed and attached copies to any of our offices

BANK DETAILS
Bank: Cooperative Bank of Kenya
Branch: Westlands
Bank Account: 01120150100700
Name: Safaricom Investment Co-operative
MPESA
Pay bill number: 163163
Account number: (ones membership number) or the members names
A member has an option of leaving SIC at any time.
We however recommend that this is done after a full financial year of investing.
To leave SIC a member needs to sell off his shares.
A member has the option of selling off all his shares or just a part of the shares.
A member logs in to our website www.sic.co.ke and creates his/ her and floats the shares to the market where other members can bid and purchase the shares.
  • Log into our website www.sic.co.ke
  • Click member login
  • Click do not have an account
  • Key in your membership as (MMBR0****)
  • Password sent to your phone
  • Click log back, key in your member number and the password
  • Change your password to the one you prefer and will remember
  • You can view your account at anytime and anywhere.
Westcom point building,
4th floor along mahiga mairu avenue off waiyaki way, opposite Safaricom hqs approximately 200m from waiyaki way shell petrol station.
Safaricom house,waiyaki way hq1, ground floor
Safaricom care center, 1st floor.

Share Trading And Rebates/Dividends Frequently Asked Questions

This refers to the process of buying shares from existing members and not directly from Safaricom Investment Cooperative (S.I.C.)
All Bonafide members are eligible. A non-member cannot participate in secondary trading of shares.
This a member with at least 300 minimum shares and with regular standing contribution in S.I.C
As a member you can float your shares anytime and anywhere across the globe since we now have an online member’s portal https://webportal.sic.co.ke.
By depositing money to the share trading account ACCOUNT NAME: SAFARICOM INVESTMENT CO-OPERATIVE ACCOUNT NO: 01100150100700 BANK: COOPERATIVE BANK OF KENYA BRANCH: WESTLANDS   SAFARICOM SACCO FOSA ACCOUNT NAME: SAFARICOM INVESTMENT CO-OPERATIVE ACCOUNT NO: 9510-07-11960
Shares are allocated every week in a cycle of 7 working days as long as the trading market is open.
Shares are allocated on a First In First Out (FIFO) basis
You inherit shares from the seller plus the dividends he had accumulated in the financial year.  
The much you can afford and as much as are available on the secondary market. The shares are sold by the lots defined by the seller.
You cannot sell your shares above the ceiling price currently at Kshs. 525/=. Neither can you sell below the floor price being Kshs. 490/=.
A minimum of 100 shares and a maximum of shares that you own. If you want to still continue as a member you must retain a minimum of 300 shares,
By selling all your shares through the portal
Rebates are returns on investment in SIC shares.
They are paid after end of each financial year after being ratified by the members in an AGM.
As a member you are at liberty to recapitalize (convert them into shares) hence not a must for one to take them in form of cash
It is a weighted average of my shareholding prorata
The office does an official communication to all bonafide members in that particular financial year
The rebates information is accompanied by a calculator for verification as indicated in the statement.
Yes. Its subject to 10% withholding tax as stipulated in the Sec 19A(2) of the Income Tax Act and Paragraph 5 of the 3rd Schedule.
Rebates are payable via bank accounts, MPESA, Safaricom SACCO fosa. We do not write cheques for rebates.
A percentage is retained as has been approved by members during an AGM