PROCESS OF MEMBERSHIP

The establishment of a successful savings and credit co-operative is determined by the nature of its membership. The pre-requisite is an enlightened membership and regular source of income. Since 1971, the society has increased from a handful of members to thousands now totaling over 44, 000 members.

The membership number has been dependent on the society members’ common bond and through promotion of membership through sound education programs. The membership is open to all who wish to become members. The common bond between the members is of mutual concern, loyalty and trust.

Our quest is to enable all our members to contribute positively towards their own individual development through the co-operative. The desire of the society is that all the society’s current and potential members are accorded the same status without discrimination against any persons on account of religion, race or political beliefs. The members have evolved a culture of prudent financial foresight for individual future planning in savings and investments

To become a member one needs to fill in a membership application form which is readily available on the website, at the Headquarters and every Society branch countrywide including the FOSA’s. Admission is done once the member pays a one off fee Kshs. 100.00 (One Hundred) and buys a minimum of 100 shares of Kshs 20 each. A membership card is issued to all its members.

The society uses the check off system for payment of members’ shares and loans.

The members are also at liberty to withdraw from the society as and when they wish to. The withdrawal can be due to death, willful resignation, or retirement.

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Rights of members

• Save and borrow
• Guarantee Loans
• Vote
• Withdraw
• Attend General Meetings
• Transfer shares
• Receive Dividends when they are announced.

Membership Benefits

• Sacco interest rates on both savings and loans are generally better than those offered by commercial banks.
• Members get educated in financial matters by teaching prudent handling, budgeting and keep track of money
  
• Savings provide security for future financial needs.
• Savings accumulates funds for use now and after retirement
• High savings will qualify for higher loans
• High savings need less guarantors
• High savings will result in high dividends
• High savings will strengthen the society’s lending capacity
• Savings will act as an insurance in case of death whereby the nominee is paid twice the accumulated shares and outstanding loans written off
• High savings guarantees a member a comfortable retirement

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