PROCESS OF MEMBERSHIP
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.
Minimum share contribution is Ksh. 1,000.
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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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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