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Membership

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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