How to become a member of a Sacco

All co-operatives in the country have By-Laws the defines the area of operation of the co-operatives and how to become a member of that society.

Save and Borrow

Save and Borrow

QUALIFICATION FOR MEMBERSHIP

  1. You have to be within the area of operation of that society that you want to join. This means that you have to be in say Uasin Gishu County or to be more specific Eldoret East District. However the area of operation is defined in the By-Laws of the society. Some co-operatives have a whole country as their area of operation and some don’t so find out the area of operation of a society you want to join.
  2. You have have to be within the field of membership with a certain defined common bond. That is to say, you can be an employee of a certain company, a member of a certain church or own land or business within the society’s area of operation or doing business within the area of operation of the society you want to join.
  3. You must be 18 years and over
  4. You must be of good character and of sound mind
  5. You will also be required to pay an entrance fees and minimum share capital as required by the By-Laws of the society you want to join.
Saccos are a great way of saving and borrowing.

Saccos are a great way of saving and borrowing.

Once you become a member i.e. when you have been presented with membership application form and you being accepted by the society, you will be required to start your monthly contributions immediately which must be consecutive for you to qualify for any loan after usually six months.

Once you sign the membership application form and accepted by the society, you will now be bound by the By-Laws of the society and policies and resolutions of the general meetings of the society. You will be subjected to a fine not exceeding Ksh. 20,0000.00 for any volition of By-Laws.

 

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