Membership
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APPLY ONLINE
Who is eligible to be a member
- Individuals introduced by members.
- Self-employed individuals willing to comply with membership policy.
- Employed persons who wish to join the sacco in an individual capacity and are willing to comply with membership policy.
- Employees of corporate institutions are admitted as per the membership policy.
How to become a member
An applicant shall be admitted into membership upon:
- Paying a non-refundable registration fee of Ksh. 1,500/-
- Making a minimum contribution of at least 50 shares of Ksh. 20 each, which equals Ksh. 1000.00
Upon meeting the above requirements, one qualifies for the rights and privileges of an ordinary member. Each member is assigned a membership number for the purpose of identifying his/her account with the Sacco.
Members Obligations
- To observe and comply with all the society’s by-laws and decisions taken by the organs of the society in accordance with the by-laws.
- To buy and pay up for shares or make any other payments as provided for in the by-laws of the society.
- To pay for the debts of the society at the time of liquidation where the assets are insufficient to meet the liabilities.
- To support projects of the society approved by the relevant authority.
Benefits enjoyed by our members
- Inspiration to a saving culture through monthly contributions
- Enhanced financial discipline
- Cheap interest rates on loans
- Access to various investment opportunities such as housing projects, land, etc.
Contributions
The nominal value of each share shall be Ksh.20/=, and every member shall hold at least 500 shares in the society, but no member shall hold more than one-fifth of the total share capital.
Note: For one to qualify for a loan, he/she must have contributed for a period of six (6) months. The loan a member is entitled to is equivalent to three (3) times a member’s total deposit and subject to set loan limits.
Payment Details
All payments should be made directly to the bank using the following details:
BANK DETAILS
CO-OPERATIVE BANK
BRANCH – UNIVERSITY WAY
A/C NO: - 01120062568900
PAYBILL – BUSINESS NO- 973110
A/C NO- YOUR NAME