How To Join And Become A Member Of GDC Sacco [2022]

How To Join And Become A Member Of GDC Sacco [2022]

GDC Sacco was started and registered in 2003 as a Back Office Service Activity (BOSA). The aim was to provide members with an opportunity to accumulate funds and access affordable financial products and services.

The society has a humble beginning with 428 as the founder members and Ksh992,046 initial share capital as of 31st December 2003. The sacco opened FOSA services in 2006.

GDC Sacco has its offices at GDC SACCO Plaza in Githunguri town, opposite the primary market. It also has six other branches, including the Githiga branch, located at the Githiga shopping center near the chief’s camp, the Kigumo branch at Kigumo shopping center, and the Ikinu branch located at Ikinu shopping center along Nairobi Githunguri road. Kwa Maiko branch at Kwa Maiko shopping center.  Mai Mahiu Branch is located in Mai Mahiu town along the market street, and the Kibichoi outlet is located in Kibichoi Town.

How to Become a Member of GDS Sacco.

Acquiring a GDS Sacco membership is simple like any other Sacco in Kenya. The essential requirement is being a Kenyan of at least 18 years—a minimum of years to hold a national identification card. Other requirements and procedures may differ. But the following are applicable:

a) Duly filled Account Opening Form. 

GDC membership form is available on its online platform, where you download it, print it, and fill it out. Filling out the form is the first primary step to joining any Sacco. It captures your basic details like your physical location, email address, employment status, gender, phone number, and full official name, among other essential information.

b) Attach the Necessary Documents.

You will attach different documents to the duly filled application form, including a copy of the identification card, a copy of the KRA pin certificate, a passport size photo, and a nominee form. All serve different purposes.

  • Attach ID/Passport

You will attach a copy of your original identification card or valid passport for your account authentication. The two are basic legal requirements needed when entering any deal or making a binding agreement.

  • Attach Copy of KRA Pin Certificate

To descend to Kenya Revenue Authority requirements, you will attach a copy of your KRA pin certificate. The pin will facilitate tracking and filling out your tax obligation.

  • Passport size photograph

Upon admission to the Sacco, you will have a membership profile and identification card. Providing a passport-size photo will aid in completing your profile and producing a membership card for you.

  • Fill out the Nominee Form

A nominee form captures the details of a person you would like to be responsible for your membership, saving, and any of your dues if you die. Having a nominee or next of kin is crucial as it helps avoid confusion surrounding your membership when you die.

c) Pay Registration Fee

After attaching all the required documents, you will pay a registration fee of Ksh500 to aid in processing your membership. The amount is a one-time payment and is non-refundable. It acts as a commitment fee to Sacco membership.

d) Contribute Share Capital

Share capital refers to a minimum amount a Sacco member should maintain when joining a Sacco. Apart from being a requirement by law, it attracts annual dividends at an interest rate. You become a shareholder in the Sacco by paying a share capital with a right to contribute to the management.

In GDS Sacco, you will buy at least 2000 shares. It is good to note that share capital amounts are non-refundable. But you can transfer your shares to another Sacco member when quitting the Sacco or sell them off at a fee to a willing buyer.

e) Minimum Monthly Contribution 

To access affordable loans with friendly interest rates, you will be making a monthly contribution of at least Ksh600. It is advisable to save more to access higher loans to facilitate your development goals. Unlike share capital, monthly savings are refundable when you want to exit the Sacco. You will give written notice to the management requesting withdrawals.

Parting Shot

Formed in 2003, GDC Sacco has achieved rapid growth and opened over five branches in a few years. Membership has also grown, and more loan facilities have been extended to individuals for personal economic empowerment.



Categories: GDC Sacco

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