To pool their resources together and create a financial basket where they could save and access loans at affordable rates, Murang’a Tea Growers started a Savings and Credit Cooperative Society under the same name. The Sacco was registered in 1993 and adopted the name Muramati Sacco later in 2007 when it expanded beyond Murang’a.
Upon changing the name, the Sacco extended its boundary to serve tea growers and salaried employees, and medium-size entrepreneurs. In the year 2012, as it expanded further, Muramati’s name was rebranded to Unaitas. With the new name, it again broke its boundaries to include members from every economic sector.
How to Become a Member of Unaitas Sacco
Apart from the basic requirement of being a Kenyan of 18 years old and above, acquiring Unaitas Saccos members is as simple as getting all the necessary documents and making the needed payments. The following are some of the requirements;
a) Filling the registration form
The registration can be filled manually by obtaining a hard copy, downloading it from the Saccos online platform, or making the online application through its website. You will provide the basic yet essential personal information such as name, physical residence, email address, and phone number, among other requirements.
b) Identification Document
You will also provide a copy of your original national identification card to verify your membership. Besides the national ID, you will attach two passport size photos for your member’s profile and Sacco’s identification number to the registration.
c) Certified Copy of Utility Bill
To verify your income level and ability to honor monthly contributions and loan repayments, Unaitas Sacco will require a monthly statement of the amount of household you pay for essential services.
d) Copy of KRA Pin Certificate
As a Kenyan citizen above 18 years and above, you are always required to register with the tax authorities—Kenya Revenue Authority. You will be issued a tax certificate to help fill and monitor your tax compliance. The Sacco will require the tax certificate to help process your tax obligations.
e) Registration Fee
Paying a registration fee of Ksh1,000 will help process your membership application. Apart from processing your application, the mount symbolizes the commitment to membership. The amount is, however, non-refundable, but payment is once.
f) Monthly Contribution
After submitting the required credentials and obtaining membership, you will be submitting a monthly contribution for your savings. The savings accumulate and form the foundation of determining your eligibility to be awarded a loan. The more you save, the more you increase the loan limit you can get—more savings, higher loans.
Unaitas Sacco charges Ksh3,000 for the monthly contribution. The amount can be paid in cash or through Mpesa using your mobile phone and pay bill option. The savings will help you boost your development goals and achieve financial freedom in the long run.
g) Share Capital
Apart from submitting the monthly savings to qualify for loans, people join Saccos to enjoy dividends. The dividends are available to members annually upon paying share capital. The share capital is paid once a lifetime, giving you ownership rights in the Sacco. You become a shareholder with equal rights and a voice on how the society is run.
At Unaitas Sacco, you shall purchase at least 100 shares of Ksh10 each. Apart from the shares being non-refundable if you quit the Sacco, they are not assignable as loan collateral. You can, however, transfer your shares to another member.
Though Unaitas Sacco is not among the giants, it has captured the interest of many investors in the sector. It has expanded its savings and loans across all sectors of the economy, from the salaried, informal employment, to upcoming businesses. The services are efficient, and the loans are flexible and affordable. Many members have experienced an economic revolution.
Categories: Unaitas Sacco