Though little known to most people, Tower Sacco is one of the Saccos which has broken the ceiling in savings and loans in the Kenyan financial market. Having been registered on 15th September 1976 with the purpose of rendering services mainly to primary school teachers, the Sacco commenced business in the year 1977, when its first loan was given out.
The intention behind its formation was for the primary teachers to do frequent savings, access loans, and pay back promptly. However, the membership has extended significantly, capturing the business community, county government employees, parastatals, private and public hospitals, public and private institutions, and Kenyans in the diaspora.
How To Join Tower Sacco
Tower Sacco has a significant increase in membership, making it hit over 105 000 people. The lucrative services offered by the Sacco have seen many people looking forward to joining it. But what is the procedure and necessities to join Tower Sacco? The following are some of them.
a) Fill out the membership form.
To access the membership form, you can visit the Saccos website, download and print it, or visit its nearest branch and pick one. You will fill in your details, such as your full name, email address, phone number, and postal address, among the rest.
After filling out the form, you will attach a copy of your original national identification card and two passport-sized photos to help with your membership profile and Sacco’s identity card. After tendering your signature, you will scan everything and send it back to the Sacco via its email address, email@example.com.
Alternatively, you can submit the hard copy to any branch near you.
b) Registration Fee
For a personal or individual account, you will pay either Ksh500 or Ksh1000 to join Tower Sacco. The amount will help process your membership and show a sign of commitment toward the Sacco. The amount does not form part of your savings.
c) Monthly Contributions
To enjoy loans, you would have to save monthly. The savings form the basis for calculating the loan amount you can borrow. There are different savings accounts available for different categories of people. They include the current account/business account, save as you borrow account, and the premium account. You will choose the one you want to commit to.
d) The Share Capital
Tower Sacco has a nun-refundable share capital of Ksh20,000, which you can pay in full or in installments of three months intervals for one year. The deposit grants you ownership rights in the Sacco—you become a shareholder. They will also earn you good annual dividends, boosting your development goals.
However, the share capital in a Sacco is non-refundable. You can only transfer them to another member when you decide to quit being a member. You are free to quit, which usually takes 60 days after writing to the management.
It should be noted that there are other categories of people who can join Tower Sacco as was listed before. They may require slightly different procedures, but most things are similar to what is needed for an individual account.
After completing the form, attaching all the necessary documents, and making the needed payments, you will wait for the management to process the registration before they get back to you. You will be given a direction on what to do next if the application is approved.
Tower Sacco has revolutionized many members’ economic lives, encouraging them to save and access affordable loans. Apart from the local membership, it has also opened up membership to people living in the diaspora to find institutions they can invest in back at home. It has contributed to the significant growth of tower Sacco.
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