Having been formed and registered on 16th July 1973, Ufanisi Sacco got licensed by SASRA on 22nd July 2013 to offer front office services. Though employees of Agriculture Finance Corporation formed it, it has so far opened its membership to the public. Members can save by opening different accounts like holidays, School fees, and Deposit Accounts.
Ufanisi was mainly formed to pool funds together among members to lend out at reasonable and fair interests. It has since helped improve the economic life of members by providing them with convenient and cheap loans. This has seen its membership grow significantly over the years.
Procedure Of Being A Member Of Ufanisi Sacco
Everyone who wants to become a member shall be requested to fill out an Application form for membership. The form helps record all the necessary information and details as required by a Registered Member. You will include your name, email address, physical address, and other information.
To the filled form, you will attach a copy of your original identity card to validate your account and two passport-sized photos for your membership profile and Sacco identity card.
The following procedures will follow after completing and submitting the form.
a) The Decision of the Board
Most of the decisions in Ufanisi Sacco are made by the Board of Management. Hence, after you submit the filled form, the Board will receive it. They will decide either to accept the application or reject it. The decision will then be communicated in writing at the next general meeting.
b) When the Application is Accepted
If the Board accepts the application, you will be communicated to and issued a membership number. While the membership number shall be recorded in the member’s register, your accepted application form and documents will be filed in the member’s file.
c) Admission into Membership
Per clause six of Ufanisi policies, you shall get admission into membership. You will then pay Kshs. 1,000 as an entrance fee or the amount the Board will have decided. The amount will help in processing your membership application.
d) Payment of Share Capital
To qualify to be a shareholder and enjoy privileges and rights of membership, you will pay a share capital totaling Kshs. 10,000—a minimum share of Kshs.250. The amount also depends on the decision from the general meeting, from time to time. Besides having membership rights, share capital also earns you annual dividends.
e) Re-application to Join Ufanisi Sacco
If you were once a member of Ufanisi Sacco but left, you can also reapply for membership. The Board will consider and evaluate the reapplication to see if you are fit to get your membership restored.
The Board of Management has the power to reject your reapplication for membership of Ufanisi Sacco depending on the reasons you are giving or not meeting the minimum qualifications. If that happens but you feel you are eligible and everything needed, as an applicant, you have the right to appeal the decision to the Annual General Meeting. However, your appeal will need to gain the support of at least ten members.
f) Issuing of Membership ID
While you will acquire a copy of the Saccos by-laws by paying as per the current cost, the Board will issue you a membership ID upon admission. The ID gives a sense of belonging and the authority to transact with the Sacco.
g) Extended Membership
Your spouse, child above 18 years old, and a parent living in the same house as you, as a member, can also become a member of the Sacco under the terms and conditions laid down. The same applies to employees of the Sacco.
Ufanisi Sacco has a good history of helping its members gain financial freedom by supporting their development projects. The terms and conditions of the loans and credit facilities are also favorable. You can always reach out to the management if you have any issues that need clarifications.
Categories: Ufanisi Sacco