With a primary objective to promote a saving culture among members and acquire affordable loans for productive purposes, Afya Co-operative Savings and Credit Society was formed and registered on 8th May 1971 by only twenty members. However, the membership has significantly grown over the last forty years to over 38,00 members.
Afya Sacco has concern and commitment to the welfare of its members and has adopted principles that direct how it relates to members. Though, the membership of the Sacco was meant for individuals from the health sector. The Sacco has since opened its doors to anybody who wishes to become a member. The members are free to withdraw their membership—open and voluntary membership.
The process of becoming a member of Afya Sacco
Becoming a member of Afya Sacco is simple. You need just to follow a simple procedure and submit a few documents for your membership processing. The procedure includes;
a) Complete Membership Application Form
Afya Sacco’s membership registration form can be obtained online or from its FOSA branches countrywide. The form helps capture the basic information needed for membership, such as your full official name, email address, and phone number, among other crucial things.
b) Attach Photograph Copy of Latest Payslip
If you are from formal employment, you may be requested to attach a photocopy of your latest payslip to the duly filled form. It will help authenticate whether you are employed or not and your actual income to help during the deductions.
c) Attach a copy of the National ID and Photographs
You will attach a copy of a valid national identity card or passport to the duly filled form and a copy of the payslip. It will help in validating your count. Also, attaching two passport-sized photos will be necessary for creating your membership profile and the Saccos identification card upon admission.
d) Obtain a Letter from the Employer
Suppose you are from a health-related organization or parastatal, besides the filled membership form and the attached documents. In that case, you will seek a letter from your employer authorizing and stating their acceptance to deduct shares and savings from your salary.
e) Registration Fees
To complete your membership registration, you will submit a one-time registration fee of Ksh1,000 as a commitment to the Sacco apart from helping your membership process. The fee is non-refundable.
f) Payment of Share capital
Paying share capital will earn you annual dividends apart from granting rights to become a shareholder of the Sacco. You will have the right to contribute to how the affairs of the Sacco are run and managed. The amount of Ksh2,000 payables upon joining Afya Sacco can be paid in full or in monthly installments of Ksh500.
Share capital is payable once, and it is non-refundable even when you want to cease being a member of the Sacco. However, it is possible to transfer the shares to another member or sell them off to a willing buyer.
g) Submit the Monthly Deposit
To access flexible and affordable loans, you will be submitting a monthly savings of Ksh2,000. You are likely to get three times your total savings which can help you boost your development agendas. The savings are refundable when you want to cease to be a member by giving a 60-day written notice after you will be called to collect your money.
h) Afya Benevolent Fund
To help support members in the event of the death of their kins, the Sacco has put in place a monthly contribution of Ksh300. Apart from offering emotional and social support, members need financial help to give their loved ones the best send-off without having to strain their resources.
Apart from the members from health sectors and institutions, Afya Sacco has won the hearts of many members across all sectors of the economy. Many are beneficiaries of reliable, affordable, and flexible loans. Doing development with loans is more straightforward and cheaper compared to loans from other financial institutions like banks.
Categories: Afya Sacco