On 25th March 1994, Airport Sacco was formed as a savings and credit cooperative society to enhance financial service delivery to members. The main members are the Kenya Airport Authority (K.A.A.) employees and those who work around and within the airport—individuals and organizations. There are also diaspora members from the U.S.A., the U.K, and Saudi Arabia.
On 11th November 1994, the Sacco got full registration with a share capital of over Ksh240,000. It commits to good governance and practices in running its affairs and management. The Sacco is among the leading vibrant, dynamic, and trusted Saccos in Kenya.
How to become a member of Airport Sacco
From 1994 to date, Airport Sacco has experienced growth in assets and membership. Many individuals and corporations are still joining and acquiring membership. Maybe understanding how to join the Sacco can be of importance. The process is less complicated. It requires the following:
a) Filling out Membership Form
Airport Sacco has its membership form online, or you can obtain it from any of its branches. Upon acquiring the form, you will fill in your basic details like your name, phone number, physical address, and email address, among other essential credentials. The information forms part of your membership details on the Saccos membership platform.
b) Attach a Copy of Your ID and Passport-Sized Photo.
To your duly filled application form, you will attach a copy of your valid national identification card and a copy of a colored passport-sized photo of yourself. The identification card will help validate your registration, while the passport-sized image may be used in your membership profile and in producing your Saccos identification card.
c) Pay the Membership Fee
Membership fee of Ksh2,500 is applicable when applying for Airport Sacco membership. The fee is a symbol of your commitment to join the membership of the Sacco, besides helping in the processing of your membership by the management.
d) Submit the Minimum Share Capital
As your security in the Sacco and a requirement by law, you will submit a share capital before joining a Sacco. The amount varies from different Saccos, but for Airport Sacco, it costs Ksh5,000. It gives you the right to become a shareholder in the Sacco, besides earning your annual dividends at an interest rate.
While share capital is payable once, it is also non-refundable even when you cease being a member. However, it is possible to transfer your shares and membership to another Sacco member or sell them out at an agreed fee with a willing buyer. Still, you can transfer them to your next of kin or nominee.
e) Paying Monthly Capital
Upon joining Airport Sacco, you will be advised the amount to submit for the monthly savings. The savings allow you to borrow loans to help you in your personal development. Besides earning interest against your savings, you can acquire loans of up to three times your savings.
Sacco savings are refundable if you want to quit the Sacco. You will give a 60-day written notice to the board of management to process your withdrawals.
After fulfilling all the requirements and submitting all the necessary documents, the management will review them and give you feedback. Your name shall be entered in the membership register if you get admission before issuing you a membership number.
You shall sign in the members ‘ registers to indicate your acceptance of the Saccos by-laws. It will happen in the presence of two other Sacco members who will act as witnesses. You will then be submitted during the next annual general meeting by the management board.
You will then purchase a copy of the by-laws of the Sacco at the overall cost.
Like the rest of Saccos in Kenya, Airport Sacco has revolutionized the economic lives of its members by encouraging them to save and awarding them affordable loans with favorable terms of repayment and lower interest rates. Joining the Sacco is one step into a journey of financial freedom.
Categories: Airports Sacco