Dhabiti Sacco was registered on 25th June 1987 by the Ministry of Cooperatives with registration number Cs4918. In 1991, the Sacco opened banking services in its Meru North Farmers Sacco Building, which is currently the Dhabiti Sacco Building. Its founders consist of coffee farmers from Miathane, Tigania and Igembe Cooperative Societies.
At the time of its formation, it had a total membership of over 40,000 members drawn from the whole Nyambene region. In 1996, Sacco opened up its membership to people from the tea sector, private institutions, and civil services. It happened after the performance of the coffee sector declined.
The Sacco acquired the name Dhabiti Sacco limited in 2012 after changing from its former name North Farmers Sacco. The move to change its name has yielded great fruits. SASRA licenses Dhabiti to act as a deposit-taking institution.
Requirements For Membership To Dhabiti Sacco
Dhabiti Sacco is tremendously growing its membership, and intends to expand further. The basic requirement which is a condition for joining any Sacco is that you must be a Kenyan of 18 years old and above. However, the following criteria and procedures apply when joining Dhabiti Sacco:
a) Filling out Application Form
Dhabiti Sacco membership form is downloadable from its online portal, or you can pick it up from one of its branch offices. The form captures basic information such as your physical address, email address, phone number, full name, and gender, among other essential details. Filling out the form is simple, but if you encounter any challenges, you can seek assistance from the officials.
b) Attach copy ID and Passport size Photo
To verify your account, you will be required to attach a copy of your original identification card. If you seek membership from the diaspora, you can attach an original copy of your passport.
You will also attach a passport-size photo to help with your membership profile and produce the Saccos identification card if your membership application succeeds.
c) Submit a Registration Fees
After filling out the application form and attaching all the required documents, you will pay a registration fee to Ksh500. The amount which is one-off and non-refundable, will help in processing your membership and acts as your commitment to affairs of the Sacco.
d) Pay Membership Share Capital
Dhabiti Sacco charges membership share capital of Ksh1,000. The amount not only earns you annual dividends at an interest rate but it grants you the rights to contribute to the management of the Sacco as a shareholder. It is also a requirement by the law governing Saccos for members to maintain a minimum share capital.
The share capital is a one-time payment and is non-refundable when you cease to be a member. You can, however, transfer your share to another Sacco member or sell them off at a fee to a willing buyer. If you fill out a nominee form, you can move your shares to your nominee or next of kin.
e) Maintain Active Account
Though the exact amount is unclear, Dhabiti Sacco will require you to maintain an active account by making monthly deposits. The monthly deposits accumulate to grant you access to loans besides earning interests. You will qualify for higher loans if you have more funds in savings. The savings are refundable if you leave the Sacco.
Dhabiti Sacco has not only transformed and revolved to become a nationwide Sacco, but it has also significantly grown in terms of membership and assets. Individuals, institutions, corporates, companies, and different groups have good testimonies of how Sacco has ushered them into financial freedom through various development programs and education.
Categories: Dhabiti Sacco