With a vision to be the leading financial service provider to its members in Kenya and beyond, Eco-pillar Savings and Credit Society had its registration on 22nd June 1977 with a membership of 163 mainly from the teaching fraternity. The membership has increased significantly to a membership of over 5848. The Sacco has its headquarters in West Pokot County and is arguably one of the best in the Rift Valley region.
Eco-pillars Sacco’s mission is to deliver diversified and efficient services to its members in their economic and social lives. It has seen its membership increase over the years due to the benefits the members draw from it to improve their standards of living. It offers members support like asset acquisition, financing development projects, school fee payments, and economic empowerment.
How To Become A Member Of Eco-Pillar Sacco
By anchoring its values in need to align its activities to its vision, Eco-pillar Sacco has attracted many people to obtain its membership. The procedure of acquiring its membership is not complicated. Below is a precise step with the necessary details for becoming a member.
a) Fill out the Membership Form
You will fill out a membership form to capture your essential details like your full name, where you reside, email address, phone number, and nature of employment. You can obtain the form from any of the Saccos branches or fill it out online on the Saccos portal.
b) No Payment of Membership Fee
It is good to note that in Eco-pillar Sacco, there is no membership fee payment. Meaning the registration is free. The one-time non-refundable fee usually helps in processing a member’s signup, apart from showing your commitment to becoming a member.
c) Copy of National Identity Card
Your original national identification card is an important document when making any serious transaction or commitment. It will help in validating your membership of the Sacco.
d) A Passport size Photograph
A passport-size photo helps create your membership profile and produce your Saccos membership identification card upon acquiring membership.
e) Your Current Pay Slip
If you intend to make contributions through the check-off system, you shall provide your current pay slip to the Sacco. The slip will help capture all the necessary details for monthly deductions from your salary.
f) Fill Nominee Form
A nominee form will capture the details of a person (next of kin) you would like to benefit from or take charge of your shares and membership of the Sacco if you die. Having a nominee is crucial since it helps sort out the confusion that may arise over your Saccos membership when you die.
g) Provide a copy of the KRA PIN Certificate
You will submit your Kenya Revenue Authority Pin Certificate for your tax obligations. If there are some tax dues that the Sacco needs to process against your account, they will key in your details and complete the transactions. Usually, there are tax weavers when you commit monthly contributions to a Sacco.
h) Submit Monthly contributions
To access loans from the Sacco, you will make a monthly contribution of Ksh2,000 or more. Savings and loans are one of the primary reasons why you would want to join a sacco. Loans help you finance your development plans affordably and conveniently.
i) Contribute Welfare Fund
There is welfare money to be contributed monthly to cover the death of your spouse, children, biological parents, or if you die as a member. Apart from standing within financial support, the Sacco also stands with members in times of grief and loss. The monthly contribution amounts to Ksh200.
j) Contribute Share Capital
Upon joining Eco-pillars Sacco, you will make a share contribution amounting to Ksh5,000. The amount will earn you annual dividends at an interest rate. It also earns the right to be a shareholder in the Sacco, where you can contribute to the affairs of the Sacco.
However, apart from the amount being payable once in a lifetime, it is non-refundable. This means that you can’t withdraw your share capital money when you want to leave the sacco. You can only transfer them to another Sacco member, sell them off to a willing buyer at a price, or transfer them to your next of kin or nominee.
k) Sinking Fund
There is also payment of a sinking fund amounting to Ksh200, monthly. The amount acts as insurance against any risk like the death of a member before covering their loans. A sinking fund will cover the balances, and your guarantors will not have to pay your loans.
Though little known and has its headquarters in the interiors of the Rift Valley region, Eco-pillar Sacco has broken its limits to stand out as one of the best managed and development-friendly banks in Kenya. The value for members and desire to see members attain financial freedom has placed them above average.
Categories: Eco-Pillar Sacco