Elimu Savings and Credit Cooperative Society was started in 1972 primarily by employees from the Ministry of Education. Its pioneer reason for formation was to facilitate savings among members to access cheap, reliable, and affordable loans.
The Board of directors is responsible for directing the affairs of the Sacco and is overseen by the Supervisory Committee. Both report to the Annual general meeting.
The Membership of the Sacco is Drawn from:
1. Ministry of Education
2. Teachers Service Commission Employees
3. Employees of different Parastatals and Government Ministries
5. Education Institution’s Employees
6. Employees of Non-Governmental Institutions.
Who is eligible to Become a Member?
Apart from the basic requirement of being a Kenyan citizen of 18 years, the following factors stand out for one to be an eligible member of Elimu Sacco:
1. Receives regular income as an employee or business person.
2. Can align to the objectives of the Sacco
3. Accepts member’s obligations and conditions stated in the by-laws
4. Not engage in any activity which is harmful to the vision of the Sacco
How to Become a Member Of Elimu Sacco
a) Download and Fill out the Membership Form
You will fill out an application membership form downloaded from elimu sacco website that captures your essential information like your full name, phone number, and physical address, among other important information.
Upon completing and submitting the duly filled form, you will receive an admission and membership number. Your number will be entered into the members register after signing a statement or declaration as required by the Sacco.
b) Attach a Copy of Your National ID and Two-Colored Passport size Photos
Attaching two-colored passport-sized photos will be necessary for creating your membership profile and production of a membership card while the national ID acts as a form of verification.
c) Pay One-off Membership Fee
Elimu Sacco charges a one-time membership fee of Ksh500 or any amount as provided in the membership policy. The amount helps in processing your membership application.
The entrance fee is non-refundable. It is also charged to any member who wants to rejoin after withdrawal. However, the amount keeps changing as determined by the Board of directors.
d) Make Monthly Deposit
It is through the monthly deposit that a member can secure loans for personal development. You should save at least Ksh5,000 continuously for 12 months to qualify for a loan. The amount should accumulate without being withdrawn to be used as collateral against loans.
Savings can be refunded when you terminate your Sacco membership as provided in the by-laws—you should have fully repaid all your debts and obligations and be free from any guarantee. The withdrawals may take up to 60 days after providing a written notice. The deposits attract interest rates as stated by the terms and conditions of the deposits.
e) Benevolent Fund Contribution
A benevolent fund refers to the amount of money contributed by a member to provide financial aid in the event he or any of his family members. The contribution is compulsory for every member. It comprises Ksh75 for an individual member, Ksh75 for member’s spouse and Ksh50 for minors below the ages of 18 years.
If a member dies, the Sacco contributes Ksh50,000, Ksh30,000 for a spouse and Ksh20,000 for a child. When making the claims, an original burial permit and death certificate must be produced.
f) Contribution of Loan Risk Fund.
You will also contribute Ksh100 per month as a risk fund. The fund acts as insurance against your loans. If you die before clearing your loan, savings of your guarantor will not be touched, and the nominee will get refunded your savings in full. The amount is used to write off your loans.
g) Contribute to the Share Capital.
Elimu Sacco shares amount Ksh12,000, or any amount prescribed by membership policy.
Elimu is one of the greatest Saccos in Kenya, which has existed to transform members’ lives economically and socially. The management is professional with people mined staff members and policies.
Categories: Elimu Sacco