How To Join And Become A Member Of Finnlemm Sacco [2022]

How to Join And Become A Member Of Finnlemm Sacco [2022]

With the main objective of promoting development among its members by providing them with an opportunity to accumulate savings to access fair loans, Finnlemm was formed in May 1982. 

The principal founders were the local employees of Lemminkainen Construction Company in collaboration with local employees of the Finnish Embassy.

The Sacco derives its membership from the employees of Non-Governmental Organizations, Diplomatic Missions, and their affiliates. Sacco’s core mission is to promote its members’ economic and social affairs by mobilizing resources to provide competitive financial services and products.

Why would you choose to join Finnlemm Sacco?

There are many Saccos in the Kenyan financial markets, and it might be unclear to know the right one to join. However, the choice of the one to join comes with many advantages and profit gain over the rest. Finnlemm Sacco is one of its kind and is worth joining because of the following:

  1. It employs modern technology in its operations
  2. It adopts various current modes of payments
  3. High-interest rates on deposits
  4. Loans are processed promptly to meet any agent need a member may have
  5. Its growth is profitable and convenient.
  6. Loans attract low-interest rates with flexible repayment terms

How to Become a Member Of Finnlemm Sacco

Who is eligible to Become a Member of Finnlemm Sacco?

  1. Any individual can become a member of Finnlemm Sacco but should possess the following qualifications:
  2. Should be at least 18 years of age and should be free of any criminal record of fraud or dishonesty.
  3. Be of a good character.
  4. Be a resident or occupies land within the area where the Sacco operates
  5. Not a member of another Sacco within the country
  6. Should be in employment, profession or occupation within the description or category the Sacco has established
  7. Is within the common bond of membership

a) Filling the Membership Form

The Saccos membership form is mainly filled online. The form captures your basic but essential information such as your national identification number, passport number, full official name, phone number, email address, gender, date of birth, marital status, KRA Pin, and referrer’s number. The information captured is crucial in processing your membership.

b) Attach a copy of ID and Passport size Photo

Though you have provided your ID number on the application form, you will still attach a copy of your original identification card for further verification of your account. Also, attach a copy of your passport size photo for your membership profile and the Saccos identification card.

c) Registration Fees

The sacco charges Ksh1,000 as a registration fee to process your membership. This is a one-time non-refundable amount that acts as a commitment fee to the sacco. You will submit it with your duly filled form and the attached documents.

d) Submit Monthly Savings

The Sacco promotes the culture of saving by allowing members to accumulate funds so that they can borrow loans. The loans are affordable in terms of payment terms and interest rates. Finnlemm Sacco charges a minimum of Ksh2,300 for the savings.

e) Contributing the Share Capital

It is a requirement by the law governing Saccos for every member to maintain a minimum share capital. The amount grants you the right to become a shareholder of the Sacco, apart from earning you annual dividends. Share capital is payable once and is non-refundable when you terminate your membership. But you can transfer them to another Sacco member.

Bottom Line

Finnlemm Sacco has some of the best and most friendly policies encouraging members to save and get loans to finance their development agendas. There are also different development accounts which members can open and save to boost their projects.

Categories: Finnlemm Sacco


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