Good Faith Sacco was started on 10th October 1996 as a self-help group by a group of eight Christians from Full Gospel Churches of Kenya Githirioni. The intention behind its formation was driven by a vision of starting a Christian institution where members could pool resources together in order to save and access affordable financial products to improve members’ lives.
The pioneers came together to support each other financially based on mutual Christian trust. The vision was guided by Christian integrity, honesty, and trust. They also believed that Christians conduct business Christian way. The first meetings were held in one of the founder houses for a period of six months to establish the organization before other members joined.
Good Faith Sacco got a certificate of registration on 21st November 2001. SASRA also licenses it as a deposit-taking Sacco. The Total assets currently stand at over Ksh60 million with around 2500 members.
How to Become a Member Of Good Faith Sacco
Becoming a member of Good Faith Sacco is accessible and open to all, including the business community, farmers, investment groups, and pension and salaried persons. You can join as an individual or a group.
1. Individual Membership
a) Fill Out a Membership Application Form.
Filling the membership is the first step in acquiring a Saccos membership. You can download it from the Saccos online platform or pick it up from one of the branches. You will fill in your full name, physical address, gender, email address, and phone number, among others.
b) Copy of ID and KRA Pin Certificate.
You will attach a copy of your national identification card and a copy of the KRA pin certificate. The national identification will be essential in approving your membership, while the KRA pin certificate will facilitate tracking and filing your tax obligations as required by the law.
c) Registration Fee
After filling out the application form and attaching all the requirements, you will pay a registration fee of Ksh600. The amount is paid once and is non-refundable. It helps in processing your application.
d) Pay Share Capital
You will commit a one-time payment of Ksh10,000 as share capital. Apart from earning your annual dividends at an interest rate, share capital gives you the rights to contribute to the running of the Sacco as an equal partner or shareholder. It is also a requirement by law to maintain a minimum principal amount in a Sacco, thus the need for the share capital.
Share capital is non-refundable even when you quit the sacco. However, you can transfer your shares to another Sacco member or sell them off to a potential buyer at a fee.
e) Contribute Monthly Savings
Contributing monthly savings grants an opportunity to qualify for a loan. Amount and types of accounts may differ for Good Faith Sacco, but the primary purpose remains the same. It acts as collateral against the loan you were awarded. The more you have in savings, the higher the chances for better loans.
In most cases, savings are not withdrawable unless you want to quit the Sacco. You will give a written notice requesting your withdrawals which will take a maximum of 60 days to be processed.
The requirements for an individual membership are also applicable to joint and group membership but have slight differences in requirements.
2. Joint membership
- You will fill out a membership application form.
- Attach copies of ID and KRA pin certificate for both applicants.
- Registration fee of ksh.600.
3. Group membership
- Fill out a group membership application form.
- Attach copies of identification card and KRA pin certificate of authorized signatories
- Include group minutes resolving to open an account with Good Faith Sacco.
- Attach groups’ registration certificates.
- Pay a registration fee of ksh.600.
Good Faith Sacco has revolutionized the Sacco sector and challenged Christians to get involved in development projects through pooling resources together. The Sacco has brought financial freedom to many members by encouraging them to save and access affordable financial products and services.
Categories: Good Faith Sacco