Staff from New KCC came together in March 2002 to form Kencream Sacco. The main aim of its formation was to provide members with convenient and affordable opportunities to accumulate savings. A source of funds can be created from the accumulated funds and given to members in terms of loans at a reasonable interest rate.
Kencream extended its boundaries in 2014 to accommodate other companies, the business community, New KCC suppliers, milk farmers, and members of organized groups. It has since registered an encouraging financial growth. The membership has significantly increased as they are drawn from various regions of the country.
The products and services of the Sacco are tailored to promote the economic well-being of members who are mainly small and medium-income earners from the formal and informal sectors and in response to the members’ need for a banking system, the sacco implemented the FOSA services.
How To Become A Member Of Kencream Sacco
a) Filling and signing the membership form
You will fill in a membership form to help capture some basic information for your membership. The information includes your name, phone number, physical address, year of birth, gender, and email address, among other essential details. The form can be obtained from the Saccos online portal or any branch office near you.
b) Attach Copy of ID
The national identification card is an essential document that every Kenyan above the ages of 18 years should possess. It is a crucial requirement when doing critical transactions or making important commitments like joining a Sacco. Hence you will produce a copy and attach it to the duly filled application form.
c) Attach a copy of the KRA Pin
The tax authority issued the Kenya Revenue Authority (KRA) pin to facilitate tracking and filling Kenyan tax returns. It is therefore necessary when joining the Sacco to aid in tracking and remitting your tax obligations.
d) Attach Passport Size Photo
You will attach a passport-size photo for your membership profile on the Saccos platform. The image will also be used to produce your membership identification card upon getting admitted.
e) Pay a Registration Fee.
Kencream Sacco charges Ksh1,000 registration fee which is non-refundable. It is a commitment amount to the sacco’s membership besides helping process your membership.
f) Contribute the share capital
Share capital refers to a minimum amount payable to a Sacco upon becoming a member to grant a right to become a shareholder. Unlike other financial institutions like banks, where you remain a customer even after saving millions of shillings, a Sacco gives you a right to become a shareholder by paying the share capital. For Kencream Sacco, it amounts to Ksh15,000.
However, you can transfer your shares to another Sacco member or sell them off at a fee to an individual who wants to join the Sacco. It is worth noting that you will be earning an annual dividend at an interest rate out of the share capital.
g) Contribute the Minimum Monthly Deposit
The main reason why many Saccos are formed is to provide members a savings and credit platform, thus the need to contribute monthly savings upon joining a Sacco. The savings accumulate to grant you access to credit in the form of a loan. The number of loans you can access increases with an increase in saving—a minimum amount of Ksh1,500 applied for Kencream Sacco.
Unlike the share capital, which is non-refundable, savings are withdrawable when you want to exit the Saccos membership. You will give written notice to the management, who will take at least 60 days to process your withdrawals.
h) Make Benevolent Fund Contribution
The benevolent amount refers to the amount contributed toward social assistance if a Sacco member loses his loved one or dies. Through contributing Ksh200 the Sacco will be able to support funeral arrangements of a member or his wife or children.
Kencream Sacco is one of the Saccos you would desire to join because it organizes and facilitates its service delivery to its members. The process of acquiring membership is also straightforward. The loans are affordable and friendly to all members.
Categories: Kencream Sacco