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

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

Mombasa Port Savings and Credit Society is a licensed deposit-taking Sacco regulated by SASRA (Sacco Society Regulatory Authority). The Society was started in 1966, ranking it amongst the oldest Saccos in Kenya.

The employees of the then East Africa Harbours and Railways corporation came together to form the Sacco to facilitate savings and offer affordable credit facilities to its members.

In 2010, the Sacco opened up its command bond to allow diversity in its membership by allowing salaried people, non-salaried individuals, corporates, sole businesses, investment groups (Chamas), and people from diaspora to acquire membership.

The Sacco has won several awards regionally and internationally as it positions itself as the leading financial institution.

Who can Join Mombasa Port Sacco?

The membership of Mombasa Port Sacco is open to any Kenyan of 18 years and above. and the following groups can also become members:

  1. Business enterprises
  2. Salaried persons
  3. Former members who withdrew their shares
  4. Employees of companies with payment arrangements with the Society and whose salaries are paid through FOSA.
  5. Registered community organizations, youth, or women/men groups.

How to Become a Member

Acquiring Mombasa Port Sacco membership is less complicated but requires the basic documents and procedures applicable to any other Sacco. they include the following:

a) Fill Up a Membership Form

The first step to joining any Sacco is filling out the membership application form, which is downloadable from online platforms or branch offices.

The form captures some basic yet essential information like your gender, full official name, phone number, email address, and physical address, among other important information.

b) Attach Two Colored Passport Size Photo

One image will help in producing your membership card. The good news is that the photos are taken free at the Sacco offices.

c) Attach Copy of ID Card

Apart from the two-colored passport-sized photos, you will also attach your original national identification card to the duly-filled membership form. It helps in validating your account.

d) Pay Registration Fee

With a registration fee of Ksh500 only, Mombasa Port Sacco is one of the Saccos with cheaper membership amounts. The amount helps in processing your membership application and admission and shows your commitment to join the Sacco.

e) Maintain Minimum Saving Account

Opening a savings account with Mombasa Port Sacco provides you with an opportunity to accumulate funds and be able to acquire loans.

Accessing cheap and flexible loans is one of the main reasons why people prefer saccos to other financial institutions like banks. Mombasa Port Sacco allows monthly payments of at least Ksh1,000 towards your savings.

The more you save, the higher your chances for better loans. The savings are refundable if you terminate your membership with the Sacco. Sixty-day written notice to the management will give them enough time to process your withdrawals.

f) Take Minimum Number of Shares

What is share capital? It is a one-time subscription that you pay to the Sacco to become a shareholder and contribute to how the Sacco runs its businesses.

Apart from being a constitutional requirement for every Sacco, it also earns your annual dividends at an interest rate. For Mombasa Sacco, the share capital amounts to a minimum of Ksh40,000 shares.

While share capital is a long-term investment with high returns, the amount is non-refundable. 

Bottom Line

Being among the oldest Saccos in Kenya, Mombasa Port Sacco has transformed the lives of many members since its formation in 1966. It has also gained recognition for good services within and across the Kenyan boards. Expansion and revolution are still in progress to touch the lives of more members.



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