Nation Sacco was formed on 15th September 1975 with a primary purpose of providing members with affordable opportunities to accumulate savings and deposits, in return, members receive fair credit facilities e.g ussd loans, salary advance with reasonable interest rates. Nation Sacco is one of the oldest saccos in Kenya. For the last decade, it has tremendously grown in membership and products and services.
Within the period, Nation Sacco introduced a banking service known as FOSA. FOSA allows members to access services efficiently and conveniently under one roof. The Sacco has also adopted technology in its service delivery process, such as mobile banking platforms, which have enabled members to access services any time of the day without interruptions.
Why Join Nation Sacco?
Before understanding how to join Nation Sacco, knowing why you should consider it and what it offers unique from others will be essential.
- Nation Sacco has a variety of affordable financial facilities
- Good return on share capital and deposits
- You become a Sacco member and shareholder—a sense of control and ownership.
- Excellent customer service and free financial services
- Well-managed funds and investments
- Professional leadership in various capacities
- Outstanding loans are paid in full using insurance in case you die
- Your accumulated interests and savings are refunded to your nominee or next of kin
- The Sacco is a vehicle to future financial freedom through saving
How to Join Nation Sacco
a) Filling the Membership Application Form
Your first step to National Sacco membership is filling out an application form available on the Saccos online platform or at any branch. The form captures your essential information like name, gender, email address, and physical address, among others.
b) Attach a Copy of the ID
Provide an attachment of your valid national ID card plus the duly filled member application form. It helps verify your membership as per the laws governing Saccos’ membership requirements.
c) Pay Entrance Fee
For processing your membership application, you will pay a non-refundable entrance fee of Ksh1,000. The amount should be sent together with the above mentioned attachments.
d) Filling in a Next of Kin/Beneficiary Form
The Sacco requires you to fill a next of kin form. The form captures the details of the person you would want to benefit from your savings or have the authority to follow up with your Sacco if you die. This helps reduce confusion and complications that might arise when a member dies.
e) Minimum Savings
Your savings determines the amount you can borrow in a Sacco. The much you have in savings will determine the amount you can access in the form of loans. It is worth considering saving as much as possible to access a good amount of loans which can help you easily finance your development agendas.
It is important to note that savings are refundable when you want to terminate your membership. You will give written notice to the management then the amount due to you will be processed.
f) Submit the Share Capital
As you join the Sacco, you become a co-owner of the Sacco by purchasing a certain number of shares as stipulated in the Saccos by-laws. The shares give you equal rights to contribute to the running of the Sacco besides earning you annual dividends and an interest rate depending on the Sacco’s performance. The amount is, however, non-refundable when you cease membership.
The minimum shareholder per member in Capital Sacco is 250, and the maximum is 1,000 shares. Each share costs Ksh100. You can transfer your share to another Sacco member or your next of kin when you end your membership.
Transfer of membership from another sacco is allowed considering that the other sacco authorizes a deposit transfer upon which the new member can enjoy all privileges of Nation sacco.
After getting the Saccos membership, you will be required to familiarize yourself with its by-laws. You will know how Sacco operates and its terms and conditions.
Nation Sacco is one of the Saccos with the efficient, flexible, and admirable services everyone would want to consider. Apart from loans being affordable and convenient for development, the Sacco commands a good reputation and values every member treating them with the dignity they deserve.
Categories: Nation Sacco
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