Formally referred to as NASSEFU Savings and Credit Society, NSSF Sacco Limited was registered on 20th August 1990. The membership stood at 280 members at the time of its formation but has since grown to over 7,500 members. The increase in membership triggered the introduction of Front Office Service Activity (FOSA), which commenced operations in December 2000 to facilitate banking services to the Sacco members at a competitive rate.
With a vision to be the ultimate Sacco in offering reliable financial services and economic empowerment to its members, NSSF Sacco was licensed by SASRA (Sacco Societies Regulatory Authority) to operate its FOSA activities in 2010.
How To Become A Member Of NSSF Sacco
Becoming a member of NSSF Sacco is less complicated and is open to any individual 18 years old and above. The following procedures and requirements apply in acquiring membership.
a) Fill Up the Membership Form
Filling up a membership form is the first step to acquiring any Sacco membership. The form captures your essential information like your complete official name, physical address, email address, phone number, and gender, among other important information. NSSF Sacco’s membership form is downloadable from its website
b) Next of Kin Details and list of Nominees
On the membership form, you will include the details of your next of kin and a list of nominees. If you die, your next of kin will follow up with your membership and benefits due.
c) Passport size Photo and Copy of your ID
You will also attach a passport-size photo and a copy of your national identification card to the membership form. The identification card helps validate your membership, while the passport-size photo will appear on your membership profile and the Saccos identification card.
d) Membership Fee
When submitting your duly filled membership form with the attached documents, you will pay one-time non-refundable membership fees of Ksh1,000. The fee aids your membership processing. It also acts as a commitment fee.
e) Share Capital
Upon acquiring the membership, you will pay a one-time share capital to seal your membership. The amount gives you rights to become a shareholder in the Sacco besides earning you annual dividends at an interest rate. You obtain equal rights to contribute to the affairs and management of the Sacco.
In NSSF Sacco, different categories of members pay different amounts of share capital. They include Category A, which pays Ksh20,000, Category B pays Ksh10,000, while Category C pays Ksh5,000.
The amount is a one-time payment and is non-refundable when you want to end your membership. But you can transfer the shares to an existing Sacco member or sell them off at a fee to anybody who wants to join the Sacco. You can also transfer your shares to your next of kin.
f) Monthly Contribution
Your monthly contribution goes to savings to allow you to take loans from the Sacco. Loans assist you in financing your development projects, which is why people join Saccos. Sacco loans are more affordable than bank loans.
A monthly contribution of Kshs3,200 applies to NSSF sacco. The Ksh200 on top is not inclusive in the savings as it goes to loan guard insurance. The loans are usually given up to three times your savings for ordinary shares. You will secure at least six guarantors, your two latest pay slips, a copy of your ID, and a filled form for the loan processing.
Unlike the share capital, which is non-refundable, you can withdraw your savings when you cease to be a member by giving a written notice. It takes a maximum of up to 60 days for your withdrawal to be processed.
NSSF Sacco offers a variety of saving plans and loan options that are friendly and affordable to its members. Members access cheap and flexible loans to finance the development projects, improving their economic lives. The membership procedure is also simple and open to any individual.
Categories: NSSF Sacco