Southern Star Savings and Credit Society originated from the Union Banking of Meru South Farmers Cooperative Union Limited. Its sole purpose was to facilitate members to come together to save to access affordable loans for economic development whereby its registration as a sacco was effected on 6th June 1994.
Southern Star Sacco later opened its common bond to accommodate other Kenyans from different sectors of the economy ultimately being licensed as a deposit-taking sacco in 2010 upon which it rebranded to Southern Star on 7th January 2014.
How To Become A Member Of Southern Star Sacco
The Sacco is experiencing significant growth with eight branches across three counties, including Nairobi, Meru, and Tharaka Nithi, among others. Joining the Sacco is not a complicated process as it applies the usual procedures of joining any other Sacco in Kenya.
Apart from being a Kenyan of 18 years or above, the following process applies in acquiring membership:
a) Fill out the Membership Form
You will download and print Southern Star Sacco from their online platform. Filling the form is the first step to acquiring membership.
It will capture your basic but essential details like your name, physical address, email address, phone number, and gender, among others. Filling out the form is simple, but you can ask for assistance if you encounter a challenge.
b) Attach a Copy of your National ID or Passport
Attaching your national identification will aid in authenticating your membership account. Besides being a requirement by the law, it proves your membership qualification. You also use your original Kenyan passport in place of the national identification card.
c) Attach Passport-size Photo—will be taken at the office
Passport size will be used on your membership profile as the Sacco requires when you get admitted. It will also be needed to produce your Saccos membership card, which you are given upon joining the Sacco.
d) Pay Registration Fee 300
To process your membership, you will pay a registration fee of Ksh300 or as the management will advise you. You will submit the registration fee, the duly filled application form, and the attached documents.
e) Start Building Your Share Capital 5000
Southern Star Sacco charges share capital of at least Kshs5,000. Apart from being a requirement by law for a member to maintain a minimum share capital in a sacco, the amount also earns an annual dividend at an interest rate. You earn rights to contribute to the affairs of Sacco as a shareholder as well.
It is good to note that the amount is a one-time payment and is non-refundable even when you quit the Saccos membership. There is a chance, however, of transferring your shares to another Sacco member or selling it off at a fee to a potential buyer.
f) Contribute Monthly Saving
Monthly savings is where the fruits of joining a Sacco lie. When you save, you qualify for loans. The amount of loan you will get is determined by the amount of money you have in saving.
It means that the more you save, the higher your chances of qualifying for better loans. You can also earn interest rates against your savings.
However, unlike share capital, where you cannot get your money back, you can withdraw your savings when you end your membership. You will write a withdrawal notice to the management, who will process the amount.
Southern Star Sacco has transformed the economic lives of members since its formation by facilitating its members to come together to save to access affordable loans for economic development. It also offers education forums to enlighten its members on development opportunities.
Categories: Southern Star Sacco