With a membership of 58 people, Stake Kenya Savings and Credit Co-operative Society Limited was registered on 14th July 1994. The membership has since grown to over 4548 members drawn from across the republic of Kenya with the aim of provision of affordable financial products and services as well as a savings platform.
The management of the Sacco is through the delegate system. Five delegates are drawn from nine electoral zones then one is elected to the Board of Directors. The sacco has two major branches, the Kehancha branch—the head office, and the Ntimaru branch. It also plans to open more branches as it expands across the country.
How to Become a Member of Stake Kenya Sacco
Some primary requirements to become a member of Stake Kenya Sacco are being a Kenyan citizen of 18 years and above and being of sound mind. The other procedures are also simple and are not much different from those required for joining any Sacco in Kenya. They include the following:
a) Fill out the membership application form
To capture the essential information needed by the Sacco for registration, like your full name, physical address, email address, gender, and phone number, among other details, you will fill in a membership application form from the website or nearest sacco branch.
b) Attach a Copy of the National Identification Card
Your national identification card is an essential document when joining any Sacco. It helps in approving and authenticating your membership account. A copy of original passport is also applicable in absence of an ID.
c) Attach Passport Size Photos
You will also attach two copies of colored passport-size photos. They will help create your Saccos membership profile and identification card as required by the Sacco when you become a member.
d) Pay an Entrance Fee
You will pay a registration fee amounting to Ksh500 after filling out the membership form and attaching the needed documents. Apart from facilitating your membership processing, the entrance fee also shows your commitment to acquiring the Saccos membership.
e) Purchase a Minimum Share Capital
You will pay a mandatory and one-time share capital of a minimum of Ksh10, 000. The share capital grants you a right to contribute to the running or management of the Sacco as a shareholder and also earn annual dividends at an interest rate. You become an equal partner in the Sacco.
Share capital is a one-time payment and is non-refundable even when you want to quit the Sacco. But you can transfer your shares to another Sacco member or sell them off at a fee to a willing buyer.
f) Contribute Monthly Deposit
A monthly deposit accumulates to give you an opportunity to access loans. For Stake Kenya Sacco, the minimum monthly contribution amounts to Ksh1,500. You should have continuously saved with Stake Kenya Sacco for at least six months to secure a loan. You can then access up to four times your savings in loan with a repayment period of up to 2 years.
Monthly savings are non-withdrawable unless you want to cease your membership. You will give written notice to the management, who will take a maximum of 60 days to process the withdrawals.
From a membership of 58 to 4548 people across the country, Stake Kenya Sacco has significantly grown. Many members have benefited by saving and accessing affordable financial products, which have transformed the economic life of many. Its extension to the rest of the country will see many members benefiting and improving their living standards.