Suluhu Sacco obtained Registration Number 7497 after securing a Registrar of Co-operative Societies registration as Mwingi Mwalimu Sacco.
To target and appeal to a wider market in different economic sectors away from the initial bond of teachers, Mwingi Mwalimu Sacco was changed to Suluhu Sacco in 2018.
The core membership primarily consisted of secondary and primary teachers, TSC Secretariat, and affiliate organizations like KNUT and BBF staff.
Suluhu Sacco has since opened its common bond to people working in different economic sectors, including private schools, civil service, and business people.
The Sacco began small with primary members of 27 people before growing steadily to boast over 2300 active members. The members have so far contributed funds to build a magnificent building called Suluhu Sacco Plaza, where the Sacco carries out its operations, from the front office to the banking hall.
How to Become A member
Joining Suluhu Sacco is as simple as joining any other Sacco in Kenya. The basic requirement is being a Kenyan citizen of 18 years and above.
It is the age that one is considered an adult. Some other requirements and procedures and requirements remain the same across the board. Some of them include the following:
a) Submit a Fully Filled Membership Form
The first and basic step to becoming a member of any Sacco is filling out a membership registration form, and the same applies to Suluhu Sacco. Format and some requirements may differ, but the content remains the same such as submission of personal info like names, mobile number, email address among others.
b) Fill out the Next of Kin Nomination Form
Nomination or next of kin form captures the details of the person you want to take charge of your Sacco membership and save if you die. It is normally a good practice as it helps avoid confusion and unclarity that may arise when you are not there.
c) Attach a Copy of the National ID
Attaching a copy of your national identification card helps verify your account, apart from being a requirement by law. An identity card is a crucial document required when carrying out important transactions and commitments. And joining a Sacco is one.
d) Pay a One-off Registration Fee.
You will then seal your application by paying a one-off registration fee of Ksh520. The amount assists in processing your membership and is non-refundable. It also acts as a commitment fee.
e) Contribute Share Capital
To become a shareholder, you will pay a share capital of Ksh11,950. The amount grants you contribution towards the sacco’s management. While it is a requirement by the law to maintain a minimum share capital in a Sacco, it also earns you an annual dividend hence being a long-term investment.
However, share capital is non-refundable upon the death of a member or when you quit the Sacco membership. Instead, you can transfer the share to another member or sell it at a fee to a potential buyer.
f) Contribute Minimum Monthly Deposit
The beauty of joining a Sacco lies in the ability to save and access affordable financial products and services. You will therefore contribute a monthly saving of at least Ksh2,500. It is prudent to save more since the more you save, the higher the loan amount you can qualify for.
Savings are withdrawable but only when you want to cease being a member. You will give written notice to the management to process your amount.
g) Contribute Sinking Fund
Sinking fund refers to the amount you pay as insurance against your loans. By paying the amount, your guarantors will not be responsible for your loans, or your savings will not be touched in the event you die before clearing your loans. It is Ksh200 per month for Suluhu Sacco.
Suluhu Sacco has offered financial solutions to most members by offering affordable and friendly savings and borrowing terms.
Categories: Suluhu Sacco