Formally known as Samburu Traders Sacco Limited, Supa Sacco was founded in 1987 by 12 businessmen who were butchers. The businessmen encountered financial challenges when they wanted to buy goats and cattle to slaughter. And they came up with the idea of supporting a merry-go-round of supporting each other to raise funds.
The Sacco was officially registered on 22 April 1988. It started with a common bond to admit business and women within Samburu County. Later, it relaxed its common bond to include potential business people and civil servants in membership.
The FOSA department was created in 2004 but was issued a license to operate on 29 May 2006. This was to facilitate affordable banking services.
To accommodate people from different parts of Kenya, the Sacco rebranded to Supa Sacco. It has since had significant growth in membership to 3651 by 30 November 2018 from the previous 65 membership.
How to Become a Member Of Supa Sacco
Joining Supa Sacco is simple. Apart from being at least 18 years of age, members should maintain saving accounts and own Sacco shares as a binding rule. Besides these common bonds that hold members together, you should follow the below procedures to acquire membership.
a) Filling in a membership application form and
The membership application form is downloadable from the Saccos website or can be picked from any of its branches. You can use whichever means more accessible for you. You will fill in some essential information as required by the Sacco.
b) Attaching a copy of the ID
Your national identification card is a crucial document when entering any deal or commitment like a Sacco. Hence you will attach a copy for your account’s verification.
c) Payment of an entrance fee
You will pay an entrance fee of Ksh500 to facilitate the processing of your membership application. The amount also acts as a commitment fee and is payable once, besides being non-refundable.
d) Filling in a next of kin/beneficiary form,
A next of kin or beneficiary is a person or entity you name or request to act on your behalf for the purpose of being paid the value of your deposit, dividend, interest, and payments from risk management or any approved ensuring program if you die
e) Familiarization with the Sacco by-laws
Sacco’s by-laws refer to the rules and regulations that govern Saccos’ membership, contribution, and share capital, among others. The general laws provided by SASRA and specific ones outlined by every individual Sacco. Familiarizing with them will give easy time fitting in the Sacco.
f) Contributing Minimum Share Capital
Share capital refers to a minimum equity capital contribution that each Sacco member must maintain.
Share capital is payable and is non-refundable when quitting the Sacco. But you can transfer your shares to another Sacco member or sell them off at a few to a willing buyer.
g) Minimum savings contribution
Savings are the monthly contribution you remit to the Sacco to accumulate so that you can secure a loan against them. Supa Sacco charges a minimum of Ksh1,300 for the savings. But you can exceed the amount to be able to access a good amount of cash when you apply for a loan. Your savings are withdrawable but only when you want to quit the Sacco.
Supa Sacco has come a long way. From the interiors of Samburu to the world is a great job that is only possible through commitment and good management. The sacco has significantly grown in assets and membership and has transformed the economic life of many members.
Categories: Supa Sacco