Tabasamu sacco was registered on 18th February 1977 to improve the economic life of members through saving and offering affordable loans. SASRA registers it as a deposit-taking Society. Hence it can operate FOSA accounts to avail a variety of products to its members to promote service delivery.
Membership of the Sacco comprises individuals and institutions from different sectors of the Kenyan economy like teachers, parastatals and government ministries, non-governmental Organizations, and the private sector. Currently, active membership is about 4,000, with most of them owning FOSA accounts.
The Sacco upholds good governance and practice. It honors and respects its members, stakeholders, government agencies, and other Saccos. The leadership is committed to realizing the Saccos mission of delivering efficient services and providing competitive and attractive products to its members.
The Sacco adheres to good governance and practice by respecting and honoring its members, other Saccos, stakeholders, and government agencies.
Some principles include open and voluntary membership, concern for the community, members’ economic participation, independence and autonomy, education, training, and information.
Who is eligible for Tumaini Sacco Membership?
- County government employees
- All teachers
- Parastatals and national government ministries
- Private sector
- Immediate family members of the existing members.
- Organized groups like women and youth groups
How to be a Member Of Tabasamu Sacco
Getting membership in Tumaini Sacco is straightforward. The application process is prescribed like any other Sacco in Kenya. The following processes and documents apply:
a) Filling out an Application Form
Navigate to the website, download the form, print it, or fill it out online. The form captures your basic information like email address, full name, physical address, and phone number, among other crucial details. You can always seek assistance if you find difficulty filling in the form.
b) Attaching National ID and Passport-size Photo
Attaching your national identification card and a passport-size photo to the duly filled application form is the next step to becoming a member of Tabasamu Sacco. The national identification card helps verify your account as required by the law. On the other hand, the passport-size photo is meant for the membership profile and the Saccos membership card.
c) Pay Entrance Fee
You will pay Ksh500 as a membership or entrance fee. The amount aids in processing your membership. The entrance fee is a one-off payment besides being non-refundable.
d) Make Minimum Monthly Deposit
A monthly deposit acts as collateral against your loan. The minimum you can contribute to Tabasamu Sacco is Ksh1,000. Having more money in savings translates to a higher amount of loans. You can therefore save more to access more money for personal development. You can also earn interest against your savings.
Your savings are withdrawable but only when you want to quit the Sacco.
e) Buy Shares
Shares refer to the minimum amount you contribute to a Sacco to maintain your membership. Tabasamu shares are available at different rates depending on classes, such as Ksh10,000, 6,000, or 1,000 for class A, B, and C respectively.
It is, however, good to note that share capital is not refundable or withdrawable when a member chooses to quit the Sacco.
Categories: Tabasamu Sacco