As members of cooperative societies, rural farmers in the Nyeri district came together in January 1974 to form Taifa Sacco Society Limited to offer banking services to members. The Sacco has since recorded significant growth with a primary membership of 9500 to over 97,000 in 1998. The Sacco later transformed and detached itself from the Nyeri District Cooperative union with the intent of boosting efficiency.
The banking section was rebranded to an agriculturally based sacco. It was then registered as Nyeri Farmers Cooperative Society Limited and started specializing in its service deliveries. The Customer base expanded to have a national outlook, and the Sacco obtained a new name registered on 30th May 2006 as Taifa Sacco.
Who Can Join Taifa Sacco?
Taifa Sacco membership is free to all individuals from any sector of the economy. The basic requirement that cuts across all Saccos is that you should be a Kenyan of 18 years and above. Hence, the following individuals and sectors are eligible.
- Business people—large, medium, or small businesses
- Salaried people
- Small and large-scale farmers
- Jua kali artisans
- Public and private institutions or companies
- Groups—chamas, self-help, youth groups, etc.
How To Become A Member Of Taifa Sacco
Due to its friendly and impressive services, Taifa sacco’s membership has continued to grow every year. The following procedures and documents are necessary when acquiring membership:
a) Fill out the membership form
Your first step into Taifa Sacco is by filling out an application form. The form is available on the Saccos online platform, or you can access the hard copy from any branch office. You will fill in information like your full official name, physical address, gender, email address, and phone number, among others. You can seek assistance from the Sacco official if you encounter any challenges filling out the form.
b) Original Copy of ID
For your account verification, you will attach a copy of your original national identification card to the duly filled. You can as well use your valid passport in place of your ID.
c) Membership Registration Fee
To process your membership application, you will pay a registration fee of Ksh1,100 together with the duly filled form and the attached documents. The amount also acts as a commitment fee. The membership fee is payable once and is non-refundable.
d) Monthly Savings
Submitting monthly savings is such a great deal when you join a sacco. Savings accumulate to allow you access to higher loans. Accessing loans is one of the primary reasons why people join a Sacco because they are cheaper and more flexible than the ones from banks. For Taifa Sacco, monthly savings amount to a minimum of Ksh500. You decide to pay more for higher loans.
The monthly savings act as collateral against loans besides earning monthly interests, which are calculatable annually. The savings are also refundable if you want to end your membership.
e) Minimum Share Capital
Unlike banks where you will remain a customer even if you save millions of dollars, Saccos allows you to become a member and shareholder by submitting a one-time share capital. While you will have equal rights to contribute to the affairs of the Sacco, you will also earn annual dividends at an interest rate.
Taifa Sacco charges Ksh10,000 for the share capital. Unlike the monthly savings, share capital is non-refundable. You can only transfer them to another Sacco member to sell them off at a fee to a willing buyer. Your nominee or next of kin is also eligible to replace your membership at the Sacco and inherit your shares.
Though Taifa Sacco had a primary objective to transform the financial lives of farmers, the expansion of the Sacco beyond Nyeri has helped many access affordable financial services for personal developments and loans e.g ussd loans, salary adavnce. Its vision to continue expanding will see many people getting economic revolution.
Categories: Taifa Sacco
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