Formerly referred to as Posta Sacco, Telepost Sacco began its operations in 1969 as a welfare organization primarily meant for its subordinate staff. The staff was pushed by the need to start to achieve their economic dream. So, they came together to gather resources through Merry-go-rounds to help one another.
Since it was started, Telepost Sacco has become among the leading organizations in the sector in terms of share capital and membership. It started with a total membership of below 100 people with Ksh20 as the minimum monthly contribution and registration fee of Ksh5.
There exists a minimum monthly contribution of Ksh2,000 for ordinary shares, Ksh300 for benevolent funds and Ksh500 for education shares.
The original focus was on the then East Africa Community Region. It underwent a reorganization in 1999 to assume its new name, Telepost Sacco.
The Sacco currently has a membership of about 4,500 drawn from the following organizations:
- Telkom Kenya
- Non-core bond members
- Postal Corporation of Kenya
- Employees of the Sacco
- Multimedia University College of Kenya
- Former members of the above organizations, their spouses and dependents.
How to Become a Member of Telepost Sacco
As usual, the requirements and procedures of joining any Sacco are straightforward. They are almost the same as every Sacco apart from some slight differences. One common primary condition is being a Kenyan of at least 18 years of age. The following applies when acquiring membership of Telepost Sacco:
a) Filling out the Membership Form
The membership registration form is available on the Saccos online platform, where you can download it, print it, and fill it out. Or you can fill it out on the platform and submit it. The form captures your essential information like your full name, gender, email address, physical address, and phone number, among other necessary information.
b) Submitting the Relevant Attachments
The relevant attachment here refers to a copy of your national identification card, the KRA pin certificate, and a passport-sized photo. All serve different purposes.
Apart from being a requirement by law, attaching a copy of the national identification card helps authenticate your membership. Whereby a national ID is not available, a valid passport can act as a substitute.
Attaching a copy of your KRA pin certificate will help fill tax obligations as required by the tax authority. The Sacco may be required to file some tax obligations on your behalf, thus the need to provide your tax pin.
Finally, the passport-size photos will aid in completing your membership profile. Every member has their Saccos membership profile. The photo also appears on your membership identification card.
c) Paying One-off Membership Fee
After attaching all the requirements, you will submit the registration fee of Ksh1,000. Apart from being a commitment amount, it helps in processing your membership application.
d) Making Monthly Contributions
A monthly contribution accumulates to enable you to acquire loans. The loans are the primary reason people join Saccos and are cheap and flexible.
In Telepost Sacco, it amounts to a total of Ksh2,300, with Ksh2,000 going to savings and Ksh300 meant for benevolent funds. Benevolent funds take care of funeral expenses in case a member or his loved one dies.
The more money you save, the more loans you qualify to get. It is also good to note that monthly contributions are refundable when you cease to be a member. You will give written notice and wait for a maximum of 60 days for your withdrawals to be processed.
e) Contributing Share Capital
Share capital is the minimum amount every member should maintain in Sacco as the law requires. For Telepost Sacco, share capital contribution totals to at least Ksh15,000.
Unlike monthly contributions, which are refundable when you quit the Sacco, share capital is non-refundable.
Telepost is among the pioneer Saccos in Kenya and has transformed the economic life of many members. It offers some favorable, affordable, and flexible services to its members with pest policies. The management and staff members are also friendly and keen on members’ needs.
Categories: Telepost Sacco