Primarily serving East Africa Breweries Limited, Tembo Sacco was registered in 1972 whereby the Sacco was formed to facilitate savings and offer affordable financial products and services to its members.
Though the membership was primarily from East Africa Breweries Limited employees, it has since opened up its common bond to admit the general public from different economic sectors.
The core purpose of Tembo Sacco is to create wealth for its members by encouraging them to save to access low-interest credit facilities.
How to Become a Member of Tembo Sacco
a) Be 18 Years and Above
In Kenya, you are not allowed to independently engage in any legal business before attaining the age of 18 years and above, as you are considered a minor. That means you cannot own a national identification card, an essential requirement for joining a Sacco.
b) Have a Consistent Income
Almost all Saccos derive their finances from members’ contributions and savings. Therefore, every member must have a consistent income to meet the financial contributions demanded by a Sacco. Hence there is a need to prove to the Sacco that you have a stable and consistent income before becoming a member.
c) Complete Membership Application Form
A membership application form is the first step to acquiring a Sacco’s membership. The form captures basic information like your full name, gender, employment status, phone number, email address, and physical address, among other crucial details. You will find the form on the Saccos online platform.
d) Complete a Nominee Form
To avoid unforeseen confusion and challenges concerning your Sacco membership and savings, you will fill out a nominee or next of kin form. The form captures the details of the individual responsible for your membership and savings. He will take care of everything upon your death.
e) Attach a Copy of the National ID and Passport Size Photo
Besides proof of Kenyan citizenship, a national identity card is a basic requirement by law when joining any Sacco. Attaching a copy to your duly filled form will help in varying your account.
A passport-size photo will also be an essential requirement for your membership profile. And it will also help in producing your membership identification card as the Sacco requires.
f) Attach a Copy of the KRA Pin Certificate
Another vital document to attach to the membership form is a copy of your KRA Pin certificate. The pin is a vital necessity in filling your Saccos financial obligations.
g) Pay Registration Fee
After completing the membership form and attaching all the necessary documents, you will submit them together with Ksh1,000 as a registration fee. It goes to helping in your membership processing, apart from being a sign of a commitment to the Saccos membership.
h) Contribute Monthly Savings
You will be contributing a monthly payment of at least Ksh1,000 towards your savings account. The amount accumulates to offer you an opportunity to acquire loans for your development goals. The more you save, the better, as you qualify for more loans.
Your monthly contributions also earn monthly interest at an interest rate of 11%. However, your savings are not withdrawable unless you are ending your membership with the Sacco.
i) Pay Minimum Share Capital
Share capital is the minimum amount required by the law that a member should maintain in the Sacco. in Tembo Sacco, the amount is at least Ksh20,000. You can pay the amount once or be deducted from your monthly contributions until the total amount is settled. The share capital earns an annual dividend at an interest rate of 18 percent.
It is good to note that the amount is non-refundable even when you end your membership. You can, however, transfer the shares to another Sacco member to sell them off to a potential buyer.
Tembo Sacco has witnessed a steady growth in its membership and assets since its formation. It is one of the Saccos that will walk with you through your financial journey to see you attain financial prosperity.
Categories: Tembo Sacco