Trans-Counties Sacco was formed on 4th October 1993 under the name Kitale Tea Growers Savings and Credit Co-operative Society Limited to offer its members financial services e.g ussd loans, salary advance. It acquired formal registration under the Co-operative Society Act in 2013 and rebranded to Trans-Counties Sacco Society Limited. It has its head office in Kapsara Town, Trans-Nzoia County.
The Sacco was mainly founded by tea farmers from Bungoma, Trans-Nzoia, West Pokot, and Elgeyo Marakwet counties. It started with 150 members but has since grown to over 4,500 members. The members include entrepreneurs, youths, tea formers, horticultural formers, SMEs, salaried persons, self-help groups, institutions, and CBO.
How to Become A Member Of TransCounties Sacco
Apart from the essential requirement of being a Kenyan of 18 years old and above, becoming a member of Trans-Counties Sacco is open to any member willing to join. The process is less complicated, and the procedure comprises the general requirement you would need to enter any other Sacco. the following applies:
a) Fill out the Membership application form
The membership application form captures your basic information or biodata if you like. The data is simple but crucial in creating your membership profile. They include your official name, place of residence, gender, email address, official phone number etc. The form can be obtained online, or you walk to any of the Saccos branches to get a hard copy and fill it out.
b) Attach Passport Size Photo
When you become a member of the Sacco, you will be issued an identification card bearing your passport-size photo. Your membership profile on the Saccos membership platform will also hold your image. Attaching your passport-size photo to the duly filled application form will make your photo available for such requirements and use.
c) Attach a Copy of the National ID
Your national identification card is a fundamental document any Kenyan who has attained the age of 18 years should have. It helps in many transactions and in different official commitments like joining a Sacco. Your national ID assists in verifying your account.
d) Pay Membership Fee
Together with your filled form and attached documents, you will submit Ksh800 as a membership fee. The amount is used in processing your membership application, apart from being a sign of commitment to join the Sacco.
e) Deposit Share Capital
Share capital is the amount you pay when joining a Sacco to attain membership and become a shareholder. By paying share capital, you acquire the rights to contribute to the running of the Sacco besides earning annual dividends at an interest rate.
Trans-Counties Sacco charges Ksh7,000 for the share capital is non-refundable even when you terminate your membership. However, you can transfer your shares to another Sacco member or sell them off at a fee to a willing buyer. Still, you can transfer the shares to your next of kin or nominee.
f) Submit Monthly Contributions
Do you want to benefit from Trans-Counties Sacco loans? Right. You will be making a monthly contribution of Ksh500 upon becoming a member. The monthly savings accumulate to allow you to take a loan against the funds. The more your savings, the higher the amount you can borrow. Your savings are refundable when you end your membership.
g) Next of Kin Information and ID
Having a nominee or next of kin who can inherit or follow up with the Sacco about your membership and savings if you die is crucial as it takes care of any complications and confusions which may arise. Hence you will submit your next of kin or nominee’s information and identification card.
Joining Trans-Counties as a Chama or a Corporate is similar to an individual one. Though, it has additional documents to be attached, such as a memorandum and article of association, the director’s agreement to join a Sacco, copy of the certificate of incorporation, and documents of IDs and passport size photos of signatories.
Apart from filling the application form, there is also a payment of the registration fee amounting to Ksh800, and share capital of Ksh3000.
With a primary objective of offering its members affordable saving plans and convenient loans for their development, Trans-Counties Sacco has impacted the lives of many from the three primary counties of Bungoma, Trans Nzoia, Elgeyo Marakwet, and West Pocket.
Categories: Transcounties Sacco
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