Yetu Sacco is a licensed deposit-taking Sacco under the Societies Act. The name “Yetu” is borrowed from Swahili, meaning “Ours”. This means the founders hold the Sacco dearly for the community transformation. The Sacco plays a crucial role in members’ economic and social development through the provision of competitive and friendly financial products.
Yetu Sacco was primarily formed to serve the people of South Imenti in Meru County. But later, it adopted the name Yetu to expand beyond the borders of Meru and admit members across Kenya. Its head office is currently established in Nkubu, Meru County, with plans to expand to other counties across the country.
The core founders were tea farmers. They came together in 1990 with a desire to pull resources together to help themselves. Official registration took place on 23rd March 1991.
Though the Sacco is young and has not expanded its branches to most counties, it has registered a remarkable growth since it started. Its books read assets worth Ksh3.7 Billion. Membership has grown to over 39,000 people, with share capital above Ksh134 million and loan portfolio above Ksh2.7 Billion.
How To Become A Member Of Yetu Sacco.
With the intention of expansion to other counties, Yetu Sacco is at the peak of accepting new members. The growth is significant, with many people acquiring membership. However, the main targets are:
- Horticulture farmers
- Tea and Coffee farmers
- Dairy farmers
- Business community
- Employees from both private and public sectors
- Corporate institutions and
- Microfinance groups
All the categories are eligible for membership to enjoy a wide range of affordable financial products. Also, the Sacco has opened its doors to diaspora membership. If you are from the diaspora, you will prove your residence in the diaspora and be able to make regular contributions.
Requirements for membership
The Saccos’ regulatory authority in Kenya has set up some minimum requirements for one to register as a member of a Sacco. The process is not a complicated one, though. The following documents and procedures apply;
a) Filled Membership Form
You will fill out a membership form to capture your essential details like your full name, where you reside, email address, and phone number. The form is available on the Saccos online or in its offices and branches. Filling in the form is simple, but if you encounter any challenges, you can ask for assistance from the staff members by calling their office.
b) Valid National ID
As an essential document for most official commitments, an original national identification card is also a requirement when opening a Sacco account. You will produce a copy and attach it to the duly filled application form.
c) Passport size Photo
A passport-size photo of yourself is also required when acquiring a Yetu Sacco membership. The image helps create your membership profile and produce a membership identification card when you get admitted.
d) Copy of KRA Pin Certificate
A copy of your KRA Pin certificate will be necessary for your tax details and obligations. It will help the management file and respond to your tax requirements as needed by the Saccos regulations.
e) Registration Fee
There is a payment of a registration fee for processing your membership. The amount is payable once and is non-refundable. It is also a commitment fund to the affairs and membership of the Sacco.
f) Monthly contributions and Share Capital
Though the exact amounts for the share capital and monthly contributions are not mentioned, they are needed for your membership to be complete.
The monthly contribution provides you with the opportunity to access loans which are determined by how much you have in savings. The more you can save, the higher your chances of qualifying for bigger loans. Your monthly contributions are withdrawable when you want to quit the Sacco.
On the other hand, the share capital is a one-time non-refundable amount payable upon attaining membership. It earns you annual dividends apart from winning your membership rights and becoming a shareholder in the sacco. Since share capital is non-refundable, you can transfer them to another Sacco member or sell them off at a fee.
Yetu Sacco is passionate about seeing its members excel economically to attain financial freedom. Extending to other counties will grant the Sacco a broader monetary base and opportunity to impact more lives as many people seek membership.
Categories: Yetu Sacco