Formed and registered in 1972, Asili Sacco Society Limited was to serve members of the Ministry of Natural Resources. However, it has since expanded its boundaries to accommodate the general public from all sectors of the economy. The Sacco is also regulated by the SASRA and operates both FOSA and BOSA services.
With the vision to be the most preferred Sacco, offering solutions to shareholders, and the mission to mobilize members to save continuously and get affordable and competitive financial services, Asili Sacco has witnessed tremendous membership growth.
The membership has grown up to 11,000 members and above and by the end of 2017, the balance sheet of the Sacco read Ksh2 Billion in financial assets.
Apart from being among the pioneers that launched the Sacco Link Card, it has also embraced Electronic Fund Transfer (EFT) and is in the process of introducing to its members more innovative products. The Sacco also adheres to the Sacco governing laws of Kenya.
How Do You Join Asili Sacco?
Asili Sacco has continued to grow to attract people from different sectors of the Kenyan economy. The joining process is pretty simple and requires the normal procedures and documents, which are common to any other Sacco. They include the following;
a) Filling the Membership Form
Filling a membership form is a requirement by any Sacco to any individual who is seeking membership, and Asili Sacco is not an exception. The form captures the basic yet essential information such as where you reside, email address, phone number, and full name, among other crucial details. You can download the form from the Saccos online portal.
b) Attaching Copy of ID and Passport-Size photo
Either a copy of your original Kenyan identification card or passport will be needed to help validate your profile. To the form, you will also attach a passport-size photo for your identification card from the Sacco upon admission and your membership profile.
c) Payment of the Entrance Fees
To help in processing your membership, you will pay a non-refundable admission fee of Ksh1,000. It also shows your commitment to the Sacco and should be submitted together with the duly filled admission form.
d) Rejoining After Membership Withdrawal
There is a chance to rejoin the Sacco after you withdraw your membership. You will start the registration afresh by paying Ksh.1,0000 admission fees. You will have to go through the normal procedure of new member registration to regain your membership.
e) Committing the Monthly Contribution
The main benefit of joining a Sacco is saving and qualifying for flexible and affordable loans that are not available with other lending institutions like banks. To be eligible for Asili Sacco loans after three months of attaining membership, you will pay a monthly contribution of Ksh2,500.
The loan amount calculation differs from one Sacco to another, but it is usually three times your total savings in most Saccos. Your savings are withdrawable when you want to leave the Sacco by giving the management a written six-month notice.
f) Contributing the Share Capital
The Share Capital is the non-refundable one-time contribution you pay to Sacco, which grants the rights to be a shareholder in the SACCO. Apart from earning annual dividends, the amount gives you equal rights in the Sacco to contribute to the democratic running of the Sacco.
However, the amount cannot be withdrawn even when quitting the Sacco but can be transferred to another member, inherited by a nominee, or sold out to a willing buyer.
g) Joining After Retirement
Even as a retiree, you can still join Asili Sacco and enjoy the benefits that are entitled to the members. You can make the contributions through your pension after going through the registration procedure and attaining membership.
h) Monthly Burial Benevolent Fund (BBF)
There is a monthly contribution of Kshs500 After attaining membership, you need to commit to five hundred, known as Burial Benevolent Fund (BBF). It helps assist and organize the burial of your kin if you are bereaved. It enables you to get the financial support you may need during such tough times, apart from offering you social and emotional support.
Asili Sacco is one of the Saccos which has experienced significant growth and continues to expand its boundaries to new members. Apart from the flexible and affordable loans, the growth has also facilitated Sacco’s efficient services through technology.
Categories: Asili Sacco