Before Bandari Sacco opened its membership to the general public in 2005, it mainly served Kenya Port Authority, Kenya Maritime Authority, and Kenya Ferry Services employees. It acquired the name Bandari in 1985 when the mother organization changed to Kenya Ports Authority. Primarily it was known as Harbors workers Saving and Credit Cooperative Society Limited.
When it opened its boundaries to the public in 2005, it admitted members from diverse backgrounds ranging from investment groups, salaried individuals, non-salaried individuals, sole proprietorship businesses, large corporates, and many others, including people from the diaspora.
It also joined FOSA in 2005, which has since led to significant growth in membership, attracting investment groups, registered businesses, SMEs, youths, and many more groups and individuals. The professionalism in its management and reliable services have been the main attraction to potential members.
How to Become a Member of Bandari Sacco
There are no limitations to becoming a member of Bandari Sacco as long as you are 18 and older. Maybe getting into details of how to join the Sacco will be helpful. The following are needed;
a) Filling out an Application Form
Like joining any Sacco in Kenya, filling out an application form is the primary step to joining Bandari Sacco. The form captures your basic yet essential information, which will help create your membership profile. It captures your physical address, email address, phone number, and full official name. The form can be obtained from the Sacco’s platform.
You will attach a copy of your official national identification card or passport to the Filled form for verification and authentication of your identity. Also, a colored passport-sized photo will be required for your membership profile and the Saccos identification card upon admission.
b) Contributing Share capital.
In Bandari Sacco, you open a Share Capital account upon admission. It is a dividend earning account, and it is compulsory for every Sacco member. Besides dividends, it also earns you shareholders’ rights as you become a co-owner in the Sacco. The Share Capital amounts to Ksh10,500 with a guaranteed return of 20% annually upon approval by the annual delegates conference.
The amount is payable once and is non-refundable or withdrawable even when you decide to leave the Sacco. You can only transfer your share to another member of the Sacco in total or fraction. You can as well transfer to your nominee, next of kin, or sell to a willing buyer at the agreed value.
c) Opening Ordinary Savings Account
It is a deposit accumulating account where your collections and disbursements are reserved before transferring them to deposit and share accounts. The account is connected to your ATM, Mobile Banking, Internet Banking, and Paybill facilities. They facilitate International Money Transfers and RTGS linkage.
The account earns an interest of 0.4% against the monthly balance in the account calculated in the last month of that financial period. There are no ledger fees for the account, making it a pocket-friendly account.
d) Opening a Non-withdrawable Deposit Account
Upon joining Bandari Sacco, you will open a monthly deposit account done by any active members of the Sacco. The minimum deposit is Ksh1,500 monthly or Ksh50 per day. Unlike share capital which is non-withdrawable, you can withdraw the fixed deposit in cash when you want to quit the membership of the Sacco by giving 60 days written notice.
The best part of having a fixed deposit account is to qualify for loans, and it is the main reason many Saccos are formed and why people join the Saccos. The loans are not only affordable but also have flexible payment terms.
You can still join Bandari Sacco as a group/Chama. The requirements are not just slightly different from the individuals. Besides providing the group’s constitution and up-to-date registration certificate, the minutes of your last group meeting indicate where the decision to join Bandari Sacco was made.
Copies of the group officials’ national identification cards are also required, and the members should list their names, telephone numbers, identification numbers, and pen their signatures. Photos can be taken at the Sacco offices on account of opening day.
Junior Saving Accounts
On the junior’s account, they can use a copy of their parents’ or guardians’ original identification cards plus a copy of the child’s birth certificate. However, the first condition is that the parent or guardian must be holding an account with the Sacco.
Limited Company Account
There should be a KRA PIN, the certificate of incorporation, MOU and articles of the company, copies of the Directors’ IDs, KRA Pins, and passport photos for the limited companies account. Also, the resolution of the board to join the Sacco should be approved by the seal of the company.
Bandari Savings and Credit Cooperative has one of the best accounts for the development of its members. The loans are also favorable with the best interest, which gives members the ability to pay at their ability as they continue with development agendas.
Categories: Bandari Sacco