Though not formed so long ago, Biashara Sacco is one of the most reputable Saccos in Kenya. Being formed to serve the community in Ruiru Sub-county and its surrounding, the Sacco has grown significantly to have branches across the nation. The founders and first shareholders were Neo-Horizon Holding Ltd, owned by born-again Christians.
Having been registered on 20th May 2010, Biashara Sacco started its operations on 1st June 2010—just a month after the registration. With a focus on small and medium businesses, the Sacco was meant to empower people with business ideas to become more productive. It has been achievable by accumulating savings and accessing cheaper loans.
Apart from the membership being voluntary and autonomous, it is also simple and democratic in control and management. Besides the main concern for community, it provides its members with helpful information, training, and economic participation. It Has attracted attention of many who wants to become members.
How Do You Join Biashara Sacco?
Are you wondering how to join Biashara Sacco? Due to its outstanding services and contribution to members’ lives economically, the Sacco has attracted a number of potential members. Joining the Sacco is less complicated but requires the following.
a) Completion of Membership Form
The registration form is primary when it comes to Sacco membership. It captures all your essential details to help create your profile. You can walk into any of the branches near you and obtain the hard copy form if you need one. Still, you can log onto the Saccos portal, download the form, print it, fill it out, and send it back.
b) Payment of Membership
Biashara Sacco charges a small amount for registration, that is Ksh500 only. The amount helps the management process your registration and membership. It also demonstrates your commitment to becoming a member of the Sacco. The amount is payable once and is non-refundable.
c) Copy of Your Documents
Copy of your original national ID will be required for authentication of your membership and to capture essential information regarding you. Besides the ID, you will submit two passport-sized photos, and one will help complete your membership profile, while the other will help produce your membership identification card if you get a membership.
d) Contribution of Share Capital
Unlike banks where you can deposit tens of millions of shilling and remain to be a customer, in Saccos, it is different. When you pay share capital, you become a shareholder in the Sacco—you become a co-owner. You also qualify to get an annual dividend at an interest of your share capital, which helps you boost your development goals.
e) Commencing Monthly Savings
Monthly savings will make you qualify for loans. The more you save, the highest your chances of qualifying for more money. It is the main benefit why people get into Saccos so that they can finance their development goals. Usually, the amount you can get as a loan is three times your total savings. Many members have received loans and transformed their financial lives.
Once you are done with the registration process and submitting all the required documents, the management will take the time to go through your submissions and get back to you with the feedback. If you are successful, you will be issued a membership card. You will then continue with paying your monthly savings.
Suppose you are looking for a development-oriented Sacco, then Biashara Sacco will never disappoint you. Though it was purposely formed to serve a local community, its impact on financing upcoming businesses is exemplary. Also, the loans are affordable and convenient to pay back. You can follow the procedure above and start your journey to financial freedom.
Categories: Biashara Sacco