Bingwa Sacco previously referred to as Kirinyaga Tea Growers Sacco Limited and was registered in 1984. It later started its operations with FOSA IN 1993. Membership has been increasing significantly, with the numbers currently standing at 190,000. They come from different sectors of the Kenyan economy since Bingwa Sacco has no limitation on membership.
Bingwa Sacco got licensed by Sacco Society Regulatory Authority (SASRA) in 2011 to start taking members’ deposits. It is among the first Saccos to be registered with SASRA. The management is done by a team of seven directors and three supervisory directors. The asset base has grown tremendously to above Ksh6.3 Billion.
How to Become a Member of Bingwa Sacco.
Apart from attending to the financial needs of members, Bingwa Sacco also provides non-financial assistance to its members. This has earned it a desirable reputation, with many individuals wanting to become members.
But how do you become a member? The process is less complicated but has the basic requirements of most Saccos in Kenya. The only condition is being a Kenyan citizen of 18 years old and above.
The membership process comprised of the following procedures:
a) Filling in a membership form
You can obtain Bingwa Sacco’s application form from their online platform. Alternatively, you can pick the form from the Sacco’s branches. It is a basic but essential document when it comes to acquiring membership of a Sacco. The form captures vital information like where you reside, your full name, email address, and phone number, among other crucial details.
b) Attach the Original ID card and a copy
Your national identification card is a crucial document, and Bingwa Sacco will need it for your membership verification. If you are acquiring membership from the diaspora, you will use your original passport in place of a national identification card.
c) Attach Passport photos
You will be provided with Bingwa Sacco’s identification card when you get membership of the Sacco. A passport-size photo will be required for producing the identification card. Passport size photos also help in your membership profile.
d) Contributing Monthly deposit
One significant benefit of joining a Sacco is saving to access affordable and flexible loans, which are impossible with other lending institutions like banks. To qualify for loans, you will commit Ksh2,000 as monthly savings. The more you save, the higher loan limits you will qualify for. In most Saccos, the loans are usually calculated three times your total savings.
Apart from your savings earning you qualification for loans, they also attract interest rates accumulating for your benefit. The savings are withdrawable when you want to exit the Sacco upon giving written notice to the management.
e) Submit Share Capital
Another key benefit of joining a Sacco is that you become a Sacco shareholder when you pay share capital, unlike other major financial institutions where you remain a customer even if you save millions of dollars. The share capital also earns you annual dividends at an interest rate set by the management. In Bingwa Sacco, the share capital amounts to Ksh.5,000.
The amount is payable once and is non-refundable when you end your membership, unlike monthly savings, where your money will be refunded. However, you can transfer your shares to another Sacco member or sell them off at a fee to a willing buyer.
From Kirinyaga Tea Growers Limited to Bingwa Savings and Credit Cooperative, the Sacco has gained significant transformation to capture national attention. Membership has increased because of the accommodative governing policies and development objectives. Value for members and appreciation of staff has also boosted its stability.
Categories: Bingwa Sacco