Boresha Sacco is among the top Societies in Kenya. It has significantly grown since its registration on 31st August 1976 by ten members. The members have since grown to 108, 196 as per its register, with a total asset of Ksh7.4 Billion. Loans with members are Ksh5.9 Billion while the members’ deposit stands at Ksh4.7 Billion.
Boresha Sacco was formed with the main aim of helping unbanked community members save and access affordable credit facilities. Its operations are countrywide, but the main base is Baringo County, in the former Rift Valley province. To access the offices, visit Teachers Plaza, Eldama Ravine.
Boresha Sacco was rebranded from its former name, Baringo Teachers Sacco Society Limited, in 2012. The aim was to accommodate all members from national and international geographical locations without feeling left out by the name. It has since expanded to five other counties.
Who can become a Member of Boresha Sacco?
Before getting into details about how you can gain membership of Boresha Sacco, it is worth understanding the membership categories. They include
These are members who, in formal employment, get a salary monthly such as
- Teachers Service Commission’s employees
- Civil Servants employed by Public Service Commission
- The staff of the County Government
- Non-Governmental Organizations
- Companies and Parastatals Staff
- Saccos and their Staff
- Employees of Pensionable Institutions
Includes members from informal employments and does not depend on monthly incomes such as:
- Individuals running their businesses
- Small and Macro Enterprises (SMEs)
- The General Public
- Individual and group Famers
- Individuals from Jua Kali Sector
- Women and Youth Groups
- Spouses to existing Sacco Members
- Children and Relatives of members
These refer to big institutions with an extensive financial base, such as
- Schools and Colleges
- Registered Business Enterprises etc.
- Investment Groups
- Community-Based Organizations
- Registered Companies
How to Become a Member
All the categories may have slightly different requirements for membership, but the common ones apply to all. The following are some of the necessities for joining the Sacco:
a) Fill out the Members Application Form
Though the format may differ, a membership application form is one of the crucial documents required when joining any Sacco. It captures your essential details like full name, where you reside, contact number, and email address, among other information. You can obtain the form from the Sacco’s branches or download it from an online portal.
b) Attach Copy of ID
Your national identification card is one of the essential documents that will be requested. You will produce a copy and attach it to the duly filled registration form. A valid passport can work if you are seeking membership from the diaspora.
c) Attach Passport Size Photo
For your membership profile and identification card of the Sacco, you will attach a copy of your ID and a passport-size photo of yourself to the registration form.
d) Pay the Membership Fee
There is a membership registration fee which is payable once and is non-refundable. It helps process your membership application and acts as a commitment fee.
e) Commit Monthly Savings
The exact amount for monthly savings is not clearly stated, but it is necessary to qualify for loans. In most cases, the amount of loan you can qualify for is subject to the total savings you have accumulated. Savings are refundable when you cease membership of the Sacco.
f) Share Capital
Paying a one-time refundable share capital not only gives you the right to be a shareholder, but you also enjoy monthly dividends. The amount is not withdrawable when quitting the Sacco, but you can transfer them to another member.
Boresha Sacco has had a tremendous transformation and growth. From Baringo county’s interior to the rest of Kenya and the world. Many of its members have benefited from their excellent financial services to transform financial lives.
Categories: Boresha Sacco