Sometimes getting a reputable and reliable Sacco where you can save and access affordable loans for personal development may be a challenge. It is the reason why a section of the Meru Farmers’ Cooperative Union came together in 1972 to start Capital Sacco. The Sacco was serving members of both dairy and coffee societies which were affiliate members.
The Sacco later in 2005 split from the Meru Farmers’ Cooperative Union and became independent under the name, Meru Farmers Sacco. It again rebranded itself in 2012 to obtain the name, Capital Sacco. The aim was to open its membership to all sectors of the economy including institutions, entrepreneurs, employees, children, and youth from across the country. It finally achieved its aim of having a national outlook.
How to Become a Member of Capital Sacco
The basic requirements for one to qualify for Capital Sacco membership is one should be above 18 years of age, be of a good character, and of a sound mind. Besides having the ability to raise the required minimum capital, the Sacco also only allows memberships in the capacity of an institution or as an individual. The following requirements also apply;
a) Fill out the Membership form
The first step into Capital Sacco membership is filling out a membership form. The form captures your basic details like your full official name, your physical address, email address, phone number, and year of birth. The form is available online on the Saccos membership portal or you can obtain it from any of the branches countrywide.
b) Original ID and Copy of Passport size Photo
You will submit a copy of your original national identification card or passport copy for your account approval. A passport size photo will also be required for your membership profile and for producing a membership identification card. Attach them together with your membership form then submit them. The management will go through them and give you feedback.
c) Pay the Registration Fees
A non-refundable registration fee of Ksh2,000 is applicable when applying for Capital Sacco membership. The amount helps in processing the membership and it also shows your commitment to becoming a member. The amount you submit with the duly filled registration form.
d) Purchase the Share Capital
Share capital in Capital Sacco amounts to Ksh30,000. The amount besides earning an annual dividend offers you an opportunity to become a shareholder of the Sacco with equal rights to making decisions on how the Sacco is democratically managed. It is payable once and is non-refundable, you can transfer the share to another member in the event you want to quit the Sacco.
e) Opening Accounts
There are different accounts you can open with Capital Sacco, such as current accounts, vijana accounts, junior accounts, bidii accounts, group accounts, shared deposit accounts, and ordinary accounts. The accounts have different benefits entitled to them. The requirement for joining them is however the same or slightly different.
Most of them require a copy of your original ID, passport photograph, and letter of introduction or referee. Making deposits into the accounts is simple as it can be done using a mobile phone and the benefits are exceptional as different groups with specific needs are captured.
Though capital Sacco was formed to serve farmers from the Meru region, it has since expanded in all aspects including total assets, loans, and membership. It has helped many members step into financial freedom which has revolutionized their lives. It continues to expand to capture many members to help them save and access flexible loans as well providing educational information to them.
Categories: Capital Sacco