With the principal objective to provide its members with an opportunity to save and offer affordable and flexible credit facilities, Chuna Sacco was established in 1976. Currently, it offers both Back Office Service Activities (BOSA) and Front Office Service Activities (FOSA). It is also regulated and supervised by the Sacco Society Regulatory Authority (SASRA).
Chuna Sacco is believed to be owned by the Nairobi University, with the name “CHUNA” being an acronym for CHUO KIKUU CHA NAIROBI, which in English means the University of Nairobi. It was mainly formed to serve staff and employees of the Nairobi University but has since expanded its membership to the general public.
Who can Join Chuna Sacco?
Though anybody can become a member of Chuna Sacco, it has stipulated some of the basic requirements and qualifications you should attain to become a member. If you are seeking membership of the Sacco, you must:
- Be at least 18 years and above
- Be of a good character
- Not have a membership with another Sacco
- Be a member of good standing and have never had any Sacco issues in the past
- Be within the common bond with the Sacco.
Any organization, group, corporation, or association may become a member of Chuna Sacco if the majority of its employees or members are eligible to become a member under its by-laws and if the Board of Directors or designates approve the membership application.
How to Become a Member of Chuna Sacco
a) Fill out the Application Form
The application form captures some of your basic yet important information to help create your membership profile. Chuna Sacco has one of the most comprehensive membership forms capturing your name, email address, physical address, KRA pin, and employment details, among others. The form is available on the Saccos online platform, where you fill it out and submit it.
b) Pay Membership Fee
Membership fee of Ksh500 is applicable when joining Chuna Sacco. Besides helping process your membership, the amount acts as a commitment fee to the Sacco. It is payable once and is non-refundable.
c) Submit the Share Capital
You will pay share capital which gives you the right to become a shareholder in Chuna Sacco, apart from earning annual dividends. However, share capital is non-refundable when you quit the Sacco membership. You can either transfer it to another member or sell it to a willing buyer at a fee. Alternatively, you can transfer them to your nominee.
d) Commit Monthly Deposit
To access and enjoy affordable loans, you will commit a monthly contribution of Ksh2,500. The amount accumulates and allows you to borrow from the Sacco at cheaper and flexible terms. Loans help you facilitate your development plans and goals. You can also earn interest out of your deposits. You can contribute your savings in cash or allow a monthly deduction from your salary.
Unlike share capitals, where the funds are non-refundable, the monthly savings are withdrawable when you want to terminate your membership. You will give a 60-day written notice to the Sacco to process your withdrawals.
e) Provide a Nominee
Upon getting a membership, you might be requested to nominate a person in writing to whom, if you die, your deposits, shares, or any interest on your name will be transferred. You shall appoint your nominee in writing and sign it in the presence of two Sacco members. The name will then be entered in the records or the registrar of members, then sealed in an envelope and kept safely by the society.
Though Chuna Sacco is still under growth, members boast professionalism on how it is managed. Members save and receive affordable, flexible loans with lower interest rates to finance their development goals, transforming their economic lives.
Categories: Chuna Sacco