Jamii Sacco is one of the best-managed Saccos in Kenya. Professionalism, teamwork, integrity, innovation, and customer focus are some of the core values it is anchored on. Its staff and assets are housed in Mariakani, South B, Nairobi. The extra space at their facility (headquarters) is rented out for additional income to the Sacco.
The Sacco was formed and registered in 1972 as a savings and credit society by the Civil Servants of Social Services Department. It has since experienced significant growth in recording assets of Ksh50 million. The management is facilitated by the board of management, who implement the voice of shareholders.
How to become a member of Jamii Sacco
Jamii Sacco’s membership opens to individuals from any economic sector, including those in formal employment and the self-employed. Due to its professionalism and integrity, it continues to attract more members. The membership procedure and requirements include the following:
a) Fill Out a Membership Form
Filling a membership form is one of the major requirements when one wants to join any sacco. It helps capture essential information like your physical address, email address, full name, and phone number. You can obtain the form from any Jamii branches country-wide or download it from the members’ online portal.
b) Submit a Copy of your National ID and Passport-Size Photo
You will submit a copy of your valid national identification card for your account verification. You will also include a passport-size photo to help create your profile and produce your Saccos membership identification card.
c) Pay the Entrance fee.
To process your membership application, you will pay a non-refundable fee of Ksh1,000. It is also a commitment fund to the sacco. With the duly filled application form and all the necessary documents, you will physically submit them to the offices or send them as a parcel.
d) Submit the Share capital
Share capital refers to the amount of money you invest in a Sacco as a shareholder. It is a requirement by the law governing Saccos to set up a minimum share capital. It is payable once you become a member of a Sacco and is non-refundable when you exit. However, it gives you ownership rights and rights to contribute to the affairs of running the Sacco.
In Jamii Sacco, you will pay a minimum of Ksh10,000 as share capital, which is Kshs.20 each per 500 shares. The amount is used to protect you against any loss that Sacco may incur in the future. The amount cannot be withdrawn but is transferable in the event you cease being a member.
e) Monthly contribution
Most Saccos, including Jamii, were formed to help members save and get affordable and flexible loans. The loans help in financing development and improving the economic lives of the members. In Jamii, the Saving amounts to Ksh2,300. The amount is payable monthly. The more you save, the more loans you are likely to qualify for. In most cases, it is three times your total savings.
Unlike the non-refundable share capital, the savings are withdrawable when you cease to be a member. You will give a written notice of 60 days to provide the management with time to process your cash.
f) The Benevolent Fund
Apart from taking care of financial growth, the Sacco also supports their members if they lose their loved ones. Hence, every member should contribute at least Ksh300 every month to cater to funeral needs if a member or their kin passes away.
Why Join Jamii Sacco?
Apart from attractive dividends on your share capital and the beautiful interests on your deposits, securing loans from Jamii Sacco is less complicated as it needs a few guarantors. Different saving accounts are adjustable to meet your needs, such as children’s, holidays, and retirement accounts.
Categories: Jamii Sacco