Kenya USA Diaspora Sacco was born from the desire of Kenyans staying in the diaspora to have ways in which they can invest their funds back home. They had been using banks, but the banks could not meet their desires; hence the need to have an alternative and better financial institution grew stronger. However, the banks did their best, but there were still limitations.
The idea of forming a Sacco popped up when Kenyans came together to find a financial institution with fewer restrictions and requirements, unlike most Kenyan banks with discouragingly high-interest rates and procedures.
Though people initially criticized the idea since some Saccos had existed before but died along the way, the idea materialized one year later.
Finally, the Sacco got registration in 2011 after going through many challenges and considering options that could not bring the intended solutions to the challenges the Kenyans in the diaspora were facing. It became the first Kenyan E-Sacco, with its head office in Nairobi.
Why Should You Join Kenya USA Diaspora Sacco?
Many factors may encourage you to join or not join a Sacco. It could be how it is managed, interest rates on loans and savings, or the quality of services offered. However, the following factors make Kenya USA Diaspora Sacco stand out.
- Besides having a platform to save your money, you will be able to accumulate your finances for your future needs.
- You will be earning good returns on your savings
- You will get affordable and accessible loans for your development projects.
- Without traveling to Kenya, you will be able to purchase legit and affordable properties.
- You will join the like-minded Kenyans with the vision to build wealth and grow together.
How to Become a Member of Kenya USA Diaspora Sacco
Becoming a member of Kenya USA Diaspora Sacco is easy! You can do everything online and submit it for review. You will fill out a membership form online and attach the necessary documents, or you can download the form, print it, fill it out and send it through an email.
The board committee will sit and analyze your application before approving it. A savings account will be opened for you, and you will be sent the membership account and payment information via email. You can then begin contributing to your Sacco account through one of the payment options available.
Requirements You Should Meet to Join the Sacco
However, they form part of the process of joining Kenya Diaspora USA Sacco, they are referred to as conditions, and it would be clearer if you understand them. They include the following:
1. Be a Kenyan over 18 years old and in gainful employment
Only after 18 years and above can you independently get into any deal as a Kenya, before which you are considered a minor. It is also a basic requirement that you must be at least 18 years old to be a member of any Sacco.
2. Have a valid Kenyan Passport or a Kenyan National ID
Holding a national ID as a Kenya proves that you are of age to join a sacco. It also validates your membership by revealing your identity and details, as the law requires.
3. Provide a colored passport-size photograph
Passport size photos are important for creating your membership profile upon joining the Sacco. It will also help in producing your Saccos membership card
4. Provide information for a designated next of Kin (nominee)
To avoid any unforeseen confusion and uncertainties concerning your savings and membership, even if you die, it will be important to fill out the nominee form. The form captures the details of the person you would want to be responsible for your shares or any member if you die.
5. Pay a one-time non-refundable membership fee
You will pay a one-off non-refundable membership fee of Ksh10,000. The amount is a commitment fee as it will also help process your membership.
6. Contribute a minimum of KES 10,000 to your sacco Main Savings Account.
There is no benefit to joining a Sacco if it does not save money to get affordable loans for personal development. Hence the need to contribute some monthly savings. The savings accumulate to allow acquiring loans.
The savings for Kenya USA Diaspora Sacco is at least a minimum of Ksh10,000, you can contribute more to qualify for better loans. The amount is refundable if you cease your Sacco membership upon giving written notice to the management.
7. Buy 20 shares worth KES 20,000 within six months.
Another beautiful part of joining a Sacco is that you become both a member and a co-owner by contributing a share capital. The amount is a non-refundable one-time payment. It also earns an annual dividend at an interest rate.
The good things and experiences concerning Kenya USA Diaspora Sacco are numerous and might not be discussed fully but condensed to fir word counts. Talk of the ideas behind the Saccos formation, professionalism in management, assistance members withdraw from its existence, and the list goes on and on. In short, it has been an answered prayer to many.
Categories: Kenya USA Diaspora Sacco