Kwetu Sacco is one of the oldest Saccos in Kenya. With the aim of mobilizing savings and securing favorable loans for teachers, the Kwetu Sacco Society was formed and registered in 1967. Apart from being licensed by SASRA as a Deposit Taking Sacco (DTS), it also offers Front Office Service Activities (FOSA) and Back Office Services (BOSA)
The Sacco is managed by a Board of Directors and full-time Staff. It is largely driven by the objectives of satisfying members’ financial needs by assisting them to better their economic status and the portfolio and increasing the Saccos surplus. The Performance of Sacco has improved through analyzing its performance, customers, stakeholders, economic outlook, and operating environment.
How to become a Member of Kwetu Sacco
Do you want to join Kwetu Sacco but wondering how? Right, the process is almost similar to the normal procedures of joining any usual Sacco in Kenya. The following applies.
a) Provide Personal Information
Membership of Kwetu Sacco is normally done on their membership portal by providing your personal information. The form requires the provision of the full official name, the original ID number, your date of birth, gender, mobile number, physical address, and email address. The information is crucial as it helps in creating your membership.
b) Employment Details
Kwetu Sacco was predominantly for teachers hence the origin of the need for employer’s information. The main employer of the teachers has been the Teachers Service Commission. Before you join the Sacco, you are to state who your employer is, your workstation, and the email address of your employer.
To help in proving your income and ability to participate in the monthly contributions, you will be required to provide a payroll number. It also helps with the needed deductions.
Apart from those who are in formal employment, if you are in self-employment you are also covered. You will provide your business name, state the nature of the business, business address, and your source of income. The information will help in approving your validity and ability to pay the needed contributions.
d) Pay the Share Capital
The share capital gives the right to become a shareholder of the Sacco, apart from earning annual dividends. The amount is normally non-refundable and is payable once. You can however transfer your membership to another Sacco member when you want to quit being a member of the Sacco.
e) Payment of the Registration Fees
The registration is payable to help in processing your membership apart from showing your commitment to the Sacco. It is payable once and it is non-refundable. You will submit it together with the form. The amount differs depending on individual Saccos.
f) Monthly Contributions
To be able to access loans, you will be submitting a monthly contribution which accumulates to give you a chance to borrow money from the Sacco to finance your development projects. It is the main reason why most people join the Sacco—the loans are flexible and affordable compared to the ones from the banking institutions.
The more you borrow the more you can borrow. The amount is usually three times your savings but it also depends on the individual Sacco policies. Though, when you want to quit the Sacco you can apply for withdrawals which might take a maximum of 60 days to process.
Kwetu Sacco is one of the reputable Saccos in Kenya which have helped in transforming the economic lives of many. The loans are not only affordable but also come with flexible terms of payment. The Sacco has expanded its boundaries giving many people access to development opportunities and education on financial investments.
Categories: Kwetu Sacco