Mhasibu Sacco is among the most reputable Savings and Credit Co-operative Societies in Kenya. It was registered under the C-operative Societies Act in 1986 by the Institute of Certified Public Accountants of Kenya (ICPAK). The registration was triggered by the need to provide savings and affordable loans to its members. Though it was purposely formed for ICPAK members, it has since opened membership to individuals from other professions.
Membership of the Sacco has grown tremendously from 37 members in 1986 to 20,000 by the end of 2021—in a span of 35 years. The name Mhasibu was derived from Swahili word, which means ‘accountant.’ The Sacco prides itself in being a Sacco of professionals with Ksh7.5 billion as asset capital. The success has been fueled by the vision to be a Sacco of excellence and among the best managed in the world.
Who Qualifies to be a Member of Mhasibu Sacco?
As you have heard, the Sacco was formed by ICPAK to serve its members only, but it has since broadened its scope to capture different categories of people. However, the following term applies to such categories to acquire membership:
- Individuals members of a well-regulated and recognized professional body
- Individuals who can provide evidence of belonging to a professional body
- An employee of an institution with its directors aligned to a given professional body.
- Special membership applies to couples and children of Sacco members. They can be registered and become members as well.
How to Become a Member of Mhasibu Sacco
Both the members of ICPAK or affiliated and extended members have to go through a registration procedure to attain full membership and enjoy privileges offered by the Sacco. Apart from the mandatory requirement of having to be a Kenyan citizen above 18 years old, the following are required.
a) Fill out the Application form.
The primary step of becoming a member of Mhasibu Sacco is completing its membership application form which you can obtain from its website. You can either visit its website and fill out the form on the platform and submit or download it, print it out, and fill it out. Then, submit the form to any of the FOSA branches. The form captures the basic but essential information needed for membership.
b) Registration Fee
To help process your application, you will submit an application fee of Ksh1,000 together with your application form. The amount is not refundable if the membership application is rejected. It is payable once and is non-refundable. It also shows your commitment to becoming a member of the Sacco.
c) Submitting the Monthly Contribution
The most crucial reason for belonging to a Sacco is the ability to access affordable and flexible loans to finance personal development goals. It can only be possible if you commit your monthly contribution to the Sacco. The higher the savings you have, the higher the loan limit. Mhasibu Sacco charges Ksh1,600 for the monthly contributions. The amount is withdrawable if you decide to quit the Sacco.
d) Submitting the Share Capital
The share capital is a non-refundable amount payable once to a Sacco. Apart from earning your annual dividends, the amount also gives you the full membership and rights of becoming a shareholder in the Sacco. You are able to participate in the Sacco with equal rights in decision making and democratic running of the Saccos affairs. In Mhasibu Sacco, the amount payable for share capital is Ksh10,000.
The performance of Mhasibu Sacco has been felt everywhere by its members due to its most substantial assets, competitive products, digital presence, strategic market positioning, and reliable employees. Many members have transformed their financial lives due to Sacco’s objective to offer its members compulsory and affordable savings and credit services.
Categories: Mhasibu Sacco