To embody the key Christian principles and values, PEFA Nairobi Central Sacco Ltd was formed in 2006 under the cover of PEFA church with one of their Bishops as patron of the Sacco. The key objective of the Saccos formation was to provide members with a savings platform where they could access affordable loans. It has expanded its boundaries to offer investment and housing loans.
PEFA Sacco has grown significantly to a membership of over 7200 individuals and institutions. It has extended loans to individual Investment groups, Companies, Churches, and Self Help Groups. Some of the major branches are Kasarani and Mbita, which were launched in 2016 and 2019, respectively. The branches have grown rapidly to a membership of 1400 and above.
Some of the reasons why PEFA Sacco membership has rapidly grown include:
- Members receive low-interest loans.
- The head offices are strategically located within Nairobi’s CBD
- The Sacco is greatly interested in seeing its members grow financially to achieve their goals
- It is church-based, thus upholding integrity, transparency, and honesty.
- It is a registered financial institution that operates according to the Co-operative Acts of Kenya.
- It offers free education and advice on financial matters and investment to members.
How to Become a Member
As listed above, PEFA Sacco has some of the best offers and services you can look for in a Sacco. They have caused a tremendous rise in membership, with many still seeking to join. However, the question would be, how do you join the sacco? The following procedures and requirements apply:
a) Completing membership Application Form
Filling out a membership form is the starting point to joining a Sacco in Kenya. To PEFA Sacco, the form can be downloaded online or picked from any of its branches. You then fill in the Sacco with your details—your physical address, email address, full names, and office phone number, among others.
b) Attaching a Copy of the National ID and Two Passport Size Photos
An official national identification card is also a key document when you want to engage in any serious business in Kenya or transact with any government institution. You will submit a copy of the ID to validate your account.
Besides your national identification card, you will attach two-colored passport-sized photos to the duly filled form. The photos will help set up your membership profile and produce your Sacco membership identification card.
c) Pay a Membership Fee
To help process your membership application, you will submit a membership of Ksh1,000. The amount is payable once and is non-refundable. It also shows your commitment to getting membership of the Sacco.
d) Commit a Share Capital
To complete your membership, you will submit a share capital amounting to Ksh10,000. You can decide to pay the amount in full or in five installments of Ksh2,000 each. Apart from share capital being a requirement by the law, it gives you an ownership right in the Sacco. You can contribute equally to the democratic running of the affairs of the Sacco.
Though you will be earning annual dividends at an interest rate from the share capital, the amount is non-refundable when you want to leave the sacco. You can, however, transfer your shares to any Sacco member or sell them off at a fee to any willing buyer.
e) Contribute the Monthly Savings
The most important reason you want to join a sacco is to save and enjoy affordable loans. In PEFA Sacco, you will be remitting a monthly saving of Ksh1,500. The amount accumulates to allow you to get loans to finance your development goals. The more you save, the higher the amount of loan you can access.
PEFA Sacco being a church institution has attracted many people, both members of PEFA Church and the outsiders, because of how it is managed. It has always upheld integrity and transparency to boost the confidence and trust of members of the Sacco.
Categories: PEFA Sacco