UN Sacco commenced operation in 1975 and was among the first seven Saccos to join SASRA. Since 1975, the Sacco has grown from 131 members to over 6,800 members by 2019. It has experienced tremendous growth with current assets reading Ksh12 Billion, with members’ deposits standing at 10.7 Billion, while the loan book indicates Ksh8.24 Billion.
The Sacco was formed purposely to offer banking services to employees of the United Nations working in Kenya and has since expanded worldwide, offering membership to all the UN Staff. The objective of the formation was and has remained to provide the United Nations Employees in Kenya with a forum to save and borrow as they consolidate part of their incomes and profits.
The membership comprises the World Bank and 14 United Nations Agencies. Non-UN Agencies include TSBF CIAT, UNFCU, UN Sacco, and Retirees.
How to Become a Member of UN Sacco
a) Fill Membership Application Form
The application form which captures your basic details. It can be obtained online from the Saccos portal. The form is the primary document needed when joining any Sacco. The needed details like your full official name, phone number, email address, and physical address are important for management to know.
b) Attach Copy of National ID or Passport
The Sacco would need a copy of your original national identification card to help in the verification of your member’s accounts. In case you are a non-Kenyan citizen, you can provide a copy of your original passport.
c) Passport size Photo
To the application form, you should attach your colored passport size photo for your profile set-up and for producing a copy of the Saccos membership identification card.
d) Employment letter or payslip
UN Sacco majorly deals with salaried members, and to prove that, you will provide the original latest payslip. It will also help make the necessary deduction, such as monthly contributions and serving your loans. The payslip can be obtained from your employer, or a letter can be used in case you can’t get one.
e) Special Membership for Kins.
Membership of the Sacco is also extended to the kins of any members of the Sacco. They may not have to go the long way of attaining membership but would be requested to provide a marriage certificate in place of a spouse and a birth certificate if they are a child.
f) Pay Membership Fee
The membership fee applies to every Sacco. What differs is the amount. In UN Sacco, the fee amounts to Ksh1,000. It helps in processing your membership and shows some sign of commitment to your membership.
g) Raise Share Capital
To become a full member of any Sacco, you will be requested to raise a share capital, which in UN Sacco amounts to Ksh50,000. The amount is crucial as far as Sacco membership is concerned. It gives ownership rights in the Sacco besides earning annual dividends. You become a shareholder and obtain equal rights in the Saccos management when you pay the amount.
You should note that the amount is paid once and is nonrefundable if you want to leave the Sacco, but you can transfer them to an existing member.
h) Make Monthly Deposits
Committing to paying a monthly contribution of Ksh2,300 is equally essential as it gives you the foundation of having access to loans. Mark you, obtaining loans is one of the major reasons people would want to join a Sacco because they will be able to finance their development goals.
i) Transfer from Another Sacco
One more special membership is when you decide to transfer your deposits from another Sacco to UN Sacco. When it happens, you will not be treated as a new member but as an existing member after capturing your credentials. You will be able to borrow and enjoy the privileges immediately after joining the Sacco.
United Nations Savings and Credit Cooperative Society provides one of the best alternatives for professionals who want to venture into development opportunities and seek where they can save and borrow at cheaper and more flexible terms. Though its membership is limited to the UN employees and some of the big and recognized international organizations, the Sacco is global and can benefit all members from any part of the world.
Categories: UN Sacco
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