Founded in 1977 as Busia Teso Teachers Sacco Society and rebranded to Faridi Sacco Society Limited in 2014, Faridi Sacco has grown into a formidable financial institution. With a membership base of over 60,000 and an asset portfolio exceeding Ksh 1.85 billion, Faridi Sacco has played a pivotal role in providing accessible credit and promoting a culture of savings among its members. This article outlines the key eligibility criteria and membership requirements for individuals and organizations looking to join the Sacco.
Faridi Sacco Membership Eligibility
Faridi Sacco has opened its doors to a diverse range of individuals and organizations across different sectors of the economy. The following groups are eligible for membership:
- Teachers Service Commission (TSC) Members: Teachers employed by the TSC are eligible to join and enjoy the various savings and credit products offered by the Sacco.
- Employees in Government Ministries: Civil servants in various ministries across the Kenyan government can also become members, leveraging the Sacco’s offerings to build their financial well-being.
- School Subordinate Staff: Support staff employed in educational institutions such as cleaners, security personnel, and administrative assistants are welcome to join the Sacco.
- Kenya National Union of Teachers (KNUT) Members: As a teachers’ union, KNUT’s membership is recognized by Faridi Sacco, enabling union members to access the Sacco’s benefits.
- Sacco Staff: Employees of Faridi Sacco itself are eligible to join as members, underscoring the institution’s commitment to involving all stakeholders in its mission.
- Corporate Entities: Various corporate organizations are allowed membership within Faridi Sacco’s common bond, provided they meet the relevant criteria.
- Business Entrepreneurs: Individuals engaged in small and medium enterprises (SMEs) or other business activities can take advantage of the Sacco’s financial products.
- General Public via Micro-Credit: The Sacco also extends its membership to the general public through microfinance services, focusing on individuals who may not traditionally qualify for mainstream banking products.
Faridi Sacco Membership Requirements
To become a member of Faridi Sacco, specific documents and processes are required, depending on whether the applicant is an individual (natural person) or an organization (artificial person). The following are the key membership requirements:
1. Natural Persons
For individuals looking to join the Sacco, the following documents need to be provided:
- A fully completed membership application form, which can be downloaded from the Sacco’s official website.
- A copy of the applicant’s National ID or passport.
- A copy of the applicant’s latest payslip, or an introduction letter from their employer.
- Kenya Revenue Authority (KRA) PIN certificate.
- A filled nominee card, indicating the beneficiary details in the event of the member’s death.
2. Artificial Persons
Organizations or companies seeking to become members must provide the following documentation:
- A completed membership application form.
- A copy of the company’s registration certificate.
- Copies of the IDs or passports of the company’s directors.
- The company’s KRA PIN certificate as well as the KRA PIN certificates for the directors.
- A copy of the Articles of Association and Memorandum of Association.
3. Persons in Informal Employment
For individuals working in the informal sector, Faridi Sacco has made provisions to accommodate their membership. They are required to submit a letter of introduction from the local chief or assistant chief as proof of their identity and source of income.
Faridi Sacco Products
Faridi Sacco offers a range of products categorized into two main sections: BOSA (Back Office Service Activity) and FOSA (Front Office Service Activity). These services cater to various financial needs, including savings and credit products.
BOSA Products
- Savings Products:
- Equity share capital.
- Member savings.
- Special activity shares.
- Credit Products:
- College loan.
- Safina loan.
- Jipange loan.
- Karibu loan.
- Normal loan.
- School fees loan.
- Development loan.
- Shares loan.
- Emergency loan.
FOSA Products
- Savings Products:
- Fixed deposit account.
- Children’s account.
- Special occasion account.
- Fees account.
- Credit Products:
- Salary advance.
- Express special loan.
- Express loan.
- Instant loan.
- Salary advance special loan.
- Instant special loan.
- Smart loan.
- Smart special loan.
- Supersolution loan.
- Hekima loan.
- Mavuno loan.
Faridi Sacco Branches and Contact Information
Faridi Sacco operates from multiple locations, providing accessible services to its members.
- Head Office:
- Location: Faridi Plaza, Busia Town, Off Kisumu-Uganda Road, Behind National Bank of Kenya.
- Contacts: 0702 275 343 / 055 232 2262.
- Malaba Branch:
- Location: Malaba Town, Off Malaba-Uganda Road, Next to ACK Church & Opposite New Life Hotel.
Through its robust product offerings and flexible membership eligibility, Faridi Sacco continues to empower individuals and businesses with the financial tools they need to thrive. For more details on membership and products, visit the Sacco’s official website or reach out to one of their branches.
