This article focuses on Asili Sacco membership eligibility and requirements. Established in 1972, Asili Sacco Society operates under the Co-operative Society Act Cap 490, with registration number CS 2077. The Sacco offers both BOSA (Back Office Service Activity) and FOSA (Front Office Service Activity) services, providing members with access to various financial products. It is also licensed and regulated by the Sacco Society Regulatory Authority (SASRA), which ensures compliance with Sacco regulations.
Asili Sacco has a growing membership of over 11,000 members and an asset base of Kshs 3.13 billion, making it one of the notable Saccos in Kenya. The Sacco has expanded its membership criteria to accommodate individuals and groups from diverse backgrounds, beyond its original focus on employees from the Ministry of Natural Resources.
Asili Sacco Membership Eligibility
Initially, Asili Sacco’s membership was exclusive to employees from the Ministry of Natural Resources. However, the Sacco has since opened its doors to all interested individuals, allowing a wide range of Kenyans to join and benefit from its services. Anyone, whether employed, self-employed, or part of a registered group, can now apply for membership, provided they meet the Sacco’s qualifications.
Asili Sacco Membership Requirements
(a) Individual Members
- Salaried Members:
- Share capital: Kshs 20,000.
- Minimum monthly contribution: Kshs 3,000.
- Entrance fee: Kshs 1,000 (non-refundable).
- Required documents:
- Copy of National ID or Passport.
- One recent passport-size photograph.
- KRA PIN (Kenya Revenue Authority Personal Identification Number).
- Business Members:
- Share capital: Kshs 20,000.
- Minimum monthly contribution: Kshs 3,000.
- Entrance fee: Kshs 1,000 (non-refundable).
- Required documents:
- Copy of National ID or Passport.
- One recent passport-size photograph.
- KRA PIN.
- Completed membership application form.
(b) Group Membership
For groups such as chamas (investment groups), the requirements include:
- Copy of the minutes with the resolution to open an account.
- Copy of the group’s registration certificate.
- Group constitution.
- Copies of the relevant KRA certificate.
- Copies of identity cards of the signatories.
- Passport size photos of the signatories.
- A list of group members’ details.
- Four authorized signatories, including three group officials and one additional group member.
- A minimum account opening balance of Kshs 5,000.
Asili Sacco Products
(a) BOSA Products
- Long-Term Loans:
- Okoa Loan.
- Ordinary Normal Loan.
- Special Normal Loan.
- Super Normal Loan.
- Maendeleo Loan.
- Jipange Asset Finance Loan.
- Instant Normal Loan.
- Short-Term Loans:
- Emergency Loan.
- School Fees Loan.
- Refinancing Loan.
- Jipange Loan.
(b) FOSA Products
Asili Sacco offers a range of FOSA products, including:
- FOSA Pride.
- Pride Reloaded.
- Salary Advance.
- Biashara Loan (Business Loan).
- FOSA Chama Loan.
- FOSA School Fees Loan.
- FOSA Angalau Loan.
- Uchumi Loan.
Benefits of Joining Asili Sacco
Members of Asili Sacco enjoy various benefits such as:
- Access to affordable loans and credit facilities.
- Competitive interest rates on savings and deposits.
- Dividend payments based on shares held in the Sacco.
- Membership in a regulated institution that ensures financial stability and growth.
Asili Sacco Contacts
For more information or inquiries, you can contact Asili Sacco at:
- Headquarters: Asili Co-op Centre, Ngara Road, Nairobi.
- Phone: 0722 472 823 / 0733 472 823.
Asili Sacco is a reliable financial institution that offers a wide range of services aimed at improving the economic well-being of its members. Whether you are an individual or a group, joining Asili Sacco opens up access to affordable financial solutions, tailored to meet your personal or business needs.
