Chuna Sacco, a SASRA-registered Sacco, has established itself as a key player in Kenya’s cooperative sector since its inception in 1976. With a mission to mobilize savings and provide affordable financial services, Chuna Sacco promotes the socio-economic welfare of its members through prudent management and product diversification. With an asset base of over Ksh 2.01 billion, the Sacco has embraced technological advancements, offering fully automated services to its members.
In this article, we explore the membership eligibility and requirements for those interested in joining Chuna Sacco, as well as the financial products available.
Chuna Sacco Membership Eligibility
Chuna Sacco has an open bond membership structure, which means individuals from specific categories are eligible to join. The following qualifications must be met for one to become a member:
- University of Nairobi Employees and Ex-Employees: Chuna Sacco was originally established for employees of the University of Nairobi. This category includes both current and former employees of the institution, allowing them to continue benefiting from the Sacco’s services even after leaving employment.
- Age Requirement: Prospective members must be at least 18 years old.
- Good Character: All members are expected to uphold good moral character, which aligns with the Sacco’s core values and commitment to promoting trust among its membership.
- Residency or Land Occupation: Members must either reside or occupy land within the society’s operational area, ensuring they are actively engaged within the community.
- No Membership in Other Saccos: To maintain commitment and exclusivity, individuals who are members of another Sacco are not eligible for membership in Chuna Sacco. This ensures members are fully dedicated to the Sacco’s growth and development.
Chuna Sacco Membership Requirements
To become a member of Chuna Sacco, applicants must fulfill the following requirements:
- Completion of Membership Application Form: All prospective members must fill out an official “Application for Membership” form, which can be obtained from the Sacco’s offices or website.
- Approval by Management Committee: The application is reviewed by the Sacco’s management committee. Membership is granted upon acceptance by a majority vote of the committee members.
- Payment of Entrance Fee: Once approved, the applicant is required to pay a one-time entrance fee of Ksh 500. This fee serves as an administrative charge for processing the application.
- Passbook Acquisition: New members must acquire a passbook, which serves as a record of their transactions and membership details within the Sacco.
- Minimum Share Contribution: To remain an active member, one must contribute a minimum of Ksh 2,000 per month in share capital. This contribution goes towards building up the Sacco’s capital base, which in turn funds loans and other financial services offered to members.
- Continuous Contribution: Members must maintain their share contributions for at least six months to qualify for the full rights and privileges of membership, including access to loans and savings products.
- Nominee Appointment: Each member is required to nominate a beneficiary in writing. In the event of the member’s death, the nominee will inherit the member’s shares, deposits, or any other interest held in the Sacco. This nomination must be signed by the member in the presence of two witnesses, ensuring a legally binding transfer of assets.
Chuna Sacco Products & Services
Chuna Sacco offers a range of financial products aimed at meeting the diverse needs of its members. These products are grouped into two categories: Back Office Service Activity (BOSA) and Front Office Service Activity (FOSA).
BOSA Products
- Normal Loans: These loans are designed for general purposes, such as personal or business development, allowing members to access significant amounts based on their savings and share capital.
- School Fees Loans: Tailored to help members meet education-related expenses, ensuring their children’s academic needs are met without financial strain.
- Emergency Loans: This product offers immediate financial assistance to members facing urgent and unexpected situations such as medical emergencies or natural disasters.
- Development Loans: For members looking to undertake larger projects, such as building homes or purchasing property, development loans provide long-term financing solutions.
FOSA Products
- Savings Accounts: Flexible accounts where members can deposit and withdraw funds based on their financial needs.
- Fixed Deposit Accounts: These accounts offer attractive interest rates for members looking to lock in their funds for a specified period.
- Salary Processing: Chuna Sacco offers salary processing services, making it easier for employers to manage payroll and for members to receive their salaries through their Sacco accounts.
- Salary Advance: Members can access a portion of their salary in advance, providing a financial cushion when needed before payday.
Chuna Sacco Contacts
Chuna Sacco’s head office is located at the University of Nairobi, Main Campus – Engineering Section, on Harry Thuku Road. For inquiries and further information on membership or services, members and prospective members can reach the Sacco through the following contact details:
- Phone Numbers: 0705 951 672 / 0794 875 028.
Chuna Sacco remains dedicated to empowering its members through innovative financial solutions, robust savings plans, and a strong focus on automation and customer service. If you’re eligible for membership, consider joining Chuna Sacco to enjoy the benefits of an established financial partner with a commitment to socio-economic development.
