Airports Sacco is a leading financial cooperative society in Kenya, established on 25th March 1994 to enhance financial service delivery to its members. The Sacco officially registered on 11th November 1994, with an initial share capital of over Kshs 240,000. It became a member of the Kenya Union of Savings & Credit Co-operatives (KUSCCO) the same year, purchasing 100 shares worth Kshs 10,000.
Since then, Airports Sacco has grown, providing an array of financial services to its diverse membership. This article will explore the eligibility criteria, membership requirements, and the benefits that come with joining this Sacco.
Airports Sacco Membership Eligibility
Airports Sacco attracts members from a variety of sectors, primarily focusing on individuals and organizations operating within the country’s airports. The specific eligibility criteria include:
- Employees of Kenya Airports Authority (KAA): These form the core of the Sacco’s membership.
- Other individuals and organizations: Anyone working within and around the airports in Kenya, including various service providers, contractors, and businesses operating within the airport environment, are eligible for membership.
Airports Sacco Membership Requirements
To become a member of Airports Sacco, one must fulfill the following requirements:
- Entrance Fee: Applicants must pay a non-refundable entrance fee of Kshs 2,500.
- Minimum Share Requirement: A prospective member must purchase a minimum of 250 shares, with each share valued at Kshs 20. This means a minimum share investment of Kshs 5,000. This amount can be adjusted by the Sacco’s general meeting when necessary.
- Membership Registration: Once the entrance fee and share purchase are completed, the applicant’s name will be entered into the membership register, and they will be issued a unique membership number.
- By-laws Acceptance: The applicant must sign or make a thumb mark in the register of members, in the presence of two board members, indicating their acceptance of the Sacco’s by-laws.
- Board Approval: Admission is subject to approval by the Sacco’s management board, and later confirmation by the next general meeting.
- By-laws Copy Purchase: Members must also purchase a copy of the Sacco’s by-laws at its actual cost.
Rights of Members
Upon joining Airports Sacco, members are entitled to various rights, which include:
- Participating in General Meetings: Members can attend and actively participate in decision-making processes at general meetings. They are also entitled to vote during such meetings.
- Eligibility for Election: Members can be elected to the Sacco’s organs, such as the board of directors, subject to the Sacco’s by-laws.
- Access to Society Information: Members have the right to access information related to the society, such as internal regulations, annual accounts, minutes of general meetings, and other legitimate information.
Benefits of Membership
Joining Airports Sacco comes with a range of financial and personal benefits, including:
- Low-interest loans: Members can access loans at favorable interest rates, making it easier to meet personal or business financial needs.
- Dividends on Share Capital: Members earn annual dividends based on the performance of the Sacco and the amount of share capital they hold.
- Real Estate Investments through AHCS: The Sacco offers its members the opportunity to invest in real estate, enhancing their financial growth and stability.
- Building a Cash Reserve: Members can build their cash reserves through savings and share capital contributions.
- Fast Financing: The Sacco offers quick and efficient loan processing, ensuring that members get timely access to financial support.
Airports Sacco Contacts
To learn more or inquire about membership, you can contact Airports Sacco at:
- Location: Kenya Airports Authority Headquarters, KAA Fire Training School, Nairobi.
- Phone Contacts: 020 790 3119 / 0717 243 119 / 0715 843 888
Becoming a member of Airports Sacco presents a valuable opportunity for employees of Kenya Airports Authority and other airport-related entities to enjoy favorable financial services and grow their wealth.
