Founded on July 6, 1973, Ufanisi DT Sacco Society began as a savings and credit cooperative society primarily for employees of the Agricultural Finance Corporation. Since then, it has expanded its membership to the general public, making it one of Kenya’s more accessible Saccos. Registered with the Sacco Societies Regulatory Authority (SASRA) on July 22, 2013, Ufanisi DT Sacco offers a range of financial services to its members, aimed at promoting savings and providing affordable loans.
This article explores the eligibility criteria and requirements for becoming a member of Ufanisi Sacco, along with the benefits members can expect.
Ufanisi Sacco Membership Eligibility
To become a member of Ufanisi DT Sacco, individuals must meet certain eligibility criteria. The Sacco welcomes people from various professional backgrounds, provided they align with its field of membership. The key qualifications for membership include:
- Employment or Association: Individuals must be employees of Ufanisi Sacco or any other organization approved by the Sacco’s board.
- Age: Prospective members must be at least 18 years old.
- Character: Applicants must be of good character and sound mind.
- Relevant Occupation: The applicant’s profession or occupation should fall within the categories for which Ufanisi Sacco operates.
- Entrance Fee & Share Capital: A person becomes eligible upon payment of the entrance fee and share capital as outlined in the Sacco’s by-laws.
- No Conflicting Membership: Individuals who are members of other Saccos with a similar purpose are not eligible for Ufanisi Sacco membership.
- Board Approval: Membership eligibility can also be determined by any other qualifications outlined in the Sacco’s by-laws.
Admission into Membership
Joining Ufanisi Sacco involves a thorough application process, and the board plays a critical role in determining membership. Below is an outline of the steps involved in becoming a member:
- Application Review: Once an individual submits a fully completed membership application form, the board reviews and either accepts or rejects the application. The applicant is notified in writing within a reasonable time, with the final decision subject to ratification at the next general meeting.
- Issuance of Membership Number: Upon acceptance, the board assigns a membership number, which is filed in the member’s personal record.
- Entrance Fee: New members are required to pay an entrance fee of Kshs 1,000, though this amount may be adjusted by the board as needed.
- Share and Deposit Requirements: To fully enjoy the rights and privileges of membership, a member must contribute a minimum of Kshs 250 in shares and at least Kshs 10,000 in deposits. These amounts may be adjusted by the general meeting from time to time.
- Rejoining Members: Previous members wishing to rejoin must fulfill the same requirements as new applicants.
- Refusal of Membership: The board reserves the right to decline membership to any applicant, providing reasons for the refusal. Applicants who are denied membership may appeal the decision at the Annual General Meeting (AGM), provided the appeal is supported by at least 10 existing members.
- Sacco By-Laws: New members must purchase a copy of the Sacco’s by-laws at its actual cost.
- Membership Identification Card: Upon admission, every member may be issued with an identification card for official purposes.
- Transaction Statements: The Sacco provides members with a periodic statement of account, detailing their transactions at least every six months. Payments for shares, deposits, and loan repayments are made through cash contributions or a check-off system.
- Family Membership: The spouse, children (over 18 years), and parents living in the same household as the member can also join Ufanisi Sacco under similar terms and conditions.
Ufanisi Sacco Contacts
For more information on how to join Ufanisi Sacco or inquiries about its products and services, individuals can visit their offices located at:
- Location: Development House, 3rd Floor, Moi Avenue, Nairobi
- Contacts: 020 224 6383 / 0712 690 660
Ufanisi Sacco offers a comprehensive range of financial services to help members grow their savings and access affordable credit. With its open membership policy and diverse product offerings, Ufanisi Sacco continues to be a vital part of Kenya’s cooperative movement.
