Hazina Sacco, founded in 1971, is one of Kenya’s leading Savings & Credit Co-operative Societies (SACCOs). It was registered under the Co-operative Societies Act (Cap 490) with the primary objective of promoting thrift and savings among members, thus creating a pool of funds that can be used to provide loans. Over the years, Hazina Sacco has played a significant role in financial inclusion for its members, offering various financial services through its Back Office Services Activity (BOSA) and Front Office Savings Activity (FOSA) platforms.
This article provides a detailed guide on Hazina Sacco’s membership eligibility and requirements, making it easier for individuals, groups, and organizations interested in joining the Sacco.
Hazina Sacco Membership Eligibility
Hazina Sacco has opened its doors to a wide range of individuals and groups from different sectors. You are eligible to join the Sacco if you fall into any of the following categories:
- Public service employees – This includes all employees working for the government or public service entities.
- Government ministries and parastatals – Employees working within government-affiliated organizations are welcome to join.
- Employees of Hazina Sacco – Hazina Sacco employees are automatically eligible for membership.
- National and county government employees – Those working at the national or county level are also eligible.
- Private organizations and parastatals employees – Individuals employed by private companies or parastatals can become members.
- Private individual members – Any private citizen interested in saving and accessing loans through the Sacco.
- Chamas and corporates – Groups (Chamas) and corporate entities are eligible to register as members of Hazina Sacco.
Hazina Sacco Membership Requirements
To ensure a smooth registration process, the Sacco has outlined clear requirements for different types of membership: individual membership and group membership.
(a) Individual Membership
For individuals, the following requirements must be met:
- Application form: Complete a membership application form, which can be downloaded from the Hazina Sacco website.
- Copy of National ID: Attach a valid copy of your Kenyan National Identity Card.
- Passport size photograph: A recent passport photo is needed for identification.
- Payslip: Required for members contributing via the check-off system (payroll deductions).
- Nominee form: Complete and submit a nominee form.
- Entrance fee: Pay an entrance fee of Ksh 1,000.
- Monthly contributions: Make a minimum monthly contribution of Ksh 1,000 or 5% of your basic salary, whichever is higher.
- Minimum share capital: You must take up a minimum share capital of Ksh 16,000 within the first 12 months of membership (as of December 31st, 2021).
- Annual contribution: Each member contributes Ksh 1,000 annually.
- Welfare fund: Contribute Ksh 200 per month to the welfare fund, which provides cover for the death of the principal member, spouse, two children, and biological parents annually.
(b) Group Membership
For groups like Chamas or registered organizations, the following steps must be fulfilled:
- Group registration: The group must be registered by the Registrar of Societies and possess a registration certificate with a current stamp issued by the Social Service.
- Kenyan citizenship: Each group member must be a Kenyan citizen aged 18 years or above.
- Application form: Submit a completed membership application form.
- Entrance fee: Pay an entrance fee of Ksh 3,000.
- Monthly savings: The group must save a minimum of Ksh 5,000 per month in deposits.
- Meeting minutes: Provide minutes that list all members with signatures authorizing the officials to join the Sacco.
- Group constitution: Submit a copy of the group’s constitution.
- Registration certificate: Attach a copy of the group’s registration certificate.
- Identification documents: Submit copies of the National IDs and passport photographs of all group officials.
- KRA PIN: Provide KRA PIN certificates for each group official.
- Home address: The home addresses of each group member must be provided.
- Signatories: The group account must have four signatories, including three group officials and one group member.
Benefits of Hazina Sacco Membership
By joining Hazina Sacco, members enjoy several financial and non-financial benefits:
- Access to affordable loans: Hazina Sacco offers various loan products such as development loans, emergency loans, school fees loans, and asset financing.
- Dividend payouts: Members receive annual dividends based on their share capital contributions.
- Flexible saving plans: Members have access to convenient saving options to help them achieve their financial goals.
- Welfare fund benefits: The welfare fund provides essential coverage for members and their immediate family in case of death, ensuring financial support during difficult times.
Hazina Sacco Contacts
For further information, potential members can contact Hazina Sacco through the following channels:
- Location: Kibera Road, Off Ngong Road, Behind Shell Petrol Station.
- Phone: 020 271 9098 / 020 272 2196 / 020 242 8634
- Website: Hazina Sacco Official Website
Hazina Sacco remains a trusted financial partner for its members by offering reliable savings and credit services. Whether you’re an individual looking for financial empowerment or a group aiming to build a collective saving plan, Hazina Sacco provides a supportive platform with flexible membership options. Meeting the eligibility and requirements is the first step towards financial stability and growth through this cooperative society.
