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2NK Sacco Joining Requirements: Everything You Need to Know

  • BY waceke
  • March 11, 2025
2nk sacco lorry

Joining a Savings and Credit Cooperative Organization (Sacco) in Kenya offers numerous financial benefits, including access to affordable loans, attractive dividends, and a platform to cultivate a healthy saving culture. One such prominent institution is the 2NK Sacco, renowned for its reliable transport services and robust financial products. This article delves into the requirements for joining 2NK Sacco, the benefits of membership, and the steps to become part of this esteemed cooperative.

Understanding 2NK Sacco

Established in 1994 by matatu owners from Nyeri and Karatina, 2NK Sacco has grown exponentially over the years. Initially starting with 30 members, it now boasts over 800 registered members and an annual turnover exceeding KES 200 million. The Sacco operates various transport routes across Kenya and offers a range of financial services to its members.

Membership Categories

2NK Sacco offers two primary membership categories:

  1. Class A Membership: This category is tailored for matatu owners. Prospective members are required to own a new matatu, specifically the Toyota Hiace model, with the latest registration number or the immediate previous one. According to the Sacco’s by-laws, an individual can own up to seven vehicles under this membership.
  2. Class B Membership: Designed for individuals without matatus, this category caters to those interested in saving and accessing loan facilities. Members in this class can benefit from the Sacco’s financial products without owning a vehicle.

Benefits of Joining 2NK Sacco

Membership in 2NK Sacco comes with a plethora of advantages:

  • Access to Affordable Loans: Members can obtain loans at competitive interest rates, facilitating personal and business growth.
  • Attractive Dividends: The Sacco offers appealing dividend rates on shares, ensuring members receive a return on their investments.
  • Personalized Services: Members experience tailored services at all levels, enhancing customer satisfaction.
  • Cultivation of a Saving Culture: The Sacco provides saving products that encourage and nurture a healthy saving habit among members.
  • Additional Financial Services: Members have access to other services such as insurance and money transfers, broadening their financial options.
  • Financial Education: The Sacco offers financial literacy programs to help members make informed financial decisions.

Joining Requirements

The requirements for joining 2NK Sacco vary based on the membership category:

  • Class A Membership (Matatu Owners):
    • Ownership of a new matatu (Toyota Hiace) with the latest or immediate previous registration number.
    • Formal application submission to the Sacco.
    • Payment of the entrance fee upon approval.
  • Class B Membership (Individuals without Matatus):
    • Completed account opening form.
    • Copy of National ID (both sides).
    • Kenya Revenue Authority (KRA) PIN certificate.
    • One recent passport-sized photograph.
    • Specimen signature.
    • Registration fee of KES 500.

For companies and groups, additional documents such as the certificate of incorporation or registration are required.

Application Process

To become a member of 2NK Sacco, follow these steps:

  1. Obtain the Account Opening Form: This form is available at any 2NK Sacco branch or can be downloaded from their official website.
  2. Complete the Form: Fill in all the required details accurately.
  3. Attach Necessary Documents: Ensure all required documents, as per your membership category, are attached.
  4. Submit the Application: Submit the completed form along with the attachments to the nearest 2NK Sacco branch.
  5. Pay the Registration Fee: Make the necessary payment as stipulated for your membership category.
  6. Await Approval: The Sacco will process your application and notify you upon approval.

Financial Products and Services

Beyond the standard savings accounts, 2NK Sacco offers various financial products:

  • Individual Loans: Members with an active ordinary account for at least four months can access loans up to three times their FOSA share deposits, with a maximum limit of KES 200,000 repayable over 12 months.
  • Mobile Banking (2NKPESA): Members can conduct transactions via mobile phones, including balance inquiries, cash withdrawals, payments, deposits, loan applications, and funds transfers.
  • Insurance Services: Through its insurance agency, the Sacco provides members with various insurance products, ensuring comprehensive financial coverage.

Contact Information

For further inquiries or assistance, members and prospective members can contact 2NK Sacco through the following channels: