Connect with us

Hi, what are you looking for?

Finance

Ufanisi DT Sacco Membership Eligibility & Requirements

Ufanisi DT Sacco Society was established on 6th July 1973 as a savings and credit cooperative for employees of the Agricultural Finance Corporation (AFC). Over the years, the Sacco opened its membership to the public and is now licensed under SASRA as a deposit-taking Sacco since 22nd July 2013.


Membership Eligibility

Any person, regardless of gender, is eligible for membership if they meet the following qualifications:

  1. Employment/Occupation: Must belong to a profession or occupation within the scope of the cooperative society.
  2. Minimum Age: Must be at least 18 years old.
  3. Good Character: Must be of good character and sound mind.
  4. Exclusive Membership: Must not be a member of another Sacco with similar objectives in Kenya.
  5. Entrance Fee and Share Capital:
    • Pay the entrance fee as prescribed in the by-laws (Kshs 1,000).
    • Purchase a minimum share capital of Kshs 250.
    • Maintain a minimum deposit of Kshs 10,000.
  6. Board Approval: Membership is subject to approval by the Sacco board.
  7. Family Membership: Spouses, children (18+ years), and parents living in the same household as a member may also qualify under the same terms.

Membership Admission Process

  1. Application Submission:
    • Complete the membership application form.
    • The application will be reviewed and approved or rejected by the Sacco board.
    • Decisions will be communicated in writing.
  2. Issuance of Membership Number:
    • Once approved, the applicant receives a membership number for their personal file.
  3. Payment of Fees:
    • Pay the entrance fee (Kshs 1,000).
    • Deposit the minimum share capital (Kshs 250) and Kshs 10,000 in deposits.
  4. Membership Privileges:
    • Full rights and privileges of membership are granted after meeting the above payment requirements.
  5. Rejoining the Sacco:
    • Former members may rejoin by fulfilling the standard requirements.
  6. Appeals:
    • If membership is declined, the applicant may appeal the decision to the Annual General Meeting (AGM), supported by at least 10 members.
  7. Membership Identification:
    • Members may receive an ID card upon admission.
  8. Statements:
    • Members receive periodic statements of their transactions at least every 6 months.
  9. Family Membership:
    • Immediate family members (spouses, children, and parents) may join under the same terms.

Key Benefits

  • Access to affordable loans and financial products.
  • Opportunity to save and earn dividends.
  • Periodic account statements to monitor transactions.

Ufanisi Sacco Contacts

  • Location: Development House, 3rd Floor, Moi Avenue, Nairobi.
  • Phone: 020 224 6383 / 0712 690 660

You May Also Like

How To

Visa requirements for Kenyan passport holders differ based on the destination country. While some countries offer visa-free entry, others may provide a visa-on-arrival or...

Business

Installment tax is an estimated income tax that taxpayers pay periodically to the Kenya Revenue Authority (KRA) in anticipation of the final tax liability...

Travel

Tom Johnson stands out as an exceptional software engineer and the creative force behind a groundbreaking travel industry innovation. With extensive experience at some...

Uncategorized

The U.S. Department of State will open online registrations for the Fiscal Year 2026 Diversity Visa (DV) Lottery starting on Wednesday, October 2, 2024,...