Chamas/ Groups and Corporate Membership
These are groups / Chamas and Companies registered under Social Services and companies Act respectively. Chamas /Groups and corporate shall be classified under class – C membership.
Eligibility for Group Membership.
Each group must be registered by Registrar of Societies. The registration certificate must have a current stamp stamped within the year by Social Service. Each group member must be a Kenyan citizen aged 18 years and above.
Group Membership Joining Requirements
The group is required to fill the membership application form and attach the following:
- Minutes listing all members with members’ signatures authorizing the officials to join the Sacco.
- Group constitution.
- Group registration certificate
- Copies of National I.D. for group officials and the group members.
- Pass port photograph for group officials.
- KRA PIN for each group official.
- Home Address for each group member.
- Each group must have 4 signatories to the account who are 3 group officials and one group member.
Pay entrance fee of Ksh. 3000.00 The group shall save a minimum of Ksh. 5000.00 per month in deposits.
- Advanced at 4 times Chama’s deposits
- Interest rate of 1% per month on reducing balance
- Maximum repayment period of 24 months.
- Maximum of Ksh. 30,000,000 and Ksh. 40,000,000 for corporates
- Regular contributions for 4 months
- A fully filled application form
- Group minutes authorizing for loan application
- The purpose of the loan must be within the Group’s constitution.
- Form committing the officials.
- Group members may guarantee the loan in full using individual member’s deposits.
- The loan can be secured by other approved collateral or a combination of both