Elimu Sacco Society Ltd is a financial cooperative institution that aims to provide financial services and benefits to its members.
Saccos, or Savings and Credit Cooperative Organizations, have gained popularity worldwide due to their unique approach to finance.
Elimu Sacco, in particular, focuses on empowering its members by fostering a savings culture, providing credit facilities, and offering financial advice.
In this article, we will explore the eligibility criteria and requirements for becoming a member of Elimu Sacco Society Ltd.
Elimu Sacco Society Ltd Eligibility Criteria
- Employment or Affiliation: The primary eligibility criterion to become a member of Elimu Sacco is employment or affiliation with a specific institution or organization. Typically, these institutions include educational institutions (schools, colleges, universities), NGOs, government agencies, and other approved organizations. Only individuals employed or affiliated with these institutions are eligible to join Elimu Sacco.
- Family Members: In some Saccos, family members of existing members can also become eligible for membership. Elimu Sacco may have provisions for the immediate family members (spouse, children, parents, and siblings) of current members to join the Sacco. This policy promotes inclusivity and allows members to share the benefits of membership with their loved ones.
Elimu Sacco Society Ltd Requirements for Membership
- Membership Application Form: Prospective members must fill out a membership application form provided by Elimu Sacco. The form contains essential personal information such as name, contact details, employment or affiliation details, and other necessary data.
- Photocopies of Required Documents: Applicants are typically required to submit photocopies of identification documents like a national identity card, passport, or driving license. In some cases, proof of employment or affiliation with the designated institutions may also be necessary.
- Passport-size Photographs: Applicants are usually asked to submit recent passport-size photographs along with their membership application. These photographs are used for identification purposes and account documentation.
- Membership Fees and Share Capital: New members are often required to pay a one-time membership fee and purchase a share capital as part of the joining process. The share capital represents the member’s ownership stake in the Sacco and serves as a financial foundation for the Sacco’s operations.
- Continuous Savings: One of the fundamental principles of Saccos is promoting a savings culture among members. New members may be required to start saving a minimum amount regularly to maintain their active membership status. The amount to be saved and the frequency of contributions are determined by the Sacco’s policies.
Elimu Sacco Society Ltd offers its members a range of financial services, including savings, credit facilities, and financial advice.