This article centers on the eligibility criteria and requirements for becoming a member of Kitui Teachers Sacco. Founded in 1976 by 11 members with the primary objective of providing a platform for saving and borrowing funds, Kitui Teachers Sacco has grown into a prominent financial institution serving its members’ diverse needs.
Over the years, Sacco has undergone transformations in its membership policies. Initially exclusive to teachers under government employment, Kitui Teachers Sacco expanded its common bond in 2008, welcoming employees from various government ministries and organizations.
Today, the Sacco boasts an impressive membership base of over 20,000 active members and an asset base of 7.68 billion.
Kitui Teachers Sacco Membership Eligibility
Membership at Kitui Teachers Sacco is open to all individuals meeting the following criteria:
Age: Prospective members must be at least 18 years old to be eligible for membership.
Employment Status: The Sacco is open to teachers and employees of the Teachers Service Commission (TSC), civil servants, salaried employees, and members of the business community.
Spouse or Child of a Member: The spouse or child of any eligible individual is also eligible for membership provided they are 18 years of age or older.
Kitui Teachers Sacco Membership Requirements
To become an individual member of Kitui Teachers Sacco, interested individuals must:
Meet the Age and Income Criteria: Prospective members must be at least 18 years old and have a steady income.
Complete Membership Application: Applicants need to fill out the membership application form, which can be obtained from Sacco’s official website.
Provide Identification Documents: Attach a copy of a valid Kenyan National ID or passport and a colored passport-size photograph.
Pay the Entrance Fee: An entrance fee of Kshs 1,000 is required upon application.
FOSA Account Opening: Individual members must open a FOSA (Front Office Service Activity) account with Sacco.
Minimum Share Capital: Members must contribute a minimum share capital of Kshs 10,000 to establish their ownership stake in the cooperative.
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