Acumen Sacco Membership Eligibility & Requirements

This article focuses on Acumen Sacco membership eligibility and requirements. Acumen Savings & Credit Co-operative Society was registered on 5th March 2008 as an organisation to cater for the financial needs of its members.

The Sacco was formed by landlords in Ongata Rongai, Ngong and Kiserian. The landlords had their properties under the management of Acumen Properties Ltd.

In 2012, the board decided to open the common bond. The current membership is diverse, drawing members from the public service, disciplined forces, farmers, salaried individuals from the public & private sector and business people.

The Sacco has grown both in membership and assets, currently standing at about 2,376 and Kshs 400 million respectively.

Any Kenyan individual or corporate entity registered under the Kenyan laws, doing legitimate business in Kenya or earning a living legitimately in Kenya is free to join the Sacco.

Acumen Sacco Products

(i). Loan Products

Development loan.
Emergency loan.
School fees loan.
Quick loan.
Sambaza loan.
J-sort loan.
Real estate loan.

(ii). Saving Products

Fixed deposit account.
Holiday account.
Savings account.
School fees saving.
Children account.

Acumen Sacco Membership Requirements

Fill a membership application form which is available on the Sacco’s website or office.
Attach a copy of National ID/ passport or military ID.
Pay a registration fee of Kshs 1,000 and share capital of Kshs 5,000. (The share capital can be built with time).
The application form is processed in the office and the new member gets an SMS alert informing him/her the member number.

Membership Withdrawal Process

A member gives a written notice of 60 days to the society, declaring his/her intention to withdraw from membership. Such a member must ensure payment of all outstanding loans if such exists.
The member must ensure that he/she is free of any guarantorship.