This article focuses on Chuna Sacco membership eligibility and requirements. Chuna Sacco is an open bond SASRA-registered Sacco that commenced operations in 1976.
The Sacco strives to mobilise savings, provide affordable financial services aimed at promoting socio-economic welfare of members through prudent management and diversification of products and services while recognising the interest of stakeholders.
Chuna Sacco has grown to be a leading financial partner with vast membership and various tailored products such as loan products, savings products and other services both in BOSA and FOSA.
With advanced technology, Chuna Sacco has emerged as one of the best Saccos embracing full automation. It has an asset base of 2.01 billion.
Chuna Sacco Membership Eligibility
A person of either sex shall be eligible for membership if he/she possesses all the following qualifications;
- Is within the field of membership consisting of the following common bond: Any employee or ex-employee of the University of Nairobi and Chuna Sacco.
- Is not less than 18 years of age.
- Is of good character.
- Is a resident or occupies land within the society’s area of operation.
- Is not a member of any other Sacco.
Chuna Sacco Membership Requirements
- Every applicant member shall complete an “Application for Membership Form”.
- An applicant shall be admitted to membership on being accepted by a majority vote of the management committee, but shall not qualify for the rights and privileges of membership until he/she has paid an entrance fee of Kshs 500, acquired a passbook and contributed shares continuously for a period of not less than 6 months.
- Minimum monthly share contribution is Kshs 2,000.
- Every member may nominate in writing one person to whom on his/her death, his/her shares, deposits or any other interest shall be transferred.
- Appointment of nominee by a member shall be in writing and signed by the member in the presence of two attesting witnesses.
Chuna Sacco Contacts
Location: Harry Thuku Road, University of Nairobi, Main Campus- Engineering Section.
Contacts: 0705 951 672/ 0794 875 028.
