This article focuses on Hazina Sacco membership eligibility and requirements. Hazina Sacco was registered in 1971 under the Co-operative Societies Act (Cap 490) of the laws of Kenya as a Savings & Credit Co-operative Society.
The Sacco is regulated by the Sacco Society Regulatory Authority (SASRA). Its main objective is to promote thrift and savings among members, thereby creating a source of loanable funds.
Hazina Sacco provides a variety of services through Back Office Services Activity (BOSA) and Front Office Savings Activity (FOSA).
Hazina Sacco Membership Eligibility
Any person can join the Sacco from all the segments of the market including;
- Public service employees.
- Other government ministries and parastatals.
- Employees of Hazina Sacco.
- National government and county employees.
- Employees of private organisations and parastatals.
- Private individual members.
- Chamas and corporates.
Hazina Sacco Membership Requirements
(a). Individual Membership
Individuals interested in joining the Sacco will be required to fill in a membership application form which can be downloaded from the Sacco’s website then forwarded to its office together with;
- A copy of National Identity Card (ID).
- A passport size photograph.
- Correct payslip for members contributing through check off system.
- Filled nominee form.
- Pay entrance fee of Kshs 1,000.
- Make minimum monthly contribution of Kshs 1,000 or 5% of the basic salary, whichever is higher.
- Take up the minimum share capital with the first 12 months of membership. The minimum share capital as at 31st December 2021 was Kshs 16,000.
- Subsequently, every member shall continue to contribute Kshs 1,000 annually.
- Contribute Kshs 200 monthly to the welfare fund. The fund covers death of the principal member, spouse, 2 children per year and biological parents.
(b). Group Membership
- Each group must be registered by the 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 Requirements
The group is required to fill the membership application form and attach the following;
- Entrance fee of Kshs 3,000. The group shall save a minimum of Kshs 5,000 per month in deposit.
- Minutes listing all members with members’ signatures authorising the officials to join the Sacco.
- Group constitution.
- Group registration certificate.
- Copies of National ID for group officials and the group members.
- Passport 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, 3 group officials and one group member.
Hazina Sacco Contacts
Location: Kibera Road, Off Ngong Road, Behind Shell Petrol Station.
Contacts: 020 271 9098/ 020 272 2196/ 020 242 8634.