This article focuses on Kitui Teachers Sacco membership eligibility and requirements. Kitui Teachers Sacco was founded in 1976 by 11 members with the overall objective of according to each other a place to save and borrow funds. Actual lending did not start until 1978.
Initially membership was restricted to teachers under the employment of the government but the society officially changed its by-laws. It opened a common bond in 2008 to absorb employees from other government ministries and organisations.
Today, the society has over 20,000 active members with an asset base of 8.82 billion.
Kitui Teachers Sacco Membership Eligibility
The Sacco’s membership is open to all. An individual is eligible for membership if he/she is in possession of the following;
- Over 18 years.
- Teachers and TSC employees.
- All civil servants and salaried employees.
- Business community.
- Spouse or child of any of the above must be 18 years of age and above.
Kitui Teachers Sacco Membership Requirements
- At least 18 years of age and have an income.
- Complete membership application form which can be downloaded from the Sacco’s website.
- Attach a copy of Kenyan National ID or valid passport.
- Coloured passport size photograph.
- Entrance fee of Kshs 1,000.
- FOSA account opening free.
- Minimum share capital of Kshs 10,000.
- Complete the group membership application form which can be downloaded from the Sacco’s website.
- Attach minutes of the group’s meeting resolving to join the Sacco.
- Attach copies of ID, passport and photos of authorised signatories.
- Attach copy of group’s registration certificate.
- You can have more than 2 loans running as long as long as there is ability to repay.
- Favourable interest rates on loans.
- High annual dividends and interest on deposits.
- The Sacco gives loans on a reducing balance.
- Loan clearance on behalf of members.
- Instant M-Kitui teachers sacco FOSA loans.
- Membership withdrawal is voluntary and one needs to inform the Sacco in writing of his/her intention to withdraw.
- It is done by providing a written and signed letter and filled withdrawal forms available at the Sacco’s office.
- The process takes 30 days after the letter has been acknowledged and only when the necessary requirements have been met.
- Members must have cleared all liabilities with the sacco.
Kitui Teachers Sacco Contacts
Head Office: Kitui Teachers Sacco Plaza, Along Kalundu Road, Kitui Town.
Contacts: 020 801 4596/ 0775 383 227.