Ufanisi Sacco Membership Eligibility & Requirements

This article focuses on Ufanisi DT Sacco Societymembership eligibility and requirements. Ufanisi DT Sacco Society was registered on 6th July 1973 as a Savings & Credit Society for employees of Agricultural Finance Corporation.

The society has since opened its membership to the public. It was registered with SASRA on 22nd July 2013.

Ufanisi DT Sacco Society Membership Eligibility

A person of either sex shall be eligible for membership if he possesses the following qualifications;

  • Is within the field of membership consisting of employees of Ufanisi Sacco or any other acceptable organisation as may be admitted by the board from time to time.
  • Is not less than 18 years of age.
  • Is of good character and of sound mind.
  • His employment occupation and profession falls within the category or description of those for which the cooperative society operates.
  • Upon payment of entrance fee and share capital as prescribed in by-laws.
  • Is not a member of another sacco with similar purpose within the country.
  • Any other person who will be qualified and admitted according to the by-laws.

Admission into Membership

1. Upon receipt of a duly completed application form, the board shall consider the same and make a decision accepting or rejecting it. The said decision shall be communicated to the applicant in writing within a reasonable time, subject to ratification by the next general meeting.

2. The board shall upon accepting an application for membership issue a membership number which shall be filed in the member’s personal file.

3. An applicant shall be admitted to membership on payment of an entrance fee of Kshs 1,000 or such other fee as may be prescribed by the board from time to time.

4. A member shall not qualify for the rights and privileges of membership until he/she has paid in full the minimum share of atleast Kshs 250 and deposits of Kshs 10,000 or as shall be fixed by the general meeting from time to time.

5. Any person who having previously been a member of the society and wishes to rejoin shall subject to the above requirements be admitted to membership.

6. The board may refuse admission to membership of any person giving reasons thereof provided, however that the person whose membership has been declined, if otherwise eligible for membership, shall have the right to appeal to an AGM. Any such appeal must be supported by at least 10 members.

7. The member shall pay for a copy of the society by-laws at its actual cost to the society.

8. Every member may be issued with a membership identification card upon admission.

9. Payment on members’ shares, deposits and loan repayment shall be through cash contribution or check-off system. A periodic statement of account containing a record of the member’s transaction with the society shall be sent to every member at least every 6 months.

10. The spouse, children (over 18 years) and parents living in the same household with the member and employee of this society may also become members under the same terms and conditions.

Ufanisi Sacco Contacts

Location: Development House, 3rd Floor, Moi Avenue, Nairobi.

Contacts: 020 224 6383/ 0712 690 660.

Zack Abuyeka

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