Requirements To Join Hazina Sacco

September 19, 2024 Majira Media

Requirements To Join Hazina Sacco: Joining Hazina Sacco offers individuals an opportunity to access a wide range of financial services and products designed to improve their financial well-being. As a member-driven cooperative, Hazina Sacco allows members to save regularly and qualify for loans at competitive interest rates.

Membership is open to employees from both the public and private sectors, as well as individuals. To join, prospective members must fill out an application form, provide necessary identification, and contribute a minimum share capital as specified by the Sacco. Upon joining, members gain access to savings accounts, loan facilities, and investment opportunities that promote financial growth.

Members of Hazina Sacco can take advantage of various loan products such as development, emergency, and school fees loans, among others, which are tailored to meet their personal and professional needs.

Requirements To Join Hazina Sacco

Hazina Sacco welcomes members from various market segments, including:

Employees in public service.
Staff from other government ministries and parastatals.
Hazina Sacco employees.
National and county government employees.
Employees from private organizations and parastatals.
Private individual members.
Chamas (investment groups) and corporate entities.

Hazina Sacco Membership Requirements

(a) Individual Membership

Individuals interested in joining the Sacco must complete a membership application form, available for download from the Sacco’s website, and submit it along with the following:

A copy of their National Identity Card (ID).
A passport-sized photograph.
A recent payslip (for members contributing through the check-off system).
A filled nominee form.
A Kshs 1,000 entrance fee.
A minimum monthly contribution of Kshs 1,000 or 5% of basic salary, whichever is higher.
Commitment to meet the minimum share capital requirement within the first 12 months of membership, which was Kshs 16,000 as of December 31, 2021.
An annual contribution of Kshs 1,000 thereafter.
A Kshs 200 monthly contribution to the welfare fund, covering the principal member, spouse, up to two children per year, and biological parents in the event of death.

(b) Group Membership

Groups must be registered by the Registrar of Societies and have a current stamp from social services on their registration certificate.
All group members must be Kenyan citizens aged 18 and above.

Group Membership Requirements

The group must submit a completed membership application form along with the following:

A Kshs 3,000 entrance fee. The group must save a minimum of Kshs 5,000 per month in deposits.
Meeting minutes listing all members, signed by them, authorizing the officials to join the Sacco.
The group’s constitution.
A copy of the group’s registration certificate.
Copies of National ID cards for group officials and members.
Passport-sized photographs of group officials.
KRA PIN certificates for each group official.
The home address of each group member.
The group must designate four signatories for the account: three officials and one group member.