Saving in Saccos is the best financial decision one can make for many reasons. Unlike other financial institutions, Saccos offer members a way of accessing credit by allowing them to borrow up to three times against their savings.
The amount that members contribute every month is used to provide loans to other members. By being a member of a Sacco, you are a shareholder. You earn a dividend as an owner and interest on deposits as a shareholder, unlike in banks where your savings are used to make profits for the institution, but you end up getting nothing.
Stima Sacco is one of the best Saccos to join Kenya. The Sacco is commonly known for land investment. It offers loans up to three times the member’s savings, and the interest charged is as low as 1 percent per month.
When you become a member of Stima Sacco, you are entitled to unlimited membership benefits, including Subsidized prices for all products, e.g., on land and houses.
The requirements for joining Stima Sacco vary depending on the category. You can join the Sacco under three categories, ie. Individual, group, and corporate.
For individuals, the requirements are.
- Fill membership form
- Present a copy of the passport
- A copy of the national ID
- KRA PIN certificate
- Membership fee of Sh3,000
Those joining as a group/chama will, on the other hand, be required to;
- Give minutes of meetings where members sat and resolved to join Stima Sacco
- Give a list of all members of that group
- Select a few members to represent the entire group at Stima Sacco
- Signatories are to present their documents, such as national ID copies and KRA PIN, and fill out a form.
For corporates, the requirements are;
- Director’s resolution to join Stima Sacco.
- Memorandum of articles
- Documents of directors such as ID, KRA PIN, and KRA PIN of the corporate.