How to Join Kimisitu Sacco [2022]

In March 1985, a group from the International Council for Research in Agroforestry (ICRAF) came together to form Kimisitu Sacco. The aim was to promote better life among members by availing an opportunity to them to accumulate savings and access cheaper loans e.g ussd loans, salary advance. The loans were to have fair and reasonable interest rates, enabling them to use their funds for mutual benefits.

Kimisitu Sacco later opened its membership to some international organizations to achieve a concrete base for expansion and growth. It then admitted IDRC, Rockefeller, and Ford Foundation. The Sacco has since grown so fast with overwhelming success to over 400 member organizations plus over 9500 individual members.

How to Become a Member

With its vision to become the personal financial solution of choice, many members have been attracted to the Sacco. But how do you join Kimisitu Sacco? The process is less complicated as there are just a few common requirements. They include

a) Fill Online Registration Form

The first step to joining a Sacco is registration, which is done by acquiring a form and filling in your details. You can obtain the Kimisitu Sacco registration form from their online portal—you download, print, and fill it out or get a hardcopy from any of their nearest branches. You will provide your name, physical address, and phone number, among other essential credentials in the form.

b) Copy of National ID and Passport Photos

Your copy of the original national identification card will be required to verify your account. You will make a copy and attach it with your two passport-sized photos. The photos will help with your member profile and produce the Saccos identification card.

c) Pay Membership Fee 

To help process your payment, you will pay a membership registration fee. At Kimisitu Sacco, the fee is as low as Ksh1,000. The amount is payable once and is non-refundable. You will at least demonstrate some level of commitment by paying the amount to help process your membership.

d) Minimum Monthly Contribution 

Every Sacco has savings, so does Kimisitu Sacco. The savings amount, which is payable monthly, accumulates to enable you to borrow a loan. Loans help facilitate members’ development goals, and it is the main reason people get into the Saccos. It is a way of pooling resources together. In Kimisitu Sacco, the contribution is Ksh3,000 monthly. The amount is refundable if you leave the Sacco.

e) Certified Payslips

Kimisitu Sacco requests your certified payslip when you want to join the Sacco to ascertain your ability to pay the monthly contributions and service your loans. The payslip applies to those in formal employment. Those in informal employment may bring a copy of either Mpesa or bank statements.

Special Memberships

a) Individual Businesses

Kimisitu Sacco accepts membership from individual businesses. Suppose you operate a registered business; you can join the Sacco by submitting a three months bank statement of your business transactions. It helps confirm the legitimacy and gauge the performance of your business.

b) A spouse to a Member.

The second particular case is spouses to the registered members who want to be members of Kimisitu Sacco. If you are a spouse to any registered members, you are allowed to acquire membership too, but you should provide proof of your marriage by providing a marriage certificate.

c) Diaspora Membership

Kimisitu Sacco has opened its doors to people living outside Kenya so that they can also get the opportunity to invest back home. If you are a person living in the diaspora and would want to become a member, you will provide your passport document and proof of your income, apart from filling out the registration form.

d) Chama Membership

Welfare groups such as (Youth groups, Self-help groups), Investment Groups, and unregistered groups fall under Chama. They will need to provide a copy of the group constitution, original certificate of registration, and minutes of the last meeting with all names and I.D numbers.

Besides availing the group resolution to join the Sacco, they should provide a later introduction acquired from the social services ministry. Copies of at least three group signatories, KRA pin certificate, and membership fees of Ksh2,000 will also be required.

e) The Share Capital

All the special memberships and the individual members will pay a share capital Ksh10,000, which is payable once and is non-refundable in case a member leaves the Sacco. Apart from earning dividends annually, the share capital gives members ownership rights in the Sacco.

Parting Shot

Due to the professionalism, integrity, and efficiency in offering services, Kimisitu Sacco continues to attract a high number of interested people and institutions. It is one of the Saccos that has attracted many government institutions, individual groups, companies, NGOs, and corporate institutions.