Baptist Convention SACCO LTD-Membership
Why Join Us?
- Build a consistent savings culture with guaranteed returns
- Access affordable credit backed by your deposits
- Earn competitive interest on deposits and annual dividends on shares
- Free financial wellness training and financial literacy workshops
- Voluntary, inclusive, and open membership for individuals, groups, and corporates
Medical Cover (Afia Tele)
- Comprehensive inpatient, outpatient, and maternity cover
- Last expense (funeral) cover included for peace of mind
- Immediate accident coverage; illness coverage after one-month waiting period
- Includes Education Plus Cover for dependents
Loan Benefits
- Borrow up to three times your savings
- Flexible short- and long-term loan options for individuals, groups, and organizations
- Quick loan processing within 24 hours for standard loans
- Emergency loans processed within 12 hours
- Low-interest rate of 1% per month (reducing balance)
- Flexible repayment terms of up to 5 years
- Loan buy-off support from other financial institutions
- Property acquisition on installment plans (up to 5 years)
SACCO Characteristics & Policies (Kenya)
- Democratic Control: One-member, one-vote system during elections and decision-making.
- Member Ownership: SACCOs are owned, governed, and used by their members.
- Share Capital Requirement: Members must contribute a minimum share capital to maintain membership.
- Savings and Credit Link: Loans are offered based on a multiple of one’s savings.
- Mandatory Monthly Contributions: Members are expected to save monthly to maintain active status.
- Withdrawal Policy: Members can exit but must give prior notice 60 days and settle liabilities.
Membership requirements/ How to become a member
- Adult
- Any person aged 18 yrs and above of any nationality.
- Dully filled form and attach, (as per category)
- Copy of National Identity Card / Passport.
- Two (2) recent passport size photos.
- Membership fee (as per category – Kes., 300, 500, 1000, 2,000 ,3,000 and 5,000).
- Minimum share capital of Kes 5,000 (250 shares) and a maximum of Kes 50,000 (2,500 shares)
- Minimum monthly contribution/savings as per category (Kes., 300, 500, 2000, 3,000 and 5,000).
- Office maintenance fee
- Insurance fund
- Corporate/Chama’s
- Church/schools/investment groups/ SME’s /Companies/Hospitals/Chamas registered and unregistered welfare associations and self help group.
- Minimum share capital of ksh 50,000 (2,500).
Requirements
- Group Membership at least 4 members
- Complete membership application form.
- Registration fee of Kes 3,000/= (non-refundable)
- Copy of Registration Certificate and KRA Pin Certificate (if registered)
- Copy of ID, KRA Pin and one recent passport size photo of authorized signatories.
- Minutes of the group meeting resolving to join Baptist Convention Sacco.
- Group constitution / formation guidelines
- List of group members, contacts and ID Numbers.
Membership Categories
| Category | Membership fee | Minimum Shares | Min monthly Contribution | Max Loan |
|---|---|---|---|---|
| Normal | 300 | 250 shares @ 20/= | 300 | 20,000 |
| Executive | 500 | 300 shares @20/= | 500 | 100,000 |
| Gold | 1,000 | 600 shares @20/= | 1,000 | 1 ,000,000 |
| Platinum | 2,000 | 800 shares @20/= | 2,000 | 4 ,000,000 |
| Diamond | 3,000 | 1,000 shares @20/= | 3,000 | 7 ,000,000 |
| Premium | 5,000 | 2,500 shares @20/= | 5,000 | 10,000,000 |
Group/Chamas / Corporate Membership
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Registration fee of Kes. 5,000/= (Non-refundable) Groups and Kes. 6,000/= Corporates.
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Minimum share capital of Kes 20,000 (1,000 shares) and a maximum of Kes 1,000,000 (50,000) shares for groups/chamas.
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Minimum share capital of Kes 40,000 (2,000 shares) and a maximum of Kes 10,000,000 (500,000) shares for Corporates.
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Minimum monthly deposit of Kes 5,000 (groups) and Kes 6,000 (corporates).
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All share Capital are payable within 6 months since admission to the SACCO Society.
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ID copies and one passport size photo of each authorized officials and signatories
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Certificate of registration & KRA PIN for registered groups.
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Minutes of the group meeting resolving to join Baptist Convention SACCO and monthly deposits.
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List of members, contacts, ID Numbers and their signatures.
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Formation guidelines/constitutions.
Welfare Fund
Members shall contribute Kes 295 monthly or Kes 3,500 P.A to the welfare fund. The fund covers death of the principal member, spouse, two (2) children per year, biological parents and Parents in law. A member becomes eligible to this benefit after 6 months contributions.
The benefits of the fund to the beneficiaries are as follows; –
➤ Principal member-Kes 100,000
➤ Spouse-Kes 100,000
➤ Child-Kes 50,000 (for 2 children in a year)
➤ Biological parents-(max 2) Kes 50,000
➤ Parents in Law – (max 2) Kes 50,000
- Exit age of principal/spouse from 80-85 years
- Entry age for parents/parents in law 75-80yrs. Exit ages 80-85 years.
- Members are required to fill the benevolent fund nominee form, attach supporting documents and submit to Baptist Convention Sacco.
- The welfare can also help members celebrate life events such as wedding/ dowry/graduation and anniversaries. A member becomes eligible to celebrate life after 12 months contributions.
Pastors Pension Scheme
- Designed for pastors and churches
- Contributions generate monthly income
- Retirement age: 75
- Goal: No pastor retires poor
