EDS SACCO MEMBERSHIP

The Sacco draws its membership from:-

  • Any adult person of sound mind.
  • Any legally constituted Corporate entity.
  •  Who have expressed interest in being a member and ready and willing to comply with our by-laws and any other
    existing and future administrative rules and policies

HOW TO BECOME A MEMBER.

  • Apply to the COM for consideration for membership by filling membership form EDS1. For corporate entity, the form shall be submitted with the advised relevant documents and search fee.
  • Upon approval, pay Kshs.1,500.00(One thousand five hundred only) registration fee, Kshs.1,000.00 being for registration in the Sacco and Kshs.500.00 for Eshibinga Benevolent Association for individual and each
    shareholder or member of a legally constituted corporate entity.
  • Buy a minimum of 250 shares @20/= (pay a minimum of Kshs.5,000.00 share capital) after registration, this can be spread within four months if one is unable to pay at once.
  • Be committed to be remitting Kshs.500.00 minimum share deposit and Kshs.300.00 EBA contribution as may be applicable on or before 5th of every month.
  • Buy a copy of sacco by-laws at Kshs.500.00 and Benevolent constitution at Kshs.200.00.

BENEFITS OF BEING A MEMBER OF EDS / EBA

  • 1. Quick Loans.

     

    After consistently and continuously saving with the Sacco for a minimum of six months, you will be eligible for many of our needs structured loan products at fairly reasonable interest rates for your Economic Development.

BENEFITS OF BEING A MEMBER OF EDS / EBA

  • 2. Earn Extra.

     

    By joining EDS you will establish an additional income stream because at the end of every financial year, you will be earning Dividends from the declared surplus.

BENEFITS OF BEING A MEMBER OF EDS / EBA

  • 3. Community Support.

     

    By joining EDS you will have the opportunity to connect with the larger EDS Family who will stand with you at your hour of need.

                                              TERMS AND CONDITIONS

I understand that basic rules applicable to this application are as listed and understand the loan will be granted only according to these rules.

1. Member loans are limited to three times the sum of shares and deposit held, but subject to availability of
funds.

2. A member may not be considered for a loan if his/her contributions have not been regular.

3. For salaried employees the loan repayment amount will be done based on the existing labour laws.

4. A member will be required to maintain a monthly loan repayment depending on the loan disbursed and
the repayment period.

5. A member shall have only one loan under each loan category.

6. To be eligible for a loan facility, a member must have contributed for a minimum period of six consecutive
months having a minimum shares and deposit contribution of five hundred Kenyan shillings (KES 500.00)
per month and share capital as provided in the by-laws.

7. A member applying for a loan which is less the amount of his/her savings will need to have, a minimum of
a third of the loan amount guaranteed.

8. A lump sum contribution for the sake of securing a loan shall be considered only if such money remains in
the society for a minimum period of three months from the date of deposit.

9. A member may offset their outstanding loan and other liabilities against his/her shares if they are enough
to cover the loan. He/she will then be required to start building his/her share deposit portfolio afresh and
be eligible for a loan after six months of rebuilding the share portfolio.

10. In case of default in repayment, the entire balance of the loan will immediately become due and payable
based on the by-laws and all deposits owned and held by the member and any interests and deposits due
to the members will be settled against the owed amount. The member will also be liable for any costs
incurred in the agencies so appointed for the recovery of the loan balance and accumulated interest. Any
remaining balance will be charged to the guarantor(s) deposits based on the amount guaranteed per
member, until the loan is fully paid. The SACCO management will pursue all available legal means to
recover the unpaid loan from the member who is in default.

11. A member may apply for a special consideration for a loan outside the loan application review timelines
when need arises, however the member will be required to do it by writing a letter addressed to the
Chairman of the SACCO, the letter must be dated and signed by the member. A member will be charged
five percent (5%) of the loan or KES 1,000.00 (whichever is higher) which will be deducted upfront from
the amount being applied for. This will be subject to availability of funds and will be paid within a
reasonable time from the receipt of the letter by the office.

                                                        **********END***********

Application Form-Nominee (Join EDS Membership) Form
Kenyan National Identification Number
Insert the Reference memership's number
Selected Ksh: 500
Kindly Indicate the amount you would establish as your monthly share contribution
TERMS AND CONDITIONS


.Being an adult of sound mind wish to apply for membership into ESHIBINGA DEVELOPMENT SAVINGS AND CREDIT SOCIETY LIMITED.
I wish to confirm that I am aware that nonrefundable admission fee is currently KES. 1,000.00 which I
have duly paid and have read and understood the By-laws of the Sacco which I commit myself to comply
with.

© 2021 Eshibinga Development Savings & Credit Cooperative Society Limited

PRODUCTS & SERVICES

OUR CORE CORE BUSINESS (PRINCIPAL ACTIVITY).


• Inculcate the culture of savings by providing a means through which members can create a pool of funds
from which they can Easily Access affordable loans at fairly reasonable interest rates for their Economic
Development.

CONTACTS

HEAD OFFICE: UTALII HOUSE;

1ST FLOOR, SOUTHERN WING, OFFICE NUMBER 118.

Email: eshibingadsacco@gmail.com

P.O BOX 6154 – 00100 NAIROBI
TEL: +254 797 709711, +254 100 345799