Memebership Terms

INTRODUCTION 

Welcome to Boost Sacco. BOOST stands for (Building Opportunities and Optimizing Savings Together). This is a community-driven initiative designed to foster financial growth, mutual support, and economic empowerment. In today’s dynamic financial landscape, individuals often struggle to save consistently, access affordable credit, and make strategic investments. Recognizing these challenges, we have established a SACCO (Savings and Credit Cooperative Organization) to provide a secure and transparent platform for members to achieve their financial goals collectively. 

Boost Sacco is built on the principles of cooperation, transparency, and mutual benefit. Members contribute monthly to a joint bank account managed by trusted signatories, ensuring the security of funds and promoting financial discipline. By pooling our resources, we can offer members the opportunity to save regularly, invest more, borrow at favorable terms, and benefit from group investments. Our innovative savings plan allocates half of the contributions to fixed savings, creating a fund for development projects and welfare services that enhance the financial well-being of all members. With a focus on both individual and group prosperity, Boost Sacco not only provides financial services but also fosters a sense of community and mutual support. Join us as we work together to build a brighter financial future for everyone involved.

OUR MOTTO:-

• Building Opportunities and Optimizing Savings Together (BOOST). 

OUR VISION:- 

• To create a financially empowered community through collective savings, strategic investments, and mutual support, fostering sustainable economic growth and improved financial status for all members. 

OUR MISSION:- 

• To ensure there are mutual goals that ensure every member grows financially. 
• To provide a secure and transparent platform for members to save, invest, and borrow, enabling them to achieve their financial goals, support community development, and enhance overall economic well-being. 

Overview relating to Boost Sacco 

Boost Sacco aims to bring together individuals with a common goal of financial growth and community support. By pooling resources, we can achieve more significant financial milestones, provide support to members in need, and invest in development projects that benefit the entire group

Why Join Boost Sacco? 

As our motto states: Building Opportunities and Optimizing Savings Together. We have a good opportunity to raise big organizations from low to high through our commitment. Some other benefits include. 

1. Financial Security and Growth: Members benefit from a structured savings plan that promotes financial discipline and growth. The joint account and regular contributions ensure funds are securely managed. Eliminates the inability to launch your ideal business: that is, if we work together, we can raise enough money to launch a large business in a reasonable length of time
2.  Access to Loans: Members can access loans at favorable terms to meet their personal or business needs. Our loan policy encourages saving by rewarding consistent contributors with higher borrowing limits. 
3. Group Development and Welfare: Fixed savings are used to fund group development projects and provide welfare services. These developments may involve low-risk investments that bring in extra money for the organization; members' profits are distributed based on how much they saved during the year. Meaning, that if you saved more, you get more profit dividends and if you saved less, you get less profit dividends. 
4. Welfare Services: This service will help the group members in times of need or when they are having financial challenges, this implies, that only the death of the biological parents and immediate family members can be covered by this benefit, together with big hospital bills (not less than KES 30,000). In the case of any of the aforementioned incidents, 10% of the afflicted person's total regular savings and 3% of the total regular savings of each group member are withheld as a gesture of support and solidarity. Members of this safety net benefit from a sense of security and support from one another

Importance of the Fixed Savings 

• Group Development Fund (GDF): 
  Fixed savings creates a pool of funds dedicated to group development projects. These projects can include investing in low-risk ventures, infrastructure improvements, or community services. For example, buying a public service vehicle for the group. 
• Investment Opportunities: 
  As the fixed savings grow, the group members can decide to invest in projects that offer steady returns, these investments contribute to the overall profitability and sustainability of the SACCO group.

MEMBERSHIP

1. Any person over the age of eighteen years shall be eligible for membership of the society and shall, subject to the approval of the committee, become a member for payment of an entrance/registration fee of Ksh. 500. 
2. All members must fill out a registration form along with welfare details as provided by the society, Either an online form or an offline form. 
3. Every member shall pay a monthly contribution of not less than Ksh. 500 and not later than the 15th day of each month. 
4. Any member desiring to resign from the society shall submit his resignation to the secretary, which shall take effect from the date of receipt by the secretary of such notice. 
5. Any member may be expelled from membership if the committee so recommends and if a general meeting of the society shall resolve by a two-thirds majority of the members present that such a member should be expelled on grounds that his/her conduct has adversely affected the reputation or dignity of the society, or that he has contravened any of the provisions of the constitution of the society. The committee shall have the power to suspend a member from his membership until the next general meeting of the society following such suspension but not withstanding such suspension, a member whose expulsion is proposed shall have the right to address the general meeting at which his expulsion is to be considered. Any person who resigns or is removed from membership shall be entitled to a refund of his subscription or any part thereof or any money contributed by them at any time except the registration fee and 10% of the fixed savings. 
6. Any member who falls into arrears with his monthly subscription for more than THREE months shall automatically cease to be a member of the society and his name shall be struck off the register of members. 
7. Each member must accept a commitment of 50% of his/her savings as fixed savings for group business plan and welfare services, this commitment affects every month’s contribution and will be recorded accordingly, 90% (3d) of your total savings will be refunded upon membership self-termination.

AMENDMENTS TO THE CONSTITUTION 

Amendments to the constitution of the society must be approved by at least two-thirds majority of members at a general meeting of the society. They cannot, however, be implemented without the prior consent in writing of the Registrar, obtained upon application to him made in writing and signed by three of the office bearers. 

GROUP DISSOLUTION

1. The society shall not be dissolved except by a resolution passed at a general meeting of members by vote of two-thirds of the members present. The quorum at the meeting shall be as shown in rule 8 (e). If no quorum is obtained, the proposal to dissolve the society shall be submitted to a further general meeting which shall be held one month later. Notice of this meeting shall be given to all members of the society at least 14 days before the date of the meeting. The quorum for this second meeting shall be the number of members present. 
2. Provided, however, that no dissolution shall be effected without prior permission in writing of the Registrar, obtained upon application to him made in writing and signed by three of the office bearers.
3. When dissolution of the society has been approved by the Registrar no further action should be taken by the committee or any office bearer of the society in connection with the aims of the society other than to get in and liquidate for cash all the assets of the society. Subject to payment of all the debts of the society, the balance thereof shall be distributed in such a manner as may be resolved by the meeting at which the resolution for dissolution is passed.

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