Nyati Sacco Society is a popular savings and credit cooperative organization in Kenya. It is one of the leading SACCOs in the country, offering various financial products and services to its members.
If you are interested in becoming a member of Nyati Sacco or want to learn more about it, this guide is for you.
In this guide, we will discuss everything you need to know about Nyati Sacco, including its history, membership, products, and services.
History of Nyati Sacco
Nyati Sacco was founded in 1977 by a group of employees of the Ministry of Agriculture in Kenya. The founders aimed to provide financial services to their fellow employees who were unable to access credit from commercial banks.
Since then, Nyati Sacco has grown to become one of the largest and most successful SACCOs in Kenya. The SACCO is registered under the Co-operative Societies Act (Cap 490) and is regulated by the Sacco Societies Regulatory Authority (SASRA).
How to Join Nyati Sacco
To join Nyati Sacco Society, you need to meet the following requirements and follow these steps:
Requirements:
- You must be 18 years and above.
- You must have a national ID card or passport.
- You must be of good character and reputation.
- You must be willing to abide by SACCO’s by-laws.
Steps:
- Visit Nyati Sacco Society offices in your area or go to their website to download a membership application form.
- Fill in the application form with your personal details, including your full name, ID number, phone number, email address, and physical address.
- Attach a copy of your national ID card or passport to the application form.
- Pay a one-time membership fee of Ksh 1,000 and purchase a minimum of 10 shares at Ksh 100 each.
- Submit the completed application form and payment receipt to Nyati Sacco offices or send them via email to the SACCO’s email address.
Once your application is approved, you will receive a confirmation letter and your Nyati Sacco membership number. You can then start accessing SACCO’s financial products and services, including savings accounts, loans, insurance, investment opportunities, and ATM services.
In summary, joining Nyati Sacco is a straightforward process that requires meeting the membership requirements, filling in an application form, paying the membership fee, and purchasing shares.
If you have any questions or need further assistance, you can contact the Nyati Sacco offices or visit their website for more information.
Nyati Sacco Membership
Membership in Nyati Sacco is open to individuals, groups, and corporate organizations. To become a member, you must meet the following requirements:
- You must be 18 years and above.
- You must have a national ID card or passport.
- You must be of good character and reputation.
- You must be willing to abide by SACCO’s by-laws.
Once you meet these requirements, you will be required to fill in a membership application form and pay a one-time membership fee of Ksh 1,000. You will also be required to purchase a minimum of 10 shares at Ksh 100 each.
Nyati Sacco Products and Services
Nyati Sacco offers a range of financial products and services to its members. These include:
- Savings Accounts
Nyati Sacco offers various savings accounts, including Junior savings, Student savings, Ordinary savings, and Fixed Deposit accounts. These accounts earn attractive interest rates, and members can access their savings anytime.
- Loans
Nyati Sacco offers various types of loans to its members, including development loans, emergency loans, and school fees loans. Members can access these loans at competitive interest rates and flexible repayment periods.
- Insurance
Nyati Sacco offers a range of insurance products to its members, including life insurance, disability insurance, and hospitalization insurance. These insurance products provide financial protection to members and their families in case of unforeseen events.
- Investment
Nyati Sacco offers investment opportunities to its members, including investments in fixed deposits, real estate, and shares. These investments provide members with attractive returns on their investments.
- ATM Services
Nyati Sacco has partnered with various ATM networks to provide its members with convenient access to their funds. Members can use their Nyati Sacco ATM card to withdraw cash, check their account balances, and make payments at various ATMs across the country.
Benefits of Nyati Sacco Membership
- Competitive Interest Rates
Nyati Sacco offers attractive interest rates on savings and loans, making it an attractive option for those looking to save or borrow money.
- Financial Education
Nyati Sacco provides financial education to its members, helping them make informed financial decisions and improve their financial management skills.
- Access to Credit
Nyati Sacco offers various types of loans, including emergency loans, development loans, and school fees loans, making it easy for members to access credit when they need it.
- Financial Security
Nyati Sacco offers insurance products that provide financial protection to members and their families in case of unforeseen events.
- Investment Opportunities
Nyati Sacco offers investment opportunities to its members, providing them with attractive returns on their investments.
Nyati Sacco Dividend Policy
A SACCO dividend policy refers to the set of rules and guidelines that SACCO follows when distributing dividends to its members. A dividend is a share of the profits that a SACCO makes during a financial year and is distributed to members in proportion to their shareholding. The dividend policy of a SACCO is crucial as it determines how much members can expect to receive and how often they will receive it.
Nyati Sacco Society has a well-defined dividend policy that guides the distribution of dividends to its members. The SACCO distributes dividends annually based on the profits earned during the financial year. The amount of dividend paid to members is calculated as a percentage of their shareholding in the SACCO.
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The dividend payout ratio is determined by SACCO’s board of directors, who consider factors such as SACCO’s financial performance, capital requirements, and future growth plans. The board of directors sets a target payout ratio each year, which is the percentage of net income that will be distributed to members as dividends.
Nyati Sacco’s dividend policy aims to strike a balance between distributing profits to members and retaining earnings for future growth and development. The SACCO’s policy ensures that members receive a fair share of profits while also ensuring that the SACCO remains financially stable and able to meet its members’ needs in the future.
In summary, Nyati Sacco’s dividend policy is designed to distribute profits to members annually based on their shareholding. The payout ratio is determined by the board of directors and aims to balance the distribution of profits with SACCO’s long-term growth and stability.
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