Your Updated Guide to Lengo Sacco Membership Eligibility Requirements

Joining a savings and credit cooperative (SACCO) is a smart move for anyone seeking financial security and growth in Kilifi County. Lengo Sacco, a leading SACCO in the region, offers enticing benefits and a strong track record of success. But before you jump in, understanding their membership eligibility requirements is crucial. Worry not, for this comprehensive guide sheds light on everything you need to know about joining Lengo Sacco, ensuring a smooth and successful journey towards financial empowerment.

Who Can Become a Member?

Lengo Sacco welcomes a diverse range of individuals under their common bond. The primary categories of eligible individuals include:

Employees of Kilifi County Government: If you are a dedicated servant of the Kilifi County Government, Lengo Sacco offers you a welcoming haven for financial planning and growth.
Residents of Kilifi County: Whether you call Malindi, Kilifi, or Mtwapa home, Lengo Sacco extends its arms to empower your financial journey within the county.
Spouses of Members: Family is at the heart of Lengo Sacco’s vision. Spouses of existing members are warmly welcomed to join and enjoy the benefits of membership together.
Children of Members: Investing in the future generation is paramount. Children of Lengo Sacco members aged 18 and above can become members themselves, fostering financial literacy and early financial planning.
Groups and Saccos: Lengo Sacco encourages collaboration and inclusivity. Existing groups and SACCOs within Kilifi County can explore partnership opportunities and potential membership avenues.

Meeting the Requirements:

Each category comes with specific eligibility criteria to ensure a healthy and robust financial ecosystem within the SACCO. Here’s a breakdown:

Employees of Kilifi County Government: Proof of employment through a valid appointment letter and salary slip is required.
Residents of Kilifi County: Valid identification documents proving residency within Kilifi County are necessary.
Spouses of Members: Marriage certificate and valid identification documents are needed.
Children of Members: Proof of identity, age verification documents, and a completed membership application form signed by a parent or guardian are required.
Groups and Saccos: Official documentation of the group or SACCO, duly signed by authorized representatives, is essential.

Beyond the Basics:

While meeting the core criteria is essential, additional factors can influence your application. These include:

Good Character: Lengo Sacco prioritizes ethical and responsible members. Any history of financial delinquency or criminal activity may impact your application.
Age: While the minimum age for individual membership is 18, specific age restrictions may apply depending on the membership category.
Financial Standing: Maintaining a stable income or financial situation demonstrates your ability to contribute to and benefit from the SACCO’s services.

Making the Move:

Convinced Lengo Sacco is the right path for you? Joining is a straightforward process:

Gather your documents: Ensure you have all necessary documents as outlined above.
Download the application form: Visit the Lengo Sacco website or any of their branch offices to download the relevant application form.
Fill out the form: Provide accurate and complete information on the form.
Submit your application: Submit the completed form and required documents to any Lengo Sacco branch office.
Awaiting approval: The Membership Committee will review your application within a reasonable timeframe.
Welcome to the fold! Upon approval, you’ll receive an official notification and become a proud member of Lengo Sacco.

Unlocking the Benefits:

Membership in Lengo Sacco empowers you with a plethora of advantages:

Savings and investment opportunities: Grow your wealth through diverse savings accounts and secure investment options with competitive returns.
Affordable loans: Access affordable loans for various purposes, from business ventures to education and housing, powering your dreams.
Dividends and bonuses: Share in the SACCO’s success through regular dividend payouts and potential bonus distributions.
Insurance coverage: Enjoy peace of mind knowing you and your loved ones are protected through Lengo Sacco’s comprehensive insurance plans.
Financial literacy workshops: Take advantage of educational workshops and resources to strengthen your financial knowledge and make informed decisions.

Lengo Sacco Products

Loan Products

(i). Development Loans

These are loans extended to registered members after a period of 6 months.
Interest rate is 1.5% on a reducing balance.
Repayment period is up to 72 months.
Requires 3 guarantors and a witness.

(ii). Development Loan Top up

It is a facility extended to those already servicing development loans.
One should have serviced at least 3/4 of current loan.
A 10% penalty will be charged on the reducing balance.
Interest rate is 1.75%.

(iii). Somesha Loan

It is a special facility designed for all needs of students in primary, secondary and college.
Interest rate is 1.5% on reducing balance.
Repayment period is up to 48 months.

Savings Products

(i). Jawabu Account

It is an account that answers all your financial questions any time you need cash.

Requirements

ID copy of the applicant.
Passport size photo (taken at the branch).
Minimum operating balance- Kshs 100.
Ledger fees- Kshs 500.
Registration fee- Kshs 500.

(ii). Lengo Savings Account

Initial deposit- Kshs 500.
Free account maintenance.
Withdrawal restricted to only once a month.

(iii). Tunza Junior Account

The account exposes your children to the savings culture.
Initial deposit- Kshs 300.
Withdrawal charges- Kshs 120.

Requirements

Birth certificate of the child.
ID copy of the parent/ guardian.
Passport size photo (taken at the branch).

(iv). Bakisha Account

The account is designed purposely for small traders.
Free account opening.
No minimum operating balance.
Ledger fees- Kshs 150.
Registration fee- Kshs 500.

Remember:

Transparency is key: Provide accurate and complete information throughout the application process.
Seek clarification: Don’t hesitate to contact Lengo Sacco representatives if you have any questions or require additional information.
Embrace inclusivity: Lengo Sacco values diversity and strives to create a welcoming environment for all members.

Joining Lengo Sacco is an investment in your future financial well-being.