Tai Sacco Registration, Products, Interest Rates, and Withdrawal Methods

SACCOs in Kenya have a fascinating history, one in which they have elevated their members and benefited the local communities where they are headquartered. 2023 Tai SACCO will commemorate 31 years of operation, which is a noteworthy milestone given the SACCO's poor beginnings.

Currently, the SACCO has branches nationwide, notably in the counties of Kiambu and Nairobi, with over 70 agencies. What goods and services does the Savings and Credit Cooperative provide, and how does one register?

Tai SACCO Background

Under the name Kiambu Tea Growers Sacco, it was established and registered as a Bosa activity in 1992. The Sacco launched its FOSA Operation in Githunguri town in January 1999. In 2009, Sacco changed its name to Tai Sacco Society Limited to expand and diversify its clientele.

Their customer base has continued to expand, necessitating this rebranding. They no longer only serviced tea farmers once the common bond was opened; now, they also serve public servants, dairy and coffee farmers, horticultural and floricultural farmers, the business community, the transportation industry, and many more.

The name Tai is a translation of the Swahili word for eagle. The characteristics and values of an Eagle are well known, hence the name Tai.

Tai SACCO Registration

Registration can be done online, provided you can access a computer or a smartphone and have a good internet connection. This will save you time visiting the nearest branches.

If interested in joining Tai SAACO and want to know how? The following steps will guide you to participate as an individual member or Corporate, Chamaas, Self-help Groups, etc.

• Complete the group membership application form.
• Attach minutes of the group's meeting resolving to join TAI Sacco.
• Attach the group's constitution.
• Attach copies of Identification Cards, Passport, and photos of authorized signatories.
• Attach a copy of the group's registration certificate.
• KRA PIN Numbers (Where applicable) 

After completing the membership registration process, three obligatory accounts—a Savings Account, a Share Capital Account, and a Non-Withdrawable Savings Account—are created as multipliers for loans.

Both individuals and collaborative groups are required to pay Ksh. Five hundred for registration and provide a share capital of Ksh. 1000.

Tai SACCO Products

VIEW: Tai SACCO on YouTube

The SACCO offers a variety of products hence making it lucrative to its members. These products include:

• Loan products
• Savings products
• SACCO AQUILA Insurance Agency
• Agency banking

Loan products

The SACCO offers different loan packages to meet the demand of its members. They include:

• Business loans
• Salary and pension loans
• Tai SACCO micro credit
• Agribusiness loans and advances
• Asset financing loan
• Makao loan
• Institution loan
• Elimu loan
• Mobile loans
• Insurance premium financing

The business loan is ideal for you if you are a business owner hoping to expand your enterprise. Your capital can grow thanks to the loan, and you can comfortably provide payments. Most users of this product are small and medium-sized businesses.

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Saving products

The SACCO gives its members a platform to save their income. It has different products to facilitate saving. They include:

• Ordinary savings accounts
• Business account

These accounts favor business entrepreneurs, who enjoy comfortable and easy access to saved funds. By attaching your account to your mobile phone, you can have easy access to your transactions from wherever you may be

• Special account
• Children's account

This account aims to cultivate a saving culture in children of tender ages by encouraging financial awareness.

• Fixed deposit account
• Microcredit account
• Holiday account 

Deposits are easy to make as members can use the Paybill number 644700 and withdraw using the Visa-branded ATM. They can also transact using their mobile phones by dialing *645#.

TAI Sacco AQUILA Insurance Agency

The SACCO has partnered with key insurance companies to give its members quality services and comprehensive solutions.

Aquila Insurance Agency stands at an advantage because:

• Convenience – with our "one-stop shop" for financial services, you can meet your insurance requirements simultaneously.
• Choice – offering the best insurance products from well-known insurance companies.
• Flexible-Premium payment plan – Insurance Premium Financing (IPF) loan facility is handy, payable in monthly installments.
• Competitive premium quotations
• Professional advisory services on underwriting and claims processing.
• Renewals of your insurance cover in advance before the expiry date.

Insurance Covers Offered include:

• Medical covers
• Livestock Insurance
• Business Covers against Fire / Robbery
• Motor Private Cover
• Motor Commercial Plus
• Academia Education Plans

Agency Banking

The SACCO has a network of agents offering agency banking services that facilitates transacting your account even after our branches are closed. These transactions include Balance inquiry, mini statement, and loan repayment.

Tai SACCO interest rates

Compared to other financial organizations, SACCOs typically offer members a low-interest rate of 1% per month, and Tai SACCO is no exception. Conversely, depending on your chosen loan product, SACCO may charge somewhat different interest rates. Also, the payment term has a considerable impact on the interest charged.

How to withdraw from Tai Sacco?

Tai SACCO has invested in mobile banking and has a fully functional app. As a result, if you want to withdraw your funds, you don't need to visit their branches if you live a long distance away; instead, dial *654# and follow the on-screen prompts. In addition, SACCO provides a Visa-branded ATM card.

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Conclusion

With a sizable asset base, Tai SACCO is one of Kenya's most dependable and profitable Savings and Credit Cooperatives. With its humble origins and solid basis over thirty years ago, the SACCO has grown tremendously and accumulated vast membership.