Registering a Sacco can be a Profitable Venture for any group of people to invest in. This is how you can register a Sacco and receive a License to run a Deposit Taking Sacco.
1. Come together with at least 10 people and Register a Society. Have a Lawyer prepare your Constitution and any other legal document you may need to form the Society.
2. File an Application for Licence demonstrating that your Society is Fit and Proper to be registered as a Deposit Taking Sacco. Contact a Lawyer to prepare for you the Fit and Proper Documents and have them commissioned by a Commissioner for Oaths.
3. Attach a certified copy of the Sacco Society’s Registration Certificate, if not (Remember to register your group as a Society separately first before applying for the License)
4. Attach a verified official notification of the Sacco Society’s registered head office.
5. Attach a certified copy of the Sacco Society’s bylaws.
6. Prepare and attach a three-year business plan and feasibility study of the Sacco Society to be licensed detailing the vision and mission, scope and nature of business operations, projected profitability to achieve the minimum prudential standards, control measures and monitoring procedures.
7. Attach a certified extract of minutes of the General Meeting Resolution authorising the application for deposit-taking license.
8. Attach the name of the proposed Chief Executive Officer.
9. Attach certified copies of financial statements for the preceding three years.
10. Attach Bank Statements indicating that the Sacco Society has adequate capital.
11. Pay an Application Fee of three thousand shillings.
12. Make money.
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