Sacco Registration Process-7 Steps-By Ojijo

(extracted from Successful Saccos-Ojijo’s Guide for Sacco Managers to Grow, Acquire, and Retain Membership, Savings and Assets)

The processes of registering a cooperative is as below:

Step 1: Reserve a name, with the registrar of business names;

Step 2: Purchase sacco by-law books from the department of cooeperatives. The by-laws vary depending on whether the cooperative is a sacco, or a multi purporse cooperative;

Step 3: Fill the by-laws with names and contact details of the promoters, who should number at least 30;

Step 4: Fill the by-laws with the details of shares amounts, displinary fees, business address, and related issues on management of the cooperative;

Step 5: Submit documents to the districy or area cooperatives offier for approval. This includes signed by-laws by all members and incase the members are more than the space provided in the by-laws, attach thefull member list; financial statements of the society (Income and Expenditure +Balance Sheet); a comprehensive schedule of all shareholders showing shares held by each member;  entrance fees, shares, savings, and loans if any; and photographs of respective people to handle the cooperative’s accounts, that is, Chairman, Secretary, and Treasurer.

Step 6: On approval of documents, which may include the cooperatives officer attending a meeting of the cooperative, the cooperative will pay registration fees.

Step 7: Get a certificate of registration of the sacco.  With this certificate, the cooperative should open a bank a ccount, and deposit the funds you have to the bank account; get a business license from the city council authority, or local government authority; and start active recruitment of members.