Africa International University Sacco Limited

The Africa International University Savings and Credit Cooperative Society Limited (AIUS) Ltd, was registered on 27th October 2014 under CS/17406 as a savings and credit cooperative society in Kenya.

VISION

“Financially empowered members transforming God’s people and the World”

OBJECTIVES

The objects for which the society is established are:

  • To promote thrift among its members by giving them an opportunity to accumulate their savings and to create a source of funds from which loans can be made to them exclusively for productive purposes, at fair and reasonable rates of interest; thereby enabling them to use their money for mutual benefit.
  • To carry out investments which should increase the level of surplus to the society and benefit members and their families

CO-OPERATIVE PRINCIPLES:

The Society shall act in accordance with the following Co-operative principles:

  • Voluntary and open membership.
  • Democratic member Control.
  • Economic participation by members.
  • Autonomy and independence.
  • Education, training and information.
  • Co-operation among co-operatives.
  • Concern for community in general.

MEMBERSHIP ELIGIBILITY

A person of either gender (18 years and above) who has not been convicted of any criminal offence, is of good character and sound mind shall be eligible for membership if he/she possesses any of the following requirements:

  • Is within the field of membership consisting of the following:
    • A regular employee of Africa International University and on the University payroll.
    • An International staff member of Africa International University, not on the University’s payroll but is in possession of a contract of employment with the University.
    • A part-time teaching staff of Africa International University.
    • Is a former staff of Africa International University provided that by the time of leaving he/she had joined the SACCO.
    • Is an Alumni of Africa International University
  • Is a member of staff of an organization proposed by a member/s of the SACCO, vetted by the Management Committee and approved by members in a General Meeting of members.
  • A spouse or a biological/legally adopted child of a member who has been recommended in writing by the principal member.

APPLICATION INTO MEMBERSHIP

Every applicant for membership shall complete an “Application for Membership” form. This form may be drawn so as to show all the information required for the purpose of a Register of Members. The completed form, when filed in serial order, shall constitute the Register of Members as required under the Rules.

ADMISSION INTO MEMBERSHIP

An applicant shall be admitted to membership on being accepted by a majority vote of the Management Committee, but shall not qualify for the rights and privileges of membership until he/she has paid an entrance fee and minimum share contribution as determined by the general meeting from time to time.

REFUSAL OF MEMBERSHIP

The Management Committee may refuse membership to any person by giving him / her reasons for the refusal in writing, provided the person whose membership has been refused, if aggrieved by the decision, shall have the right to appeal to the next General Meeting through a registered member. Any such appeal must be supported by at least ten members. The decision of the General
Meeting on the matter shall be final.