Member cessation refers to the process by which a member ends his/her association. There are several reasons why a member might cease their membership, including relocation, financial reasons, or dissatisfaction with the SACCO's services. The cessation process typically involves the following steps:
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Notification: The member notifies the SACCO of their intention to cease their membership. This notification can be in writing, via email, or through a formal request form provided by the SACCO.
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Settlement of Obligations: The member settles any outstanding obligations with the SACCO, such as loan repaymentsor outstanding fees. This ensures that the member's account is clear before cessation.
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Account Closure: The SACCO closes the member's account and updates its records to reflect the cessation of membership. Any remaining balances in the member's account are disbursed according to the member's instructions.
