How to join Waumini sacco

Waumini Sacco is a Savings and Credit Co-operative Society registered in 1980 under the Co-operative Societies Act of the Laws of Kenya. The Sacco primarily mobilizes Savings and Deposits and extends Credit to its members thereby empowering them economically and socially.

Waumini Sacco has prospered through visionary leaders, dedicated staff, committed membership and economic environments over the course of our rich history. We have continued to grow in diverse membership and inclusive service delivery to individuals, corporate institutions and organized Catholic Church groups.

In March 2009, the Sacco responded to members banking needs by introducing the Front Office Service Activity (FOSA). To date the Sacco has four FOSA banking halls (Applewood Adams HQ, Westlands branch, Nakuru branch and Kisii branch) and three liaison offices (Ongata Rongai – Nairobi, Meru and Mombasa).

Today, Waumini Sacco is a leading progressive Sacco with membership of over 57,000 from Catholic institutions across the 26 Catholic Dioceses in Kenya, Catholic Church Faithfuls and past employees of Catholic institutions “Mzalendo”.

Membership

Waumini Sacco draws its membership from Employees of Catholic based organizations and Catholic faithfuls in Kenya, their spouse’s and children, Corporate Institutions, and Groups/Chamas.

How to Join

1. An introduction letter from the institution (employer)
2. Form duly signed by the parish priest for Catholic faithful.
3. Deductions should be done as follows:-
   • Registration fee of Kshs. 500 payable once
   • Share Capital of Kshs. 15,000 which can be paid in installments of Kshs. 500 monthly (this amount while non-refundable, earns dividends and is transferable upon withdrawal of membership)
   • Minimum monthly deposit contribution of Kshs. 500
   • Monthly Insurance Risk Fund contribution of Kshs. 100

Corporate Membership

The corporate membership is open to all catholic based institutions/organisations.

Membership Requirements

1. Registration fee of Kshs 5,000 (non refundable)
2. Share capital- Kshs 60,000 (Share capital is non-refundable but transferable to another Institution/Individual)
3. Introduction letter/minutes with a resolution to open an account.
4. Recommendation letter from a Bishop or his representative/ congregation head where applicable.
5. Form duly filled with authorised signatories details

Benefits of Joining Waumini Sacco

1. Quick salary/payroll processing.
2. Quick loan processing and disbursements
3. Affordable and competitive interest rates for loan products.
4. Savings period of 6 months.
5. Flexible and longer repayment period of 10 years

Securities/Collateral used for Institution Loans

1. Savings in FOSA
2. Share Certificates at Nairobi Stock Exchange (NSE)
3. Log books.
4. Title deeds
5. Fixed deposits with guarantee from the Institution.