Waumini Savings and Credit Co-operative Society was registered in 1980 with the aim to mobilize savings and deposits and offer credit opportunities to its members. The goal was to empower members economically and socially through borrowing and investment in development opportunities. The Sacco has prospered through its dedicated staff, visionary leadership, and committed membership.
Waumini Sacco has expanded its boundary and membership to include individuals, organized Catholic Church groups, and corporate institutions. However, it was mainly formed to form the members of the Catholic faithful in Kenya, members of Catholic-based organizations, and their children and spouses. It has grown to over 33,000 members from various Catholic institutions and churches.
The Sacco currently has Front Office Activities (FOSA) banking halls across the country starting from the headquarters offices in Westlands, Nairobi to Nakuru, Kisii, and Mombasa. The FOSA banking halls were introduced in March 2009 to respond to members’ banking needs.
Joining Waumini Sacco
The first and basic requirement to join Waumini Sacco is to be a Kenyan Citizen of 18 years and above. Besides being of the required age limit, the following may be required for individual registration
a) Letter from the Employer
The Sacco thrives in transparency and accountability thus it will require you to submit an introduction letter from your employer or the institution you are working with. It will ascertain your potential to meet the payment that will be required by the Sacco.
b) Signed Form from Priest
Waumini Sacco members are predominantly from the Catholic faithful hence a need to provide a duly signed form from a Catholic faithful parish priest. The case might be different from the usual Sacco membership registration where forms are either obtained online or from any of the FOSA branches. However, what should be captured in the form remains the same or maybe slightly different.
c) Registration Fees
Registration for Waumini Sacco membership attracts a fee of Ksh500, which is payable once to help process the registration. The amount is nonrefundable if the membership application fails. It also shows commitment to joining the Sacco.
d) Paying Share Capital
While paying share capital gives you full membership of the Sacco, it also grants you full rights in the Sacco as you become a shareholder. Paying a share capital of Ksh15, 000, which you can pay in installments of Ksh500 monthly may earn you annual dividends. The amount is non-refundable but transferable upon withdrawal of membership.
e) Monthly Deposits
Waumini Sacco is one of the Saccos with the least amount as a monthly deposit. The deposit is Ksh300 only per month. The amount helps boost your borrowing ability since the amount you save will determine how much you can borrow. The savings can be used as loan collateral.
Besides the monthly deposit, there is a monthly Insurance Risk Fund contribution of Ksh50 which helps insure the loans you are awarded if you fail to pay or die before clearing it.
All Catholic Church-based institutions can join Waumini Sacco. They require the following for membership;
- Ksh5,000 non-refundable registration fees
- The non-refundable share capital of Ksh10,000
- Last meeting minutes or introduction letter with an agreement to join the Sacco
- Recommendation letter from congregation head or Bishop authorizing joining the Sacco
- Duly filled form with details of authorized signatories
What are Some of the Benefits of Joining Waumini Sacco?
- Loans are processed and disbursed faster
- Salary or payrolls are processed within a shorter period as possible
- While the loans are affordable, the interest rates on loan products are also competitive.
- Within a period of only three months, only a member can be qualified for loans.
- Loans have longer repayment periods of up to five years.
Though Waumini Sacco was mainly formed to serve individuals and institutions of Catholic faithful congregations, its impact can be felt across all sectors of the economy as it started to open its membership to non-Catholic affiliated people and institutions. Its affordable loans and flexible payment terms have transformed the lives of many economically.
Categories: Hazina Sacco