Wakenya Pamoja Sacco (WPS) started in 1976 catering to Kisii Farmers Co-operative Union (KFCU) as a Union banking section . The Sacco has undergone significant governance reforms, which have contributed to a change of name in line with a strategic plan to expand geographically to explore other financial opportunities.
The membership diversification has also increased the Society’s operations beyond coffee and tea to include microfinance, chain financing, development financing, and asset financing, among others. This has created a lot of change in the Society.
WPS was licensed on the 20th day of April 2011 to conduct deposit-taking Sacco business whereby running of the sacco is through a delegate’s system with the annual delegates meeting as the supreme decision-making body.
Why Join WPS?
- WPS offers an extensive range of services and products catered members’ needs
- Access to all types of loans and advances at affordable interest rates
- You will benefit from attractive interest rates on our savings
- Services are personalized that include door-to-door payments
- You will enjoy friendly and well-established customer relations service.
How to Become a Member of WPS
The usual procedures and requirements for joining Sacco apply to WPS. One condition is being a Kenyan of at least 18 years of age. For this Sacco, some requirements may differ depending on the type of account you want to open. However, the following are applicable across:
a) Filling out an Application Form
An application form is available on the Saccos online platform, where you can download it, print and fill it out. Or you can fill it out on the website and attach the required copies. The form captures some of the essential details required for registration, like your full name, phone number, gender, email address, physical address, etc.
b) Attach a duplicate of the National ID Card
A national identification card is crucial when entering any agreement or engagement like Sacco. It helps in authenticating your account as required by the law.
c) Attach Passport Size Photo
You will also attach your passport-size photo. The photo helps create your membership profile and produce an identification card when you gain membership.
d) Pay Registration Fee
The registration fee facilitates processing your membership. The amount is payable once and is non-refundable. It also acts as a commitment fee showing your interest and determination to participate in the affairs of the Sacco.
e) Contribute the Monthly Savings
Monthly savings are vital since they offer you a ground to qualify for loans. The loans are beneficial for economic development, which is one of the main reasons why people join Saccos. They are flexible and affordable. Having more money in savings translates to better loans.
Savings are not withdrawable unless you want to quit the Sacco.
f) Submit Share Capital
Share capital refers to the minimum amount every member should maintain in a Sacco. Apart from earning annual dividends at an interest rate, you also get rights to contribute to the running of the Sacco as a shareholder.
Wakenya Pamoja Sacco has transformed the economic lives of many members within the Kisii region and beyond. Its financial products and services are not only flexible but also affordable for members to manage. Expanding and having more branches across the country will ensure more people access affordable loans for their economic growth.
Categories: Wakenya Pamoja Sacco