How To Join Cosmopolitan Sacco [2022]

How To Join Cosmopolitan Sacco

Image courtesy: Citizen

Anyone looking to join cosmopolitan sacco should know that it is a licensed sacco in Kenya that was established in the year 1977 in-order to promote thrift amongst its members who are largely teachers so as to accumulate savings thereby creating a source of funds from which they can borrow at a fair and reasonable cost.

Cosmopolitan sacco operations are governed by principles summarized by their vision, mission and core values as highlighted below

Vision: To be a model Sacco Society offering high quality financial services to the members.

Mission: To provide financial empowerment to members through quality financial services by mobilizing and encouraging high saving, timely credit and continuous education.

Motto: United we grow

Core values: Democracy, integrity, equity, honesty, teamwork, solidarity, openness & social responsibility, self – responsibility and quality services.

Benefits of Joining Cosmopolitan Sacco

There are a wide variety of products and services catered to each individual member’s needs once you join cosmopolitan sacco. Such products and services include:

1. Savings- Under the savings option, there are several cosmopolitan sacco savings products once you join cosmopolitan sacco. They include;

  • Savings account- this account provides members who join cosmopolitan sacco with a savings platform whereby they can save and withdraw without any limitations.
  • Fixed deposit account- this account requires a minimum deposit of Ksh10K for 3 months and attracts an annual interest rate of 8%
  • Holiday account- this account requires regular deposits spread out across a given year before one is allowed to withdraw. The minimum balance for this account is Ksh1K
  • Children account- targeted to children below the age of 18 years and requires a minimum balance is Ksh1K
  • Christmas account- this account has the same attributes as the holiday account mentioned above.

2. Loans- Under the loans option, there are several cosmopolitan sacco loan products available once you join cosmopolitan sacco. These include;

  • Wezesha loan- this loan is reserved for only civil servants on permanent & pensionable terms whereby the loan amount is two-thirds of one’s salary and is repayable within a period of 84 months.
  • Land buying- this loan requires members to have maintained their savings with the sacco for a period of 3 months and above. The loan amounts are usually repayable within 7 years (cash members) and 10 years (employed)
  • Mortgage loan- this loan requires applicants to submit a 1-year bank statement upon which advanced loans are repayable within 10 years (cash members) and 15 years (employed)
  • Development loan- this loan guarantees members loan amounts that are upto 5 times their deposits based on the two-thirds rule. This loan is to be repaid within 60 months.
  • Super loan- this loan guarantees members loan amounts that are upto 5 times their deposits based on the two-thirds rule. This loan is to be repaid within 72 months.
  • Grant loan- this loan provides members access to loan amounts upto 5 times their deposits based on the two-thirds rule. However, salaries must be channeled via FOSA account. This loan is to be repaid within 48 months.
  • Jijenge loan- this loan guarantees members loan amounts that are upto 5 times their deposits whereby salaries and any other secondary income sources must be channeled through FOSA account. This loan has a loan tenure of 48 months.
  • Refinancing loan- this cosmopolitan loan can be applied within the remaining period of repayment of the major loan and the multiplying factor is as per the major loan less the loan balance.
  • Education loan- this loan guarantees members loan amounts that are upto 5 times their deposits based on the two-thirds rule. This loan is to be repaid within 18 months.
  • Emergency loan- this loan guarantees members loan amounts that are upto 5 times their deposits based on the two-thirds rule. This loan is to be repaid within 12 months.
  • Pensioner loan- this loan guarantees members loan amounts that are upto 5 times their deposits with the period of repayment set to 84 months.
  • Chama loan- this type of loan requires group minutes to be attached to the application whereby upon approval, members can access upto 4 times their chama deposits to be repaid within 40 months.
  • Biashara loan- this loan allows for collateral and loan amounts are 3 times member deposits.
  • Salary advance- targeted towards salaried individuals with salaries passing through FOSA. The repayment for salary advances is 12 months.
  • Salary-in-advance- targeted towards salaried individuals with salaries passing through FOSA. The repayment for salary advances is 1 month.
  • Pension advance- such loans require guarantors with sacco deposits and pension salaries passing through FOSA.
  • Fixed deposit advance- applicants of this loan must be holders of a fixed deposit account whereby they can be able to access a fixed deposit advance of upto Ksh300K
  • Building financing loan- this loan requires applicants to submit a 1-year bank statement upon which advanced loans are repayable within 10 years (cash members) and 15 years (employed)

3. Mobile banking: via M-Cosmo app available in the Playstore or ussd code *882# or *645# so as to access m-services once you join cosmopolitan sacco. Such services include fund withdrawals from ATM/agent/M-Pesa, airtime purchases, utility paybill options, funds transfers from either bank/sacco, QR transactions, balance inquiries, account statements, PIN reset, loan applications, loan balance inquiries & statements, loan guarantor info etc

4. Other services offered by Cosmopolitan sacco are cheque clearing, bankers cheques, ATM services, safe custodies etc

Cosmopolitan sacco Head office & contact

Cosmopolitan sacco has its main office located at:

Cosmopolitan Deposit Taking Sacco Society Ltd
P.O.Box 1931,
Nakuru.
Mobile No: 0722388616
Email: customerservice@cosmopolitansacco.co.ke

Cosmopolitan sacco branches & contact

Branch NameLocationContacts
Molo branchMolo-Olenguruone Rd next to Mitindo hardware
Naivasha branchJonka building, Biashara street
Bahati branchOpposite Bahati stadium, next to district HQ
Subukia branchAlong Nyahururu Rd, Komothai building opposite Kobil petrol station
Narok branchMau-Narok Rd next to Naivs supermarket

How To Join Cosmopolitan Sacco And Become A Member

Individual(s) or groups whose members are above the ages of 18 years and above are free to join cosmopolitan sacco by filling in the relevant forms, attaching the various verification documents and paying the required fees.

There are three classes with which one can join cosmopolitan sacco i.e class A, B or C

For class A membership, one is required to fill in the class A membership form which requires details such as;

  • Applicant’s details; name, ID number, date of birth, gender, mobile number, postal address/code/town, email address, county/sub-county/ward/residential physical address, referrer details and next of kin details .
  • Employment details; employer & employer address, designation, category, workstation, payroll number, terms of service and retirement age.
  • Account type to be opened i.e savings/salary, child, christmas, holiday etc as well as additional services such as ATM card, ATP book or M-banking services.
  • Attach copy of ID card and payslip/introduction/appointment letter.
  • Passport photograph to be taken
  • Payment of Ksh500 as registration fee.

For class B membership, one is required to fill in the class B membership form requiring the below details:

  • Applicant’s details; name, ID number, date of birth, gender, mobile number, postal address/code/town, email address, county/sub-county/ward/residential physical address, referrer details and next of kin detail.
  • Business details; business name, nature & location, trade license number & business date in addition to approximate monthly income.
  • Account type to be opened i.e savings/salary, child, christmas, holiday etc as well as additional services such as ATM card, ATP book or M-banking services.
  • Attach copy of ID card and trade license.
  • Passport photograph to be taken
  • Payment of Ksh1,000 as registration fee.

For class C membership, one is required to fill in the class C membership form requiring the below details:

  • Applicant’s details; account title, postal address/code/town, full names of signatories, their dates of birth, ID numbers, phone numbers, designations, county/sub-county/ward/residential physical address, referrer details and next of kin detail.
  • Account type to be opened i.e savings/salary, child, christmas, holiday etc as well as additional services such as ATM card, ATP book or M-banking services.
  • Attach copy of signatories ID cards
  • Passport photographs to be taken.


Categories: Cosmopolitan Sacco

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