Wanandege Savings and Credit Cooperative Society was formed on the 22nd of June 1977 by employees of Kenya Airways Limited. The name ‘Wanandege’ is a Swahili word that loosely means “members of the airplane”. However, the Sacco has significantly grown over the last decades to attract individuals from different institutions across the country.
The main reason for forming Wanandege Sacco by members of the Aviation industry was to help its members and the larger business community create an avenue to save and acquire affordable loans for personal developments. Apart from the loans helping members in times of emergencies, they also help members with education and general life developments.
Besides getting licensed under the Sacco Societies Act, is also supervised and regulated by the Sacco Societies Regulatory Authority, (SASRA)
How to Join Wanandege Sacco
Wanandege Saccos membership has continued to grow across all the economic sectors. The following are some of the necessities and procedures;
a) Purchase Share Capital
Share Capital refers to a non-refundable share capital payable once upon joining a Sacco. The amount can be paid in one bunch or in instalments. In Wanandege Sacco, the amount is Ksh10,000. The amount not only earns you an annual dividend but it also grants you the right to become a shareholder in the Sacco.
As stated, share capital is non-refundable even when you decide to leave the Sacco. However, you can transfer your share to another Sacco member.
b) Pay the Entrance Fee
Wanandege Sacco charges an entrance fee amounting to Ksh2,000 to help in processing your membership and demonstrate your commitment to joining the Sacco. The amount is payable once and is non-refundable even if your membership fails to go through.
c) Make the Monthly Contribution
To qualify for loans, you will remit monthly savings amounting to Ksh2,000. The amount of loans you can access is always determined by the amount you have in savings. The more you save the much you can borrow. Though it depends on an individual Sacco, in most cases the loan is three times your savings.
The loans are the major reasons why people join Saccos, to be able to finance their development agendas. The good news is that the savings are always refundable when you decide to leave the Sacco.
d) Fill Membership Form
Actually, the membership form is the beginning of the membership application as it provides some of the essential information needed for membership. Information such as where you are staying, your email address, full official names, and phone number, among other things. The form is available in either hard copy from the Saccos branches or is downloadable from the online portal.
e) Original National ID and Passport Photo
You should attach an original national identification card with identification and validation of your membership. Also, a copy of the passport size photograph is needed and should be attached to the application form for your membership profile and the Sacco’s identification card.
f) KRA Pin
Your Kenya Revenue Authority pin is also important for tracking your tax obligations. It helps you stay on the right with the tax authorities. The Sacco might need it for reconciling your annual taxes as required by the tax authorities.
Wanandege is one of those Saccos that boost thrives in integrity, professionalism, focus on members, and reliance on ethics. The Sacco is democratically controlled, the membership is voluntary, and there are always educational avenues and access to credible information needed by members for development purposes.
Joining Wanandege Sacco provides you with opportunities for personal financial development and freedom as you save and access flexible and reliable loans. Being that the Sacco has extended its membership to include individuals from different sectors have opened development and economic empowerment opportunities to many people.
Categories: Wanandege Sacco