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Waumini Sacco Society Limited – Loans, Membership Contacts, Jobs and More

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Waumini Sacco Society Ltd

Waumini Sacco Description

Waumini Sacco  is a Savings and Credit Co-operative Society Limited 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. The Sacco draws its membership from Employees of Catholic organizations in Kenya.The Sacco Currently has over 9,500 members drawn from over 500 Catholic organizations in the 26 Catholic Dioceses in Kenya.Management is composed of the ADM, Board of Directors, Supervisory Committee and the Sacco Secretariat’s Departmental managers.

Waumini Sacco Society Limited Objectives

  • To receive deposits and advance loans to our members
  • To promote economic and social development by availing affordable credit to our members
  • To continuously educate members on cooperative and economic development

Waumini Sacco Society Limited Principles

  • Corporate social responsibility the Society shall give top priority to environmental protection in all its areas of operations.
  • Contribute to national Vision based on the country of operation.

Waumini Sacco Society Limited Core Values

a) Competence

b) Team work

Exciting Articles

c) Prudent management/ Servant leadership

d) Just and Fair

e) Transparency and accountability

f) Innovation and creativity: Continuous value addition:

g) Customer care

h) Honesty & integrity

Waumini Sacco Society Limited Vision

“To be a leading financial institution in East Africa region.”

Waumini Sacco Society Limited Mission

Extensively mobilize resources to provide customer driven products and services in a prudent manner based on Christian values and principles

Waumini Sacco Society Limited Membership

We thank you for your interest in becoming a member of Waumini Savings & Credit Cooperative Society Limited.

When you become a member and contribute regularly to your Main Savings Account, you can enjoy the benefits this Sacco provides to you.

The opportunity to own property, qualify for a loan, participate in Sacco investments or simply save to grow your money are some of the benefits you will enjoy.

As a member, you can apply and qualify for a loan – personal, emergency, development, Jaza, bridging facility, land purchase, of up-to three times (3x) your Sacco savings.

Waumini Sacco Interest Rates: The interest rates are fixed and are charged on reducing balance.

Waumini Sacco Repayment Period: 1 month to 60 months depending on the type of loan. No penalty is charged if you opt to repay the loan faster.

You can be a member by simply downloading the form fill it and send to our offices or Simply FILL the Online Application Form and Submit online.

Waumini Sacco Society Limited Deposits

Waumini BOSA has Deposits as its savings product.

With Deposit, A member is allowed to save a minimum of Kshs. 500/-. The Deposits earn interest come the end of the year.

When a member applies for a loan, the deposit is used as a 3 times multiplier for the loan.

Waumini Sacco Society Limited Loans

Waumini Sacco Development  Loan

Details coming shortly…

Waumini Sacco Society Limited Emergency and School Loans

The Purpose of this loan is to help members meet costs of school fees or unexpected emergencies which shall include but not limited to hospital bills, school fees, funeral expenses, court fines and any other urgent and unforeseen circumstance(s) beyond the member’s control.

  1. The loan is repayable within a period not exceeding twelve (12) months.
  2. Interest charged at 1% per month on reducing balance method.
  3. Maximum amount shall be determined by member’s deposits and ability to pay.
  4. The loan shall be appraised and processed instantly without convening Loans Approval Committee meeting.
  5. The loan must be fully guaranteed and guarantors’ deposits or collateral provide must cover the amount applied without considering the member’s deposits.

Waumini Sacco Society Limited Instant Loan

  1. Members who are eligible for instant loans are those who channel their salary through FOSA. A member must have channeled his/her salary through FOSA for a minimum of three (3) months. Application shall be accompanied by two most recent payslips
  2. Loan shall be fully guaranteed by eligible guarantors or fixed deposits
  3. Repayment period shall be 6 months or as may be determined from time to time
  4. The interest rate is 10% upfront
  5. Maximum loan amount is up to two (2) times of net salary.

Waumini Sacco Society Limited Jaza Facility

This loan facility targets members in need of more financing but limited by the amount of savings and require enhancing their savings in-order to qualify for bigger loan

The following are the conditions to qualify;

  1. The member shall compute the amount of money required and subtract three times the existing savings
  2. The member shall then divide this difference by three in order to capture the extra top up required on the savings in order to qualify, and apply for this loan.
  3. The extra top up above shall then be lumped together with the amount of money required and the total shall be the amount of loan application.
  4. Jaza deposits shall not exceed a third of the deposits one has saved.
  5. Amount contributed in cash that has not stayed in the Society for six months shall not qualify for Jaza facility regardless of whether it is within 1/3 of a member’s salary
  6. Member must have attained membership period of 6 months to qualify.
  7. A Jaza levy of 15% payable upfront shall be charged.
  8. The minimum amount of Jaza deposits shall be Kshs. 5,000/= and a maximum of Kshs. 300,000/=.
  9. Jaza deposits can only be granted once a year to a member.

Waumini Sacco Society Limited Bridging Facility

This facility enables a member to apply for a loan to offset an existing loan and the balance paid to the member. A member can bridge more than one loan at a time. The loans being bridged must meet the following criteria:-

  1. The applicant should specify on the loan application form which loan(s) he/she intends to bridge.
  2. Any loan bridged must be bridged in full. Part bridging of a loan shall not be allowed.
  3. A bridging levy of 6% on the outstanding loan balance shall be charged, subject to a minimum of Kshs. 500/-. Where more than one loan is bridged, the levy shall be calculated separately and not on the total outstanding loan being bridged.
  4. A bridging loan can be either emergency/School fees or development loan depending on the urgency and repayment period specified by the applicant.
  5. No defaulted loan shall be bridged.

Waumini Sacco Society Limited Mazao Loan

Members who are eligible for Mazao loan are those who earned dividends in the previous year.

  1. This loan is based on the amount of previous year’s dividends.
  2. The member must have earned dividends of Kshs 2,000/= and above in the previous year.
  3. This loan is computed at 75% of the amount of previous year’s dividends.
  4. The loan is secured by the member’s next year dividends and deposits.
  5. Repayment period shall be 6 months or to be recovered once from succeed year’s dividends.
  6. The interest shall be charged at 10% of the amount approved and payable upfront.

Waumini Sacco Society Limited FOSA

Waumini Sacco Society Limited Corporate Institutions Account

Details Coming Shortly…

Waumini Sacco Society Limited Celeb Account

This is to enable customers to open and save for specific purposes. E.g Christmas, Easter, Valentine, Weddings etc.

Features and benefits

  1. Account opening fee is Kshs. 200
  2. Minimum operating balance is Kshs. 200
  3. Interest earning balance is Kshs. 2,000
  4. Statements to be sent twice a year
  5. Can be used as a security for salary advances for those limited by deposits
  6. Withdrawal will be done 2 days before maturity day.
  7. No ledger fees

Waumini Sacco Society Limited Junior Account

The product instills a savings culture in your child, enables you to plan for the future of your children.

Features and benefits:

  1. No ledger fees
  2. Opening balance – Kshs. 500/=
  3. Minimum operating balance – Kshs. 500/=
  4. Minimum interest earning balance – Kshs. 5,000/=
  5. Free internal standing order
  6. Bankers cheque at only Kshs. 100/=
  7. On reaching the age of 18yrs, the account holder can be enrolled to become a member of the sacco

Waumini Sacco Society Limited Prime Savings Account

This is a convenient account that serves all purposes & assists you to accumulate savings, access BOSA loans, process FOSA loans and transact any other ordinary banking business.

Features and benefits:

  1. No opening balance required
  2. No ledger fees
  3. Minimum operating balance- Kshs. 1000/= only
  4. Easy access to your money from anywhere in the world through ATM Visa card
  5. Very competitive interest rates offered
  6. Minimum interest earning balance – Kshs. 5,000

Waumini Sacco Society Limited Fixed Deposit Account

An investment account that helps you plan ahead and take advantage of the best opportunities and best interest rates in the financial market.

Features and benefits:

  1. Minimum start up deposit Kshs. 30,000/=
  2. Minimum interest crediting period – 3 months
  3. Very attractive interest rates offered
  4. Open to re-investment at revised rates
  5. May be used to secure FOSA loans

Waumini Sacco Society Limited Young Investors Account:

This is for siblings of members who are above 18 years (between 18 – 25 years) to help them develop a culture of saving.

Features and benefits

  1. Minimum account balance is Kshs. 100
  2. No operating balance
  3. No ledger fees
  4. Withdrawals restricted to three times a year.
  5. Alerts on approved upcoming youth events
  6. Invitation to participate in youth financial, investment forums and career developments.

Waumini Sacco Society Limited Joint Accounts

Details Coming Shortly…

Waumini Sacco Society Limited Jobs

Waumini Sacco Society is a National fast growing Sacco based in Nairobi with a membership of over 18,000 spread across Kenya. The Sacco is registered by the Sacco Regulatory Body – SASRA. To find a list of Waumini Sacco Jobs Visit their website here

Waumini Sacco Society Limited Contacts

For More information contact Waumini Sacco at …

Physical Address: Chiromo, Nairobi
P.o Box:66121-00800, Westlands
Tel: 0204441708, 0204441738

City: Nairobi