Waumini Sacco is a licensed deposit taking co-operative registered in the year 1980.
It currently has over 31,000 members drawn from catholic based institutions and catholic faithful’s countrywide.
You can join the co-operative either as individual or as a corporate.
To join Waumini Sacco as an individual;
- Get a recommendation letter from a catholic institution where you work.
- If you are a catholic faithful have the application form signed by your Jumuiya Chairperson and the parish priest.
- Pay a one off membership fee of Ksh 500.
- Once a member you are required to purchase shares of Ksh 15,000 which you can pay in installments of Ksh 500.
- Pay a monthly minimum deposit of Ksh 300.
- Pay a monthly insurance risk fund of Ksh 50.
How to join Waumini Sacco as a corporate;
The corporate membership is open to all catholic institutions. To join as corporate member;
- Pay a one off membership fee of Ksh 5,000
- Buy shares worth Ksh 10,000.This amount is not withdrawable but it is transferable to an existing member.
- Attach minutes of a meeting resolving to join the co-operative.
- Get an introduction letter from a bishop or his representative of the institution.
- The application form should have specimen signatures of authorized signatures.
Waumini Sacco Loans
Below is a breakdown of the loans that the co-operative offers;
Type of loan | Interest rate (p.a) | Eligible Amount | Repayment Period |
Emergency | 12% | 100,000 | 12 months |
School Fees | 12% | 500,000 | 12 months |
Development | 12% | 4 X shares | 72 months |
Mazao | 10% | Up to 50% of previous year dividend | To be recovered with dividends |
Loan Restructuring | 13% | 4 X shares | 84 months |
Fosa | 14% | 4 X shares | 36 months |
Salary advance | 10% upfront | 1.5 times net salary | 3 months S |
Group Super flex | 20% | 5X shares | 72 months |
Mobile | 10% | 15,000 | 3 months |
Mjengo | 14% | 3,000,000 | 15 years |
Asset Financing | 14% | 60 months |
All loans must be guaranteed either by guarantors or collateral such as title deed or log book.
How do I withdraw money from Waumini sacco ?
- Dial *346# on your phone.
- If this is your first time accessing this service a start pin will be sent to you via SMS.
- Enter the start pin and you will be prompted to enter and confirm your own 4 digit pin.
- Enter your M-Sacco Pin number.
- Select the withdraw option.
- Select the account number you want to withdraw from.
- Enter the amount you want to withdraw.
- Wait for the confirmation of receipt of money from M-pesa.
How do i pay my Waumini loan ?
There are three ways you can repay your loan in the co-operative
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