How to join Waumini Sacco

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;

  1. Get a recommendation letter from a catholic institution where you work.
  2. If you are a catholic faithful have the application form signed by your Jumuiya Chairperson and the parish priest.
  3. Pay a one off membership fee of Ksh 500.
  4. Once a member you are required to purchase shares of Ksh 15,000 which you can pay in installments of Ksh 500.
  5. Pay a monthly minimum deposit of Ksh 300.
  6. 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;

  1. Pay a one off membership fee of Ksh 5,000
  2. Buy shares worth Ksh 10,000.This amount is not withdrawable but it is transferable to an existing member.
  3. Attach minutes of a meeting resolving to join the co-operative.
  4. Get an introduction letter from a bishop or his representative of the institution.
  5. 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 loanInterest rate (p.a)Eligible AmountRepayment Period
Emergency12%100,00012 months
School Fees12%500,00012 months
Development12%4 X shares72 months
Mazao 10%Up to 50% of previous year dividendTo be recovered  with dividends
Loan Restructuring13%4 X shares84 months
Fosa 14%4 X shares36 months
Salary advance10% upfront1.5 times net salary3 months S
Group Super flex20%5X shares72 months
Mobile 10%15,0003 months
Mjengo 14%3,000,00015 years
Asset Financing14% 60 months

All loans must be guaranteed either by guarantors or collateral such as title deed or log book.

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How do I withdraw money from Waumini sacco ?

  1. Dial *346# on your phone.
  2. If this is your first time accessing this service a start pin will be sent to you via SMS.
  3. Enter the start pin and you will be prompted to enter and confirm your own 4 digit pin.
  4. Enter your M-Sacco Pin number.
  5. Select the withdraw option.
  6. Select the account number you want to withdraw from.
  7. Enter the amount you want to withdraw.
  8. 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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