Mwito Sacco is a renowned nationwide deposit-taking Sacco established in 1979 under the Co-operative Societies Act Cap 490 of the Laws of Kenya. It was founded with a clear mission: to promote savings and provide affordable, diversified, and timely credit facilities to its members. Over the years, the Sacco has grown in both reach and reputation, currently boasting a membership of over 8,104 actively contributing individuals. Mwito Sacco is regulated by the Sacco Societies Regulatory Authority (SASRA), ensuring transparency and accountability in its operations.
Mwito Sacco Membership Eligibility
Mwito Sacco prides itself on its inclusivity, opening its doors to individuals from various sectors of the Kenyan economy. While its membership is open to all, the Sacco primarily draws its members from the following groups:
- Kenya Wildlife and Tourism Sectors: Employees working in the wildlife and tourism industries are eligible to join the Sacco.
- Kenya Marines: Individuals working within the marine sector in Kenya are encouraged to become members.
- Fisheries Research Institute: Employees of institutions involved in fisheries research and related activities.
- Private Companies: Individuals employed in private companies across various industries can also join.
- Business People: Entrepreneurs and business owners are welcomed as members to access the Sacco’s diverse financial services.
- County Governments: Employees working within the county government structures are eligible.
- State Commissions: Members of state commissions and similar governmental bodies can also benefit from the Sacco’s offerings.
With this diverse range of sectors represented, Mwito Sacco has become a trusted financial partner for both individuals and groups seeking to improve their economic well-being through structured savings and affordable credit.
Mwito Sacco Membership Requirements
To become a member of Mwito Sacco, individuals must meet the following requirements:
- Dully Filled Membership Form: Prospective members are required to fill out an application form, which can be obtained from the Sacco’s office or downloaded from their website.
- Copy of National ID or Passport: A valid copy of the applicant’s National ID or passport is needed for identification purposes.
- KRA PIN: The applicant must provide their Kenya Revenue Authority (KRA) Personal Identification Number (PIN).
- Two Passport-size Photos: Two recent passport-sized photographs are required to complete the membership process.
- Membership and Share Capital Fees: A joining fee of Kshs 1,000 is required, along with a share capital contribution of Kshs 20,000. The share capital can be paid gradually, making it easier for new members to join without financial strain.
Benefits of Membership
Mwito Sacco offers its members several benefits, making it an attractive choice for anyone looking to save and access credit at affordable rates. Some of the key advantages include:
- Affordable Credit Products: Members can access credit facilities at highly competitive rates, with interest as low as 1% per month.
- Dividends and Interest: Members receive dividends and interest on their deposits, providing an extra financial boost from their savings and investments.
- Electoral Influence: Members have the power to influence the decision-making process within the Sacco through the democratic electoral process, ensuring their voices are heard.
- Exemplary Services: Mwito Sacco provides both onsite and online services, ensuring members receive the support they need, whether in person or remotely.
- Convenient Access: Members can easily access their accounts through the FOSA Sacco Link card and the M-Mwito mobile banking solution, making it convenient to manage funds from anywhere.
Mwito Sacco Products & Services
Mwito Sacco provides a comprehensive range of financial products and services under two main categories: BOSA (Back Office Services Activity) and FOSA (Front Office Services Activity).
BOSA Products:
- Development Loan: Ideal for members looking to fund long-term projects such as buying property, building homes, or business expansion.
- Top Up Loan: Provides additional funds for members who have existing loans but need extra financial support.
- Manufaa Loan: A loan product that offers flexible terms to members for personal or business development.
- Emergency Loan: Fast-access funds for unexpected emergencies.
- School Fees Loan: Tailored for members who need financing to cover school fees for their children.
- College/University Loan: Supports members with higher education financing for themselves or their dependents.
- Karibu Loan: A special loan designed for new members as they start their journey with the Sacco.
- Instant Loan: Quick loans to cater to immediate financial needs.
- Group Account (Chama): Mwito Sacco supports group savings and credit through Chama accounts, allowing small groups to save and access loans collectively.
FOSA Products:
- FOSA Savings Account: A standard savings account for easy deposits and withdrawals.
- Children’s Account (Mtoto Account): Aimed at helping parents and guardians save for their children’s future.
- Group Account: Facilitates savings and transactions for groups such as chamas and investment clubs.
- Sacco Link 360: Provides seamless integration between the Sacco’s services and other banking services, allowing members to transact easily.
- Holiday Savings Account: Designed for members looking to save in advance for holidays or special occasions.
- Education Savings Account: Enables members to save specifically for educational expenses.
- Salary in Advance: Members can access a portion of their salaries in advance through this facility.
- FOSA Advance: Provides short-term credit for immediate financial needs.
FOSA Services:
Mwito Sacco’s FOSA offers additional services to its members, including:
- Clearing of Third-party Cheques: Members can have third-party cheques cleared through the Sacco’s banking network.
- Salary Processing: Immediate salary processing is available for members upon receipt of cheques.
- Loan Disbursement: Member loans are processed and disbursed promptly.
- ATM Cards: In partnership with Co-operative Bank, members can access ATM services nationwide.
- Standing Orders: Members can set up standing orders for regular payments.
- Banker’s Cheques: The Sacco offers sale of banker’s cheques through its partnership with Co-operative Bank.
- Safe Custody Services: Members can store valuable documents safely with the Sacco.
Mwito Sacco Contacts
For more information or to begin the membership application process, Mwito Sacco can be reached at:
- Location: Ngara Estate, Next to Kenya Institute of Curriculum Development, Nairobi.
- Contacts: 0713 786 028 / 0715 555 390.
Mwito Sacco remains a pillar in the cooperative movement in Kenya, offering accessible and affordable financial services to a broad cross-section of members from different sectors. With its wide range of products and services, it continues to empower its members economically while fostering a culture of savings and investment.
