Wakulima Commercial Sacco, formerly known as Wakulima Dairy Sacco Limited, was established on 24th September 2003 under the Ministry of Co-operative Development and Marketing. Initially formed to offer financial assistance to dairy farmers in the Mukurwe-ini region, the Sacco has since evolved into a financial institution serving a broader membership. With over 15,000 active members and an asset base of Kshs 0.84 billion, Wakulima Commercial Sacco strives to be the leading financial institution in its region.
The Sacco offers a wide range of financial products and services aimed at helping members achieve economic growth and financial security.
Wakulima Commercial Sacco Membership Eligibility
Membership at Wakulima Commercial Sacco is open to individuals from diverse sectors of the economy. The main categories of eligible members include:
- Dairy farmers: The Sacco was initially formed to serve this group and continues to provide tailored financial solutions to dairy farmers.
- Coffee farmers: Agricultural workers in the coffee industry are also a major part of the Sacco’s membership base.
- Salaried individuals: Those in formal employment can join the Sacco to access savings and credit services.
- Other sectors of the economy: The Sacco welcomes members from various industries, extending its financial services to business owners, entrepreneurs, and individuals outside of agriculture.
Wakulima Commercial Sacco Membership Requirements
To become a member of Wakulima Commercial Sacco, applicants must fulfill the following conditions:
- Duly filled membership application form: This form can be downloaded from the Sacco’s website or obtained at the Sacco office.
- Copy of identification document: Applicants need to provide a valid ID for verification purposes.
- Two passport-sized photos: These are required for membership documentation.
- Kshs 200 account activation fee: A small fee to activate a savings account with the Sacco.
- KRA PIN certificate: Required for tax compliance purposes.
- Active savings account: Members are expected to open and maintain an active savings account.
- Kshs 200 shares registration fee: This fee is necessary to register as a shareholder within the Sacco.
- Purchase a minimum of Kshs 50 nominal shares, valued at Kshs 100 each: This is a vital part of becoming a co-owner of the Sacco.
- At least one referee: Applicants must provide a referee who can vouch for their suitability as members.
Wakulima Commercial Sacco Products
Wakulima Commercial Sacco provides a variety of financial products, including accounts and loans tailored to meet the needs of its members.
1. Accounts:
- Savings Account: The primary account for members to deposit and grow their savings.
- Group Account: Designed for investment groups and chamas looking for a safe place to pool their resources.
- Junior Account: A savings account aimed at helping parents save for their children’s future.
- Fixed Deposit Account: For members looking to invest their savings over a fixed period while earning interest.
- Business Current Account: This account caters to business owners, offering flexible access to their funds for operational needs.
2. Loans:
- Agricultural Loans:
- Dairy Loan: Tailored for dairy farmers to help them invest in their dairy businesses.
- Kilimo Bora Loan: Designed to support various agricultural ventures.
- Mazingira Bora Loan: Focuses on environmentally friendly farming practices.
- Fanikisha Kahawa Loan: Aimed at coffee farmers to improve and expand their coffee farming operations.
- Business Loans:
- Development Loan: A long-term loan to support members’ development projects.
- Imarika Loan: Helps entrepreneurs and business owners grow their businesses.
- Jijenge Imara Loan: Another loan product for business expansion.
- Institutional Loan: Tailored for institutions in need of financial assistance.
- Insurance Premium Loan: For members who require financial assistance to pay for insurance premiums.
- Micro-finance Loan: Provides small-scale loans to help entrepreneurs grow their ventures.
- Emergency Loan: Designed for unforeseen circumstances that require immediate financial intervention.
- Salary Loan: A loan for salaried individuals to access funds against their future earnings.
- School Fees Loan: A special loan for parents to manage school-related expenses.
Services
Wakulima Commercial Sacco offers several convenient services that make it easier for members to manage their finances.
1. Wakulima Fastcash:
This service allows active members to access their Sacco services via their mobile phones. Members can check balances, make payments, and perform transactions from the comfort of their homes.
2. Mobile Deposit:
Members can deposit money directly into their Sacco accounts using Mpesa paybill number 7082099, making saving more convenient and accessible.
3. Wandasa Insurance:
In partnership with Wadasa Insurance Agency, Wakulima Commercial Sacco provides a variety of insurance solutions tailored to meet the needs of its members, ensuring they are covered for various risks.
4. Saccolink ATM Services:
The Sacco has partnered with Co-operative Bank to provide ATM services to its members. Through Saccolink, members can perform several transactions, including:
- Cash withdrawals.
- Cash deposits.
- Balance enquiries.
- Utility payments.
- Mini-statements.
Wakulima Commercial Sacco Contacts
The Sacco’s head office is located in Mukurwe-ini, where members can get in touch for any inquiries or assistance:
- Address: Wakulima Building, Mukurwe-ini.
- Contact: 0700 146 398.
Wakulima Commercial Sacco continues to empower its members by offering innovative financial solutions that promote economic growth and stability across the region. Whether you’re a farmer, salaried employee, or entrepreneur, the Sacco provides products and services that cater to your financial needs.
