This article focuses on the membership eligibility and requirements for Kenversity Sacco, one of Kenya’s premier Savings & Credit Co-operative Societies. Founded in 1976, Kenversity Sacco initially catered to members from Kenyatta University but has since expanded its reach across the entire country. Today, the Sacco boasts a membership of over 8,000 and an asset base of Ksh 3.54 billion. The Sacco offers various loan and savings products, making it an essential financial institution for many Kenyans both locally and abroad.
Kenversity Sacco Membership Eligibility & Requirements
Kenversity Sacco membership is open to all Kenyan nationals, whether residing in the country or abroad. The process for joining is simple and includes both individual and group membership categories.
For Individual Membership:
- Complete Membership Application Form: The form can be downloaded from the Sacco’s website or collected at their offices.
- Provide a Copy of ID or Valid Passport: This is to verify your identity.
- Submit Two Passport Photos: Required for identification and Sacco records.
- Attach Appointment Letter from Employer: If employed, this letter confirms your employment status.
- Pay an Entrance Fee of Kshs 1,000: This one-time, non-refundable fee is required for registration.
Once the application is completed and the necessary documents submitted, new members can begin enjoying the wide range of financial services offered by Kenversity Sacco.
Kenversity Sacco Membership Classes
Kenversity Sacco provides different membership categories tailored to meet the needs of various individuals based on their employment status, financial standing, or business operations. These membership classes include:
1. Platinum-A
- Loan Access Without Physical Collateral: Members in this class can apply for loans without needing to provide physical collateral or security.
- Voting Rights: Platinum-A members have the right to vote during the Sacco’s elections.
- Eligibility for Elective Positions: These members can also vie for elective positions within the Sacco’s leadership.
- Who Can Join: Members under this class are typically employees on a permanent and pensionable basis or those on contract employment for two years or more.
2. Platinum-B
- Shorter-Term Contracts: This class is for members with contracts of less than two years but more than six months.
- Loan Access: Members enjoy access to loans and other Sacco benefits.
- Limited Elective Rights: Platinum-B members have voting rights but cannot vie for elective positions within the Sacco.
3. Gold
- Eligibility Based on Account Operations: Gold members are individuals who operate specific accounts, such as fixed deposit or business accounts, or those who regularly use the Sacco’s products.
- Loan Appraisal Based on Business: Loan applications are assessed based on the member’s account activity and business operations rather than a formal salary.
- Collateral for Loans: Gold members sign a contract with the Sacco allowing for attachment of personal property (collateral), which can be used as security in the event of a loan default.
- Voting Rights: Members in this class have voting rights but are not eligible to be elected for leadership roles.
4. Diamond
- Organised Group Membership: Diamond members are groups of individuals from institutions that operate under a check-off system but with employment contracts lasting six months or less.
- Registered Groups: Diamond members must belong to groups that are registered with the relevant government authorities.
- Group Dynamics: These groups operate as organized entities, and their membership terms are updated as per Sacco guidelines.
Kenversity Sacco Contacts
To learn more about Kenversity Sacco or to start your membership journey, you can visit their office or contact them directly.
- Main Branch: Kahawa Sukari Avenue, Behind Quickmart Supermarket, Nairobi.
- Contacts: 0715 114 454 / 020 800 2371/2
Kenversity Sacco offers a diverse range of financial products and services designed to empower its members and help them achieve their financial goals. Whether you’re seeking affordable loans, competitive savings plans, or investment opportunities, the Sacco has a membership category that suits your needs. Joining is simple, and with options for both individuals and groups, Kenversity Sacco remains committed to its mission of fostering financial growth and stability across Kenya.
