Established in 1980 under the Co-operative Societies Act of Kenya, Waumini Sacco has grown to become one of the leading Savings and Credit Co-operative Societies in the country. With a membership exceeding 40,000 individuals drawn primarily from Catholic institutions across the 26 Catholic dioceses in Kenya, the Sacco plays a vital role in mobilizing savings and extending credit to its members, thereby empowering them both economically and socially. Today, Waumini Sacco boasts an impressive asset base of over Kshs 6.34 billion, positioning it among the largest deposit-taking Saccos in Kenya.
Membership Eligibility
Waumini Sacco has designed its membership to cater specifically to individuals and organizations connected to the Catholic community. The following groups are eligible to join:
- Employees of Catholic-Based Organizations: Individuals working in institutions aligned with the Catholic Church can become members, enabling them to benefit from the Sacco’s services.
- Catholic Faithful in Kenya: The Sacco is open to all practicing Catholics, providing an inclusive opportunity for them to participate in the cooperative’s financial services.
- Spouses and Children: Family members, including spouses and children of Catholic faithful and employees of Catholic-based organizations, are also eligible to join.
- Corporate Institutions and Groups/Chamas: Catholic-based organizations, groups, and chamas can apply for corporate membership, allowing them to take advantage of the Sacco’s offerings.
Membership Requirements
Individual Membership
For individuals looking to join Waumini Sacco, the following requirements must be met:
- Introduction Letter: A letter from the individual’s employer is required to confirm employment.
- Form Signed by Parish Priest: Catholic faithful must provide a form duly signed by their parish priest, verifying their membership in the Catholic Church.
- Registration Fee: A one-time registration fee of Kshs 500 is payable upon application.
- Share Capital: Members must contribute a minimum share capital of Kshs 15,000. This amount can be paid in installments of Kshs 500 monthly. It is important to note that this amount is non-refundable, but it earns dividends and is transferable upon withdrawal from membership.
- Monthly Deposit Contribution: Members are required to make a minimum monthly deposit of Kshs 500.
- Insurance Risk Fund Contribution: A monthly contribution of Kshs 100 towards the Insurance Risk Fund is also necessary.
Corporate Membership
Corporate membership at Waumini Sacco is available for Catholic-based institutions and organizations. The requirements include:
- Registration Fee: A non-refundable registration fee of Kshs 5,000 is required.
- Share Capital: Corporate members must contribute Kshs 10,000 in share capital. This amount is non-refundable but transferable to another institution or individual.
- Introduction Letter/Minutes: Organizations must submit an introduction letter or minutes from a meeting indicating a resolution to open an account.
- Recommendation Letter: A recommendation letter from a bishop, his representative, or the head of the congregation, where applicable, is required.
- Duly Filled Form: The application form must be filled out, including details of authorized signatories.
Membership Benefits
Joining Waumini Sacco comes with numerous benefits designed to enhance the financial well-being of its members. These include:
- Quick Salary/Payroll Processing: Members can enjoy efficient processing of their salaries and payrolls.
- Fast Loan Processing: The Sacco offers rapid loan processing and disbursement, ensuring members have access to funds when needed.
- Competitive Interest Rates: Waumini Sacco provides affordable and competitive interest rates for its loan products, making borrowing more manageable.
- Short Savings Period: Members can start accessing their savings after a short period of just three months.
- Flexible Repayment Terms: The Sacco offers a longer repayment period of up to five years for loans, making repayment easier for members.
Get in Touch
For more information about Waumini Sacco, interested individuals and organizations can reach out to their head office located at Applewood Adams Building, 2nd Floor, Ngong Road, Nairobi.
Contact Numbers: 0709 052 000 / 0728 606 059 / 0734 666 226.
Waumini Sacco continues to thrive as a cornerstone of financial support for the Catholic community in Kenya, encouraging savings and providing accessible credit solutions to its diverse membership. Whether you’re an individual or a corporate entity, Waumini Sacco offers a welcoming environment for those looking to improve their financial stability and security.
