Washa Sacco, founded on 8th January 1981, has grown significantly from its humble beginnings to a thriving cooperative with over 1,600 members. These members come from various sectors and institutions, reflecting the Sacco’s commitment to empowering diverse communities by offering savings and loan opportunities. Washa Sacco was established with the primary goal of providing members with the means to save money and access loans for productive purposes.
Washa Sacco Membership Eligibility
Washa Sacco opens its doors to a broad range of individuals and organizations, making it a versatile financial partner for the following groups:
- Employees from Aga Khan and affiliated companies
- County government employees
- Employees from private companies
- Business owners and SMEs
- Registered groups
- Welfare organizations and chamas
This diverse membership pool ensures that individuals from different walks of life can benefit from the financial services offered by the Sacco.
Washa Sacco Membership Requirements
To join Washa Sacco, interested individuals must meet the following criteria:
- Duly filled entrance form: This form can be obtained from the Sacco’s offices or online.
- National ID copy: A valid identification document is required for registration.
- KRA PIN: Applicants need to provide their Kenya Revenue Authority PIN for tax compliance.
- Entrance fee of Kshs 1,000: A one-time registration fee required to complete the membership process.
Washa Sacco Products
Washa Sacco offers a variety of financial products, categorized under FOSA Loans, BOSA Loans, and Savings Products.
(a) FOSA Loans
- IDD/Christmas Loan:
- Processing time: 24 hours.
- Repayment period: 6 months.
- Maximum amount: Kshs 20,000.
- Express Loan:
- Processing time: 7 days.
- Repayment period: 18 months.
- Maximum amount: Kshs 200,000.
- Special Express Loan:
- Processing time: 7 days.
- Repayment period: 12 months.
- Maximum amount: Kshs 100,000.
- Salary Advance:
- Processed instantly.
- Repayment at the end of the month.
- Maximum amount is 50% of net salary.
- SOS Loan:
- Processing time: 24 hours.
- Repayment period: 3 months.
- Maximum amount based on net salary.
- Development Loan:
- Processing time: 7 days.
- Repayment period: 30 months.
- Loan amount: Kshs 100,000 – 500,000.
- Major Loan:
- Processing time: 7 days.
- Repayment period: 36 months.
- Loan amount: Kshs 500,000 – 1,000,000.
- Bebabeba Loan:
- Processing time: 7 days.
- Repayment period: 6 months.
- Maximum amount: Kshs 100,000.
- Overdraft:
- Repayment at the end of the month.
- Available based on net salary.
- Biashara Loan:
- Processing time: 7 days.
- Repayment period: 12 months.
- Maximum loan amount: Kshs 200,000.
(b) BOSA Loans
- Instant Loan:
- Processing time: 24 hours.
- Repayment period: 3 months.
- Maximum amount: Kshs 20,000.
- Special Instant Loan:
- Processing time: 24 hours.
- Repayment period: 4 months.
- Maximum amount: Kshs 50,000.
- Emergency Loan:
- Processing time: 24 hours.
- Repayment period: 12 months.
- Maximum amount: Kshs 500,000.
- School Fees Loan:
- Processing time: 48 hours.
- Repayment period: 12 months.
- Maximum amount: Kshs 500,000.
- Normal Loan:
- Processing time: 14 days.
- Repayment period: 60-72 months.
- Loan limit: Up to 3 times the member’s deposit.
- Inua Loan:
- Processing time: 24 hours.
- Repayment period: 6 months.
- Maximum amount: Kshs 100,000.
- Fanikisha Loan:
- Processing time: 24 hours.
- Repayment period: 24 months.
- Maximum amount: Kshs 500,000.
(c) Savings Products
- Ordinary Savings Account:
- No ledger fees and no minimum balance.
- Access to credit facilities and salary processing.
- Fanikisha Savings Account:
- No ledger fees or minimum balance.
- Access to mobile banking and ATM services.
- Group/Welfare/Chama Savings Account:
- No ledger fees or minimum balance.
- Withdrawals only permitted by group officials.
- Junior Savings Account:
- No ledger fees.
- Minimum balance of Kshs 500.
- Fixed Deposit Account:
- Minimum deposit of Kshs 40,000.
- Flexible durations of 3, 6, 9, and 12 months.
- 9% interest per annum and guaranteed returns.
Washa Sacco Contacts
For more information or to join Washa Sacco, visit their offices or contact them through the following:
- Location: Ralli House, 3rd Floor, Nyerere Avenue, Opposite Biashara Building, Mombasa.
- Phone: 0797 690 900 / 0732 525 224.
Washa Sacco continues to grow its financial portfolio and provide its members with essential savings and loan products, making it a trusted partner for individuals and businesses alike.
