Sacco Information And Reviews.
Waumini Sacco is a credit and savings cooperative that was founded in 1980. Under the visionary leadership of the Catholic church, their membership has grown to over 30,000 members culminating from the Catholic Faith and past and present employees of Catholic institutions.
Waumini Sacco is also a member of KUSSCO alongside middle-tier Sacco leaders such as Imarisha, Nyati and Mhasbu Sacco. A simple dive through the socials hail them as a great Sacco to join for long term projects like housing. Rating 5/10 as expectations and reality do not align.
What Do We Know About Waumini Sacco?
‘Waumini’ is a Swahili term for believers. Waumini Sacco is the brainchild of the Catholic church and mainly targets people who are members of their congregation. The financial foundation of Waumini Sacco is solid with its mission and core values based on affording its members economic and social development within the lines of integrity.
What Products does Waumini Sacco Offer, and what is it Best Known for?
Their Fosa and Bosa services are well packaged and carry repayment periods of 180 months. The Saccos products have the usual Sacco developments that cater to Salary advances, chamas, building and construction, plus asset financing.
BOSA savings: Like Sheria Sacco, this product carries a burial benevolent fund of Ksh.50 monthly. Other costs are monthly deposits of Ksh.300 and minimum share capital of Ksh.15,000
Waumini Saccos’ best know product is their Mjengo loan &Asset financing. This products’ features are unmatched in regard to the repayment period. That is:-
- Maximum repayment period of 15 years.
- Ksh.3,000,000 maximum loan amount.
- Interest at 14% p.a on a reducing balance
- Security is the land and the building or title deeds in which the construction is taking place.
Eligibility and requirements at Waumini Sacco
Here is what you need to join:
- An introduction letter from your institution/employer
- A form signed by a parish priest for the Catholic faithful.
- Registration fee Ksh.500
- Share Capital of Ksh15,000
- Monthly contribution deposit of Ksh.300
- Insurance risk fund contribution Ksh.50
For Corporate membership, click here.
If you would like to join Waumini Sacco online, head over to downloads, download and fill the relevant forms and drop them at their offices in Applewood building at Adams Arcade.
How Can You Get A Loan From Waumini Sacco App?
A member becomes eligible to get a loan after 6 months into joining the Sacco. The maximum loan entitlement does not exceed 4times member deposits. Also, guarantors are needed while members under payroll mustn’t exceed ⅔ of their net pay.
Loan applications must be on the serialised loan application form and submitted with ID/Valid passport and KRA pin attachment.
Where Can You Download Waumini Sacco App?
To register for mobile banking with Waumini, visit the Sacco offices and fill a form. Once registered, dial *346# to access the service to either withdraw money or pay Waumini loans via mpesa.
There is neither app availability on the Google play store nor the Apple Store.
Disbursements and Repayments at Waumini Sacco.
To make repayments via Mpesa, use the Waumini business paybill no 700100. The account number is your Sacco membership. This comes in handy when paying extra amounts outside of the payroll payment. Other options available too for this is the Msacco app and USSD.
Loan disbursement is directed to your FOSA account which one can access directly or use their mobile to access the Fosa Account and transact straight to Mpesa.
Dividends And Shares At Waumini Sacco.
Waumini Sacco dividends as of 2021 stood at an interest of 9.5%
What Unique Does Waumini Sacco Have To Offer?
2 unique features of Waumin Sacco that stand out is their scholarships for members children and their prime plots.
Pros and Cons of Waumini Sacco.
Pros: Long term repayment period of up to 180 months on their loans.
Cons: Dividends haven’t been great lately. Double digits are what their members crave.
Also, their online presence is barely visible.
How can I Contact Waumini Sacco?
Like stated earlier, if you are looking to get in touch with Waumini Sacco via Facebook, Twitter, abandon this approach as it’s a dead end.
Your best bet is to visit their offices at Applewood Adams Arcade.2nd floor, or
Try your luck as well with these contacts. 0709052000/0728606059/0734666226