Below are details about Waumini Sacco, how to join the Sacco, savings products, loans, how to make payments and customer care contacts

Membership

Waumini Sacco draws its membership from Employees of Catholic based organizations and Catholic faithfuls in Kenya, their spouse’s and children, Corporate Institutions, and Groups/Chamas.

How to Join

1. An introduction letter from the institution (employer)
2. Form duly signed by the parish priest for Catholic faithful.
3. Deductions should be done as follows:-
   • Registration fee of Kshs. 500 payable once
   • Share Capital of Kshs. 15,000 which can be paid in installments of Kshs. 500 monthly (this amount while non-refundable, earns dividends and is transferable upon withdrawal of membership)
   • Minimum monthly deposit contribution of Kshs. 500
   • Monthly Insurance Risk Fund contribution of Kshs. 100

FOSA SAVINGS PRODUCTS

Fixed Deposit Account

Features

1. Minimum start up deposit from as low as Kshs. 1,000.
2. Minimum interest crediting period of 3 months.
3. Very attractive interest rates.
4. Open to re-investment at revised rates
5. Can be used to secure Fosa Loan

Pamoja Group Account

Features

1. For registered and unregistered group
2. Registration fee is KSh.2, 000
3. Share Capital of KSh. 20, 000
4. Minimum operating balance is KSh. 2, 000
5. Recommendation letter from Institution or Parish priest

Junior Account

Features

1. For Children under 18years
2. Opening balance is KSh.500
3. Requirements( Parent ID copy, birth certificate, passport photo)
4. Maximum of 3 withdrawals annually
5. Minimum interest earning balance is KSh.5,000
6. Free internal standing order
7. 3 free bankers cheques payable to the school

Prime Account

Features

1. No Account opening fee
2. Minimum balance is KSh.1,000
3. No minimum balance for salary accounts
4. Can deposit or withdraw via mobile phone

BOSA SAVINGS PRODUCTS

Deposits

• Minimum KSh. 500 monthly
• Earns interest annually

Share Capital

• Minimum of Kshs. 15,000 (can be paid in installments of Kshs. 500 monthly)
• Non- refundable
• Earns dividends annually.

Benevolent (Insurance Risk Fund)

• KSh. 100 monthly
• Covers the member only

FOSA LOAN PRODUCTS

Salary Advance

Features

1. Must have channeled salary through FOSA for at least 3months or a signed MOU from employer
2. Maximum amount is 1.5 times of net salary or average monthly deposits
3. Interest is 10% upfront
4. Maximum repayment period is 3months

Group Loan

1. Interest of 1.042% pm on reducing balance
2. Loan given 5 times cumulative group savings
3. The loan repayment period is 5 years
4. Member deposits or acceptable securities to secure a loan

Mobile Loan

FEATURES

1. Minimum Bosa Deposits of Kshs 20,000
2. Active membership of at least 6 months
3. Minimum amount that can be borrowed is Kshs 2,000 and Maximum is Kshs 15,000
4. Repayment Period is 3 months
5. Interest rate is 10% charged upfront
6. The limit to graduate /increase based on repayment record
7. A member can only have one running Waumini Cash Loan at any given time.
8. A member borrowing this loan should not have arrears in other existing Bosa and FOSA loans

TO ACCESS WAUMINI MOBILE LOAN

USSD CODE OPTION

• Dial *346# on your mobile phone and select option 8 Waumini cash and follow the prompts. If successful, the loan will be credited to your Fosa Account.

WAUMINI SACCO APP OPTION

• Open the Waumini Sacco app and under the loan options, select the type of the loan Waumini cash. Follow the prompts. If successful, the loan will be credited to your Fosa Account.

REPAYING WAUMINI MOBILE LOAN 

PAYBILL OPTION

• Go to Lipa na Mpesa paybill option
• Paybill Number is 700100
• Account Number is your Membership Number Followed by WAU e.g. 012345WAU

USSD OPTION

• Dial *346# on your phone
• Select Pay Loans Option
• Select Waumini Cash

WAUMINI SACCO APP OPTION

• Open Waumini Sacco app
• Select loans
• Select Repay Loan
• Select loan type Waumini Cash

CHECKOFF/OVER THE COUNTER OPTION

• This option is available for members who would wish that the deduction of Waumini mobile loan be submitted together with other deposits/ loan deductions through checkoff.
• The payment can also be made in Fosa over the counter.

Mjengo Loan

Features and benefits

1. Loan maximum limit Kshs. 5,000,000
2. Interest rate of 12.5% p.a
3. Deposit multiplier is 5times
4. Repayment period is 10years
5. Lending value is 70% open market price for residential/commercial land and 60% open market price for agricultural land.

FOSA Loan

Features

1. Loan given 4 times member deposits
2. Interest is 14% p.a.
3. Repayment is 36 months
4. Member must have processed salary through FOSA for at least 6months.

BOSA LOAN PRODUCTS

Emergency Loan

1. Repayable within 12 months.
2. Maximum Amount 100,000
3. Turnaround time is 12 hours
4. Must be secured by allowable securities or other members.
5. Interest rate is 1% reducing balance basis

School Fees Loan

Access up to Ksh 500,000 at favorable terms;

• Repayable within 12 months.
• Turnaround time is 12 hours
• Must be secured by allowable securities or other members.
• Interest rate is 1% reducing balance basis.

Mazao Loan

1. Up to 75% of previous year’s dividends
2. 10% interest upfront
3. Security is current year’s dividend

Loan Restructuring Product

1. The maximum limit shall be 4x one’s savings subject to the societys’ approved limit.
2. The interest chargeable shall be 13%pa
3. The extra cash shall attract a commission of 12.5%.
4. The product shall not be charged Bridging commission.
5. The term of the loan is 84 months
6. The loan will be secured by acceptable securities.
7. The applicant must have exhibited good historical background on loan repayments
8. The member to be in the company of guarantors who exhibit very good capital base and past good loan repayment.

Self-Guaranteed Loans

1. Upto 95% of deposits
2. Member must not be a guarantor
3. Interest is 1% per month on a reducing balance

Development Loan

1. A member can access Two Development loans at a time
2. Repayment period shall not exceed 72 months.
3. Interest rate chargeable shall be 12%.
4. Maximum entitlement shall be 4 times of total deposits and Shares
5. Security shall comprise the guarantors and collaterals.
6. Ability to pay within 2/3^rd of income.
7. The shares shall entitle maximum limit but will not be used to secure the loan.

TOP-UP LOAN

1. Four (4) times your Deposits less ANY existing Loan balances.
2. Interest rate of 1% per month on reducing balance.
3. The loan to be repaid within the remaining period of the original Development Loan.
4. Members to qualify for a TOP-UP loan after six months of consistent repayment of the original Development loan and WITHOUT any arrears on any loans being serviced.
5. The loan to be secured by NEW guarantors or Un-utilized value of collateral or NEW collateral

Waumini Sacco registration fee

Registration fee:Ksh500

Requirements to apply for a loan at Waumini Sacco

Loan applications must be on the original serialized loan application form duly completed. Copy of an acceptable form of identification (National ID/Valid Passport), at least three guarantors whose deposits guaranteed should be equivalent to loan amount, copies of identification cards of guarantors, two endorsed recent months payslips for employees or bank statement for faithful’s, MUST be attached to the application.

Amount of loan you can qualify for at Wamini Sacco

• The maximum loan entitlement for all loans shall not exceed four (4) times of the member’s deposits.
• FOSA credit products are also subjected to a member deposit contribution and the applicant must retain 30% of their net salary or average monthly deposits into FOSA account.

What is the maximum repayment period for a loan?

1. Emergency loans repaid by maximum period of 12 months.
2. Development loans are repaid by a maximum period of 72 months.
3. Mjengo loan repayment is 15 Years.
4. FOSA loans repayment is 36 months.

Must I have guarantors when applying for a loan?

All loans granted by the Sacco must be secured by any of the below: –

1. Guarantors in which case guarantors’ deposits MUST be equal to or more than the loan applied
2. Own deposits when loan is less/equal to deposits one who has not guaranteed any other loan could self-guarantee but have to state in writing. (95% in case of self-guarantee)
3. Land Collaterals 70% of value in urban areas and 50% for agricultural land
4. 50% market value of NSE listed shares.
5. Treasury bonds.
6. Motor Vehicle collateral up to 50% market value of a motor vehicle.

Waumini Sacco Payment methods

Waumini Sacco Mpesa Paybill Number is 700100 .You can use it to make payment or other payment methods provided below.

1. Deposits into Waumini Sacco’s bank Accounts
   • KCB
   • Waumini Sacco society ltd.
   • Sarit Center Branch.
2. Cooperative bank
   • Waumini Sacco Society ltd.
   • Westland’s Branch.
3. Equity Bank
   • Waumini Sacco Society ltd.
   • Equity Bank Westland’s, Branch
   • Account No. 0550299932764.
   • Members must indicate their membership numbers.
4. M-pesa

Select Safaricom from the main menu

Select Mpesa

Go to Pay Bill

Enter Waumini business No. as 700100

Enter Account no. which is Sacco membership no. followed by the transaction Code e.g., 12345D for deposit or 12345DL for development loan.

The Transaction code are D-Deposit, S-Share Capital, Loans DL–Development, RES–Restructuring, SEL-Self guaranteed, LOY–Loyalty EL-Emergency, INST-Instant, CHP – chapaa, WAU –

Enter MPESA pin and Transmit wait for confirmation.

5. Equitel

Open Equitel app(Must be having Equity bank account)

Pay bill Number (Enter No. 700100- Waumini Sacco name will be shown)

Enter Bill Account Number (Member to put their members numbers)

Enter amount and PIN to complete the transactions.

6.  Direct Cash /Cheque deposits in Waumini Sacco- Fosa bank in Westlands and Nakuru Branch

How to join Waumini Housing cooperative

Waumini Sacco members are eligible to join upon acquiring full registration which entails a registration fee of KES. 1,000 and purchase a minimum of 300 shares valued at KES. 100 each; totaling to KES. 30,000.00. Registration forms can be accessed from all our outlets, i.e., Head Office in Apple Wood Adams, Adams Arcade, Westlands Branch, Kisii and Nakuru Branches and Rongai Liaison office.

How fast does it take to issue/replace lost/renew expired ATM

1. A lost ATM should be reported immediately.
2. Replacing card takes about 3 weeks.
3. Replacing pin mailers takes 1 (one) week

How much can one access through M-sacco per day and what are the charges?

• The Limit is based on Mpesa holding limit currently KES.299,999.  Charges are in KES per transaction.

Waumini Sacco Branches and contacts

    MERU LIASON OFFICE

Phone:0709 052 000

Email: info@wauminisacco.com

Location:Applewood Adams building, 2nd Flr, Opp. Green House, Ngong road

Postal Address:P.O BOX 66121-00800, WESTLANDS, NAIROBI

Westlands Branch

Phone:0719 823 889

Email: westlands@wauminisacco.com

Location:Waumini House Ground floor

Postal Address:P.O Box 66121-00800 Nairobi

Kisii Branch

Phone:0734 257 394

Email:kisii@wauminisacco.com

Location: Waumini Plaza 2nd Floor

Postal Address: P.O Box 3157-40200 Kisii, Along Kisumu Road.

Nakuru Branch

Phone

    0706 579 356

    0780 555 907

Email:nakuru@wauminisacco.com

Location:Assumption Centre, Ground Floor, Next to CDN Plaza.

Postal Address:P.O Box 18943-20100 Nakuru

Mombasa Branch

Phone:0732 902 096

Email:mombasa@wauminisacco.com

Location:Holy Ghost Cathedral, Archdiocese of Mombasa

Postal Address:P.O Box 66121-00800 Nairobi

Meru Branch

Phone:0781 247 185

Email:meru@wauminisacco.com

Location:Union Square ground floor, next to Meru G.K prison, Meru Makutano Road

Postal Address: P.O BOX 66121-00800, WESTLANDS, NAIROBI

Waumini Sacco Dividends

Waumini Sacco dividends are 16% of the shares one owns.If you own shares worth Ksh 1 million you will earn dividends of Ksh 160,000 every year.