Below are important details about wanaanga Sacco:

Wanaanga Sacco loans

1.1 TYPES OF LOANS

BACK-OFFICE SERVICE ACTIVITIES (BOSA)

1. Total BOSA loans shall not exceed 7 times a member’s deposits.
2. Total BOSA loans for a single member shall not exceed 10% of SACCO core capital and reserves.
3. The BOSA Loan shall be financed by the members share deposit contribution.
4. The BOSA products shall include:
   i) Normal/Development Loans
   ii) Super Normal Loan
   iii) Deposit Boosting Loan
   iv) Dividend loan
   v) Emergency Loan
   vi) School fees Loan

1. a) Normal/development loans

This loan enables members to finance personal development projects.

1. Maximum Amount: 3 times the member’s deposits.
2. Maximum Repayment period: 48 Months.
3. Interest charged: 1% per month on a reducing balance.
4. Loans security accepted: guarantors, collateral.
5. Disbursement: Within 30 days from the date of approval and board ratification.
6. Qualifications: A member qualifies for only one normal loan at any given time.
7. Approval: By Board Credit committee for all amounts.
8. Commission:5% upfront for restructuring existing Normal loan.

1. b) Super Normal Loan

This loan enables members to acquire assets & finance other development projects.

1. Maximum Amount: 6 times the member’s deposits.
2. Maximum Repayment period: 72 Months.
3. Interest charged: 2% per month on a reducing balance.
4. Loans security accepted: guarantors, collateral.
5. Disbursement: Within 30 days from the date of approval and board ratification.
6. Qualifications: A member qualifies for only one Super normal loan at any given time.

1. c) Deposits Boosting Loan

This loan will be granted to members who wish to boost their deposits.

1. Repayment period 12 Months.
2. Interest charged: one-off 7% upfront.
3. Loans security accepted: Self guarantee.
4. The amount boosted can only be considered for FOSA loan.
5. Disbursement: to the member’s deposit account.
6. Qualifications: One deposits boosting loan at any given time.

1. d) Dividends In Advance

This loan granted to member who wish to take a portion of their dividend or interest on deposits within two months before payment.

1. Maximum Amount: not exceeding 70% of the expected dividends on shares/interest on deposits earned previous financial year.
2. Repayment period Cleared from dividends and rebates.
3. Interest charged: 2% one-off.
4. Loans security accepted: Dividend and rebates expected.
5. Disbursement: Within 24 hours from time of approval.
6. Qualifications: must not be not a defaulter.

1. e) Emergency Loans

Emergencies include unexpected hospitalization, and unforeseen circumstances beyond a member’s control.

1. Maximum Amount: Ksh. 300,000.00.
2. Repayment period: Maximum 12 Months.
3. Interest charged: 1% per month on a reducing balance.
4. Loans security accepted: Guarantors.
5. Disbursement: Within 24 hours from the time of approval.
6. Qualifications: only one emergency loan at any given time.
7. Proof of emergency: Provide proof of the emergency.

1. f) School Fee Loan

This is a loan granted to a member to pay for primary and secondary school fees only.

1. 1. Maximum Amount: Ksh. 300,000.00.
   2. Repayment period: 12 Months.
   3. Interest charged: 1% per month on a reducing balance.
   4. Loans security accepted: guarantors.
   5. Disbursement: Within 5 days from the time of approval.
   6. Qualifications: only one school fee loan at any given time.
   7. Proof of school fees: The fee structure.

2.0 Front Office Service Activities (FOSA).

All members of the Wana-Anga SACCO LTD will be required to have FOSA Account through which all loans and refunds will be processed.

2.1 FOSA Products.
The following products are available in FOSA

1. 1. 1. Front Office Loan.
      2. College fee Loan.
      3. Silver Loan.
      4. Karibu Loan.
      5. Rudi Nyumbani Loan.
      6. WANA -PAP Loan.

1) Front Office Loan

1. 1. 1. Maximum Amount: 10 times the member’s deposits.
      2. Repayment period: 84 Months.
      3. Interest charged: 16.5% per annum on a straight line.
      4. Loans security accepted: guarantors, collateral.
      5. Disbursement: Within 48 hours from the date of approval.
      6. Qualifications: A member qualifies for up to ten (10) loans at any given time.

2) College Fee Loan

Caters for college and university fees.

1. 1. 1. Maximum Amount: Ksh. 1,000,000.00.
      2. Repayment period: 36 Months.
      3. Interest charged: 16.5% per annum on a straight line.
      4. Loans security accepted: guarantors, collateral.
      5. Disbursement: Within seven (7) working days from the date of approval.
      6. Qualifications: A member qualifies for up to one loan at any given.
      7. Documentation: Fees structure as proof of evidence.

3) Silver Loan

This is a loan that is granted to members with the following requirements.

1. 1. 1. Maximum Amount: 6 times members share deposit.
      2. Repayment period: 84 Months.
      3. Interest charged: 16.8% per annum on a straight line.
      4. Loans security accepted: guarantors, collateral.
      5. Disbursement: Within seven (7) working days from the date of approval.
      6. Qualifications: A member qualifies for up to one loan at any given.

3) Karibu Loan

This loan may be granted to new check off member to boost his/her shares/deposits only. To qualify for this loan, you need to have 3 months of active membership.
The loan has the following features:

1. Maximum Amount: Ksh. 200,000.00.
2. Repayment period: 24 Months.
3. Interest charged: 16.5% per annum on a straight line.
4. Loans security accepted: Guarantors, collateral (Title deed).
5. Disbursement: Within twenty-four (24) hours from the time of approval.
6. Qualifications: A member qualifies for up to one loan at any given time.
7. Share account: 30% of the amount credited to shares/deposits account.

4) Rudi Nyumbani.

This loan is granted to members to clear outstanding loans with other financial institutions.

1. 1. 1. Maximum Amount: amount outstanding in the other financial institution.
      2. Repayment period: 84 Months.
      3. Interest charged: 16.8% per annum on a straight line.
      4. Loans security accepted: guarantors, collateral.
      5. Disbursement: Direct to the financial institution on approval.
      6. Qualifications: A member qualifies for up to one loan at any given time.
      7. Documentation: Loan statement from the other institution.

5) WANA-PAP.

This mobile loan facility allows members to access affordable instant mobile loans through our USSD and Mobile App to meet their personal and emergency needs.

1. 1. 1. Maximum Amount: Ksh. 20,000.00 and a minimum of Ksh,100.00.
      2. Repayment period: 1 Months.
      3. Interest charged: 0.25% per day.
      4. Loans security accepted: Self guarantee.
      5. Disbursement: Instant via MPESA from the system approval time.
      6. Qualifications: Member Registered with M-Sacco (Mobile banking platform).

2.0 LOAN ELIGIBILITY

A member of Wana-Anga SACCO Society may be eligible for a loan only if the member:-

1. 1. 1. Must be above 18 years of age, be of sound mind and is an active member of Wana-Anga SACCO Society.
      2. Must be an active member of the Sacco with regular deposits contributions for at least six (6) months except for KARIBU Loan product.
      3. Must have paid (or is paying) the minimum share capital of Ksh. 25,000.00 or as may be determined by the AGM from time to time.
      4. Must have a regular source of income to support loan repayment (salary, business, etc.)
      5. Must provide security for the loan applied for such as guarantors, or collateral (land title deed) or both.
      6. Must have good credit history.
      7. For the check off members,
         i. A 1/3 rule shall apply as per the labor regulation.
         ii. Provide two most current pay slips certified by the employer.
         iii. Security (Guarantors and Collateral).
      8. For non-check off members
         i. Provide two months’ bank statement certified by the bank.
         ii. Provide certified copy of the National Identity card.
         iii. Security (Guarantors and Collateral).

3.0 LOAN APPLICATION

1. 1. 1. Any loan request must be made on a freely available standard loan application form provided by the society, or through online loan applications platform. (The loan application forms are physically available at the SACCO offices or downloadable here).
      2. The loan application shall indicate;
         i. The amount applied for.
         ii. The purpose of the loan.
         iii. Terms of repayment.
         iv. Type of security provided.
         v. Guarantors, loans, deposits, ID number, phone numbers and email.
         vi. Preferred disbursement method.
      3. The loan application form must be fully completed and supported by relevant supporting documents that shall include;
         i. For check-off Member: Attach two (2) payslips for the current month and a preceding month, supporting documents (copy of the ID, PIN certificate) and loan security (Guarantors, Collateral or both).
         ii. For non-check off member: Provide proof of regular income (6 months’ bank statement or3 months M-Pesa statement), Bank standing order, Copy of the National identity card (Both front and back) or a passport, loan security (Guarantor, Collateral or both).
      4. By submitting a fully filled loan application form, a member agrees that all the information provided is accurate and complete to the best of his/her knowledge.

3.1 COMMISSION AND LOAN CHARGES

Each loan that is processed will attract the following initial charges:

1. 1. 1. One percent (1%) interest to boost member’s deposits.
      2. The insurance charge calculated at the rate determined by the Board form time to time and applied on the entire amount of loan granted.
      3. Loan processing fee calculated at the rate determined by the Board from time to time and applied on the total loan granted.
      4. Any other commission and fees that may be charged based on the facility type as may be determined ny the Board from time to time.

4.0 LOAN APPROVAL

1. 1. 1. At least two thirds of the Credit Committee shall meet to review loans approved by the Management staff as per specified limits as well as security and consider other loan applications.
      2. The approval of a member’s loan shall depend upon the evaluation and assessment conducted by the credit team of the Sacco.
      3. Loan approval are not guaranteed but are based on the member’s eligibility and creditworthiness.
      4. When all conditions for approval have been satisfied, a loan will be approved by a majority decision of the Credit Committee.
      5. Applicants will receive prompt notification of the outcome of their loan application, within a maximum of 14 days. The notification will include the decision made and in case of a rejection, the basis behind it.
      6. The Credit team may at any time during approval, request for more information or an interview with the member to satisfy their need to be assured that the application is fully compliant to this policy.

5.0 LOAN POLICY

All loans shall be granted in accordance with the Loaning Policy and procedures to ensure that members efficiently get their loans and to facilitate and improve loan recoveries to assist members. The loaning policy is subject to review by the AGM from time to time.

1. a) WANAANGA SACCO may grant loans to members in the register.
2. b) The repayment period, borrowing power, and rate of interest on loans shall be proposed by the board of management of the society and approved by the AGM.
3. c) No loan shall be granted to a member who has no ability to pay in accordance to the ACT and these by-laws.
4. d) All loans shall be applied for on prescribed forms.
5. e) The loan application shall be signed by the member and in each shall set forth the amount applied for, the repayment the security, if any and such other information as the credit/front committee or loans officer may require. All applications for loans and the report of the credit/front committee or loans officer thereof shall be filled as a permanent record of the society.
6. f) Loan applications shall be considered by the credit/front committee in the order in which the applications are made unless the loan is deemed by the committee to be an emergency loan.
7. g) The credit/front/board of management may summon or cause an applicant to be summoned to appear personally to be interviewed in respect of his/ her application for a loan, to determine the members’ ability to repay the loan.
8. h) The loan application form shall clearly state the amount of the loan, the rate of interest, the terms of repayment, and the security if any.
9. i) All loans shall be approved by the credit/front committee and ratified by the board of management
10. j) For members being considered for a loan, his shares, savings, deposits, and any security approved by the board of management may be taken into account.
11. k) The board of management may draw further regulations in respect to granting of loans provided such a regulation shall not come into force until approved by a general meeting.
12. l) No loan or credit facility shall be granted to a member where the loan or credit facility, in the aggregate, exceeds such a limit of the society’s core capital.
13. m) All loans granted must be subjected to an insurance fee as may be determined by the Board.

5.1 SECURITY FOR LOANS

1. Unless the loan applied for and its interest is equal to or less than the member’s deposits, guarantors or other acceptable collaterals must secure it.
2. The total amount of loan applied for must be fully guaranteed and secured through;
   i) Guarantors: – who shall all be active members of Wana-Anga SACCO
   ii) Collateral: -This shall be used as per the Collateral Policy
   iii) Self-guarantee: If loan amount is within untied member’s deposits.
   iv) Fixed Deposit: If a member has a fixed deposit facility with the SACCO.
3. The total share deposits of the borrower and those of the guarantor(s) must be
   equal to or more than the loan plus interest applied for.
4. All guarantors must be members of Wana-Anga SACCO society and no member shall be allowed to guarantee more than his/her total share deposits.
5. Unless allowed by the Credit Committee through appraisal, no member shall be allowed to guarantee more than twenty (20) loans at any given time.
6. Total individual guarantee shall not exceed 10 times their deposit or as may be determined by the board from time to time.
7. An insider member of Wana-Anga SACCO shall NOT act as a guarantor of any person with respect to a loan facility applied.
8. The society shall maintain a record of all guarantors to every loan in each member’s personal file.
9. The obligations of the guarantors shall cease upon clearance of the loan and interest or upon replacement of the guarantor.

5.2 REPAYMENT OF LOANS

• A borrower may, on any day on which the society is open for business, repay his loan in whole or in part before maturity.
• The board of management may in the most exceptional circumstances agree to the refinancing of a loan balance or any request for an extension of time in which to pay. Any extension so granted shall be treated as though it was a new loan and an extension agreement shall be executed.
• For any delinquent loan, the board of management shall attach the guarantee(s). The amount in default shall be recovered from the guarantor’s salary, deposits, savings, terminal savings, terminal benefits, and any other securities.
• If the employer will not have remitted the deductions within the first 7 days of every month the board of management shall refer the matter to the commissioner.

Any loan more than four months overdue may be referred to the Co-operative Tribunal as a dispute.

5.3 LOAN DEFAULTING

A member shall be considered a loan defaulter if his/her regular repayment has ceased.

• The society at its discretion shall forward details of the defaulter to debt collectors, credit reference bureau or pursue recovery through small claims court among other options.
• The society shall inform the defaulter in writing with a copy to the parties involved.
• The society shall attach the salary, terminal benefits and any other security for the loanee and the guarantor where applicable and necessary.
• Any member or an employee of the society who tampers with his/her monthly shares contribution and loan repayments is liable to a disciplinary action to be determined by the Board.
• In case of any default in payment, the entire loan balance will immediately become due and payable at the discretion of the society.
• All shares and deposits owned by the member plus any interest and deposits due to the member will be set against the owed amount.
• The member will be liable for any costs incurred in the collection of the loan balance and accumulated interest. Any remaining balance will be deducted from guarantors or terminal benefits where applicable.

Wanaanga Sacco FOSA Products

WANA-ANGA FRONT OFFICE SERVICES

Introduction

Wana-anga Front Office services (Wanfro) commenced in 1998 after the Co-operative Act Cap 460 was reviewed and Societies allowed to operate independently with limited supervision by Ministry of Co-operatives. For the last 14 years Wanafro has developed into a fully fredged bank or Fosa offering all services that a commercial bank can offer. The services offered by Wana-anga Front Office (Wanafro) include Bankers Cheques, Fixed Deposits, Saving Accounts, Money transfer, M-pesa services, Loans and Advances, Salaries Processing among others.

Currently Wanafro offers the highly competitive interest rates on fixed deposits that rival any financial institution in the country where interest are negotiated by the customer to his/her satisfaction. The rates range from 10% – 13% depending on the amount being fixed. This has enabled the society to operate without any liquidity constraints.

Bankers / Third party cheques.

Wanafro is offering Bankers cheques in the FOSA for paying school fees and also making any payments to a third party at very competitive price. The fosa also encashes cheques so all customers can deposit them in their savings account. All members of Wana-anga have their savings account opened in the fosa automatically when the member joins the society free of any charge. Hence all loans, salaries and payments are disbursed through members account.

Interest rates

Wana-anga Fosa offers very competitive rates for savings not comparable to other commercial and financial institution.

Loans and Advances Our Fosa offers some of the best loans facilities and Advances and the interest charged ranges from 2% to a maximum of 14.5% depending on the amount taken and payment period. The Fosa always has more than enough funds. Loans can be taken based on the payslip and guarantors shares. Loans can also be taken with a fixed deposits as security for the duration of loan. All loans are processed with a day regardless of the amount and unlike other financial institutions no processing fee or commission is charged.

Salaries

Wana-anga is a designated Pay Point for salaries by Directorate of Personnel Management (DPM) in the ministry of state for public service. The salaries for Civil Service, Teachers, Uniformed offices or from any employer/employee.

M-pesa services

Money transfer these days is electronic and thus the Fosa has an M-pesa kiosk with the Office where upto Ksh 10,000,000 can be transacted in a single day. Members can also open M-pesa points in their localities which will be registered as a Wana-anga branch. Many loans and refunds are disbursed through m-pesa with members approval. All dividend in future will be paid through M-pesa in Wanafro. Members can also make payment of shares and loans through M-pesa.

Automated Teller Machines (ATM)

Wana-anga Society has the SACCOLINK ATM solution where members are able to access funds in their accounts held at the Fosa anytime of the day from any ATM of the Major commercial banks and Pesa Points. The Society has finalized arrangements with Co-operative Bank to issue ATM cards where one will be able to use it to access funds in Fosa and pay for goods and services using its card.

Sacco Societies Regulatory Authority (SASRA)

The co-operative Societies Act 2008 came into effect in December 2009 and was operationalized in June 2010. The result of this is formation of SASRA to licence and regulate all deposit taking Sacco Societies with operational Fosa have to be licensed a fresh under very stringent requirements. This involved feasibility studies, Building of a banking hall, security systems including strong rooms and contracting security guards. What SASRA requirements means is that it will no longer be business as usual and the requirements for eligibility for loans and advances will mean business un-usual and only performing loans will be granted to members.

RULES AND REGULATIONS GOVERNING WANA-ANGA FRONT OFFICE(WANAFRO)

OPERATIONS

• A subcommittee under Board of management shall manage the front office operations
• The subcommittee shall consist of a Chairman, Secretary and a member elected from Board of Management.

DUTIES OF THE SUBCOMMITTEE

The duties of the sub-committee shall be;

• To receive deposits from members
• To pay interest on members deposits as may be decided by the Board
• To loan out the amount deposited to members at an interest that may be decided by the Board
• To ensure recovery of loans given to members
• To encourage members to open Savings Accounts and Children’s Accounts which will earn interest at a rate that may be decided by Board
• To ensure that the books of Accounts for the front office operations are up to date
• To ensure that Receipts are issued for every money received
• To ensure security on Banking and withdrawal of cash
• To present up to date list of all loans granted to members and list of depositors at every monthly meeting of Board
• To review rules and regulations governing wanafro from time to time
• To undertake any other duties that may be decided by the Board

DEPOSITS ACCOUNT

• It is open to all
• All members will fill prescribed contracts forms on application. The contract form will be approved by the authorized officials
• Deposits will either be in Cash, Bankers Cheque /Drafts or Bank Transfers
• The commencement of the contract will be effective on the day of Cash payment or on the date of Bankers Cheque being cleared or the date of receipt in case of transfer
• All deposits will mature after not less than three(3)months
• No interest shall be paid outside the period of the contract
• On termination of the contract before the maturity date, the depositors will be charged 1% of the amount deposited as a penalty
• Renewal of the contract will commence on the date of receipt of the application.

SAVINGS ACCOUNT(SASA)

• It is open to all
• All Wana-anga Members are automatic holders of a savings account in Wana-anga
• All Members loans shall be be disbursed through the account
• All members will be required to fill an application form
• A member may open a Savings Account upon depositing a non-refundable deposit of Ksh.1,000/=
• All deposits in the savings Account shall either be in Cash or Cheque in the name of Wana- Anga Sacco
• Savings Account may be serviced through Check-Off system
• Members may withdraw from a savings Account if it has a Cash Balance and no outstanding SASA loan
• One can withdrawal from Savings Account as need arise
• There will be a ledger fee on Savings Account decided by Board
• The Account shall be operated by the Account holder/holders
• For Co-operate members, at least three(3) signatories shall be required for any Withdrawal/Transaction
• Interest rate on Savings shall be decided by the Board
• Account holders will be issued with Savings Account Passbook
• A notice of 15 days will be required for closure of the A/c and the Board will determine the Commission fee to be paid by the account holder.

CHILDRENS ACCOUNT

• A member may open a children’s Account by depositing Ksh.500/=
• Guardians/Parents will be required to fill in an Application Form accompanied by the Identity cards(ID)/Birth Certificates of the children
• The Account once opened is for the welfare of the child
• The Board shall determine the interest on the Child’s Account
• A notice of 15 days will be required for closure of the Account and the Board will determine a commission/fee to be paid

HOLIDAY ACCOUNT

• One can either open Christmas, Easter or Idd-ul-fitr Accounts or any other type of Account to save for the occasion
• Minimum deposit for the account shall be Ksh.1,000/=
• Withdrawal from these Account shall be at the time of the said Occasion /Holiday
• The Board shall determine the interest on these Accounts
• A token determined by the Board will be given to Account holder/s who maintain a minimum Balance of Ksh.10,000/= for three(3)months.

FRONT OFFICE LOAN REQUIREMENTS

• All application shall be made on the Official Loan Application Form
• One can be loaned if all Loans are running and has the ability to repay
• All Loans must be fully secured
• All Loans will be granted with a maximum repayment period of 12 months
• Members having a Savings Account, are eligible for these Loan
• The Loan Application Forms must be dully completed and supported with two current pay slips plus any other relevant documents
• If a member defaults on the loan repayment, the guarantor/s will service the Loan.

MEMBERS WHO ARE NOT IN COMMON BOND

(Private Employment, Jua Kali etc.)

• All applicants will fill in Wana-Anga Application Form to be approved by the Central Management Committee and must pay Ksh.500/= Entrance Fee
• Contributions will be submitted in Cash, Bankers Cheque or Bank Standing Orders
• All members will join under Savings Account
• They will be eligible for Loans after six(6)months in the Savings Account that can be up to three(3)times their Savings
• All Loans must be fully guaranteed by guarantors who are members of Wana-Anga in common bond or members Savings that are free
• If one has guaranteed another members loan using his/her Savings as Surety, the Savings cannot be withdrawn until the Loan is fully repaid
• A notice of three(3)months is needed for a member to resign
• A minimum monthly contribution of Ksh. 200/=.

TEMPORARY MEMBERS

• All applicants will fill in the Application Forms and pay Ksh.500/= Entrance Fee
• One must be employed and have a pay slip
• The employer must agree to remit the Loan recovery on a monthly bases
• The Net Balance on the pay slip must be at least 20% of the Gross Income
• Loans must be guaranteed by Wana-Anga members
• These applicants must be members who have applied and are willing to join Wana-Anga.

COMMISSIONS

• A Cheque will be opened only on payment of a Commission determined by the Board
• Cancellation and Replacement of Cheque can only be done on payment of a Commission determined by the Board
• Banker cheque are issued to members at a commission determined by the Board

Fixed Deposit Account

Fixed Deposit Account

Wana-anga SACCO offers one of the best Fixed Deposit Rates in the market. Our rates are pushed by the fact that our customers should get the best of the returns on their investments.

For more information on rates call 0712 710 117

Exit and Bonevolent Fund

Objectives

A buffer fund for bereavement expenses of self and/or dependents covered, or exit on retirement after 15 years of continuous membership. All Sacco members are automatically enrolled in the EBF.

Source of Funds

Membership fee, Monthly Contribution, Interest from other acceptable sources.

Membership

All Wanaanga permanent Members shall automatically become members of EBF upon payment of registration fee

Dependants

The following dependant of a Member can be registered with EBF: Legal spouse(s), Biological and legally adopted Children below 22 years, Biological Parents

Monthly Contributions

The monthly contribution shall be financed as follows: Contributor: Ksh 200 Each dependant: Ksh 100

Benefits

KES 80,000 to next of kin in case of demise of the member or KES.40,000 upon exit from the Sacco having contributed for at least 15 years.

KES 20,000 for each covered dependant

NB: Failure to pay monthly contributions for three consecutive month shall be considered as defaulting and therefore no benefits payable to the member.

Claims

Claims shall be launched on EBF claim form with attachment of certified copies of death/burial permits and identity card of the member/next of kin. False claim may cause the member loose benefits and his/her membership. Claims must be launched within three months after death

Reminder

All members are urged to consider covering their dependants and also to regularly update the records of their next of kin.

Wanaanga Sacco Contacts

Dagoretti Corner, Ngong Rd at Kenya Meteorological Department Headquarters compound
Wana-anga DT Savings & Credit Co-operative Society Limited.
P.O Box: 34680-00100

Mail Us

• info@wana-anga.co.ke
• wanaanga@yahoo.com

Call Us

• 0712710117