Qwetu Sacco Membership Eligibility & Requirements

Qwetu Sacco, established in 1968 and officially registered in 1976, was initially founded by a group of visionary teachers pooling part of their salaries. Over the years, the Sacco has introduced various services, including FOSA (2000) and micro-credit (2003). With an asset base of Kshs 3.22 billion, Qwetu Sacco is one of Kenya’s largest deposit-taking Saccos.

Membership Eligibility

Qwetu Sacco operates on an open bond, allowing individuals from all sectors to join.

Membership Requirements

1. FOSA Account: Open and maintain a FOSA account with a minimum balance of Kshs 1,000.
2. Membership Fee: Pay a one-time fee of Kshs 500.
3. Share Capital: Contribute a minimum share capital of Kshs 15,000.
4. Monthly Contributions:
   • Long-term deposits.
   • Member Protection Scheme (MPS): Kshs 200.
   • Risk and Retirement Fund (RRF): Kshs 200.
5. Product Patronage: Actively utilize the Sacco’s products and services.

Members’ Welfare

Requirements

• Be an active member of the Sacco.
• Contribute to MPS and RRF for at least six months to start benefitting.
• Appoint and update nominees as necessary.
• Claim Documentation:
  • For MPS claims: Certificate of death or proof of total incapacitation.
  • For RRF claims: Retirement letter, death notification, or proof of relationship to the member.

Benefits

1. Member Protection Scheme (MPS)

• Loan Clearance: All outstanding loan balances cleared in case of demise or total incapacitation.
• BOSA Deposits: Next of kin receives double the member’s BOSA deposits.
• Funeral Rider: Kshs 50,000 funeral benefit to the next of kin upon a member’s demise.

2. Risk Retirement Fund (RRF)

• Retirement Token: Retired members receive Kshs 28,500.
• Spouse Demise: A consolation of Kshs 7,500 for the member.
• Member Demise: Next of kin receives Kshs 56,500 as a consolation.

Qwetu Sacco Contacts

• Head Office: Latecoh Building, Wundanyi Town.
• Contacts: 0728 957 585 / 0728 536 169.