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
- FOSA Account: Open and maintain a FOSA account with a minimum balance of Kshs 1,000.
- Membership Fee: Pay a one-time fee of Kshs 500.
- Share Capital: Contribute a minimum share capital of Kshs 15,000.
- Monthly Contributions:
- Long-term deposits.
- Member Protection Scheme (MPS): Kshs 200.
- Risk and Retirement Fund (RRF): Kshs 200.
- 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.
