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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.

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