Connect with us

Hi, what are you looking for?

Finance

Gusii Mwalimu Sacco Membership Eligibility & Requirements

Gusii Mwalimu Sacco, established in 1977 and operational since 1979, is a member-owned and controlled financial institution offering a range of financial products and services at affordable rates. With an asset base of Kshs 12.85 billion, it is among the largest deposit-taking Saccos in Kenya.


Membership Eligibility

Members are drawn from the following sectors:

  1. Education Sector:
    • TSC secretariat.
    • TSC teachers in primary, secondary schools, and tertiary institutions.
    • Lecturers and staff in public and private universities.
  2. Government Sector:
    • Employees of national and county governments, ministries, and state departments.
    • Civil servants.
  3. Private Sector:
    • NGO employees.
    • Gusii Mwalimu Sacco staff.
  4. Pensioners:
    • Retired individuals.

Membership Requirements

  1. Financial Contributions:
    • Entrance fee: Kshs 1,000.
    • Minimum deposit contribution: Kshs 1,000.
    • Members’ share capital: Kshs 20,000.
    • Burial Benevolent Fund (BBF) contribution for members with the common bond: Kshs 200.
    • Rejoining fee: Kshs 1,000.

Gusii Mwalimu Sacco Products & Services

BOSA Services

  1. Welfare Services:
    • Burial Benevolent Fund:
      • Monthly contribution: Kshs 100.
      • Provides decent burial assistance for members and their immediate families.
    • Risk Fund:
      • Insurance scheme with a monthly contribution of Kshs 100.
  2. Loan Products:
    • Development loan.
    • Refinancing loan.
    • School fees loan.
    • Emergency loans.

FOSA Services

  1. General Services:
    • Salary, pension, and produce payment.
    • Personal loan clearance.
    • Fixed deposit accounts.
    • Sale of banker’s cheques.
    • 24-hour in-house ATMs, mobile banking, and Sacco link cash dispensation.
    • Corporate accounts for institutions.
  2. Loan Products:
    • Salary Advances:
      • 1-month salary advance.
      • 4-month salary advance.
    • FOSA Loans:
      • Loan terms available for 12, 24, 30, 36, 48, and 60 months.
    • Special Loans:
      • Asset finance.
      • Institutional advance (4-month advance).
      • E-loan (1-month loan accessible via mobile banking/USSD).

Gusii Mwalimu Sacco Contacts

  • Head Office: Gusii Mwalimu Complex, 1st Floor, Kisii Town.
  • Contacts:
    • Phone: 0797 906 715 / 058 203 0357

You May Also Like

How To

Visa requirements for Kenyan passport holders differ based on the destination country. While some countries offer visa-free entry, others may provide a visa-on-arrival or...

Business

Installment tax is an estimated income tax that taxpayers pay periodically to the Kenya Revenue Authority (KRA) in anticipation of the final tax liability...

Travel

Tom Johnson stands out as an exceptional software engineer and the creative force behind a groundbreaking travel industry innovation. With extensive experience at some...

Uncategorized

The U.S. Department of State will open online registrations for the Fiscal Year 2026 Diversity Visa (DV) Lottery starting on Wednesday, October 2, 2024,...