Connect with us

Hi, what are you looking for?

Finance

Washa Sacco Membership Eligibility & Requirements

Washa Sacco was established on 8th January 1981 to provide members with a platform to save funds and access loans for productive purposes. The Sacco currently boasts over 1,600 members from diverse institutions.


Membership Eligibility

Washa Sacco draws its members from:

  • Employees of Aga Khan and affiliated companies.
  • County employees.
  • Employees of private companies.
  • Business communities (SMEs).
  • Registered groups.
  • Welfares and chamas.

Membership Requirements

To join Washa Sacco, you need:

  1. A duly filled entrance form.
  2. A copy of your National ID.
  3. A copy of your KRA PIN.
  4. An entrance fee of Kshs 1,000.

Products and Services

(a) FOSA Loans

  1. IDD/Christmas Loan
    • Processing time: 24 hours.
    • Repayment: 6 months.
    • Maximum amount: Kshs 20,000.
  2. Express Loan
    • Processing time: 7 days.
    • Repayment: 18 months.
    • Maximum amount: Kshs 200,000.
  3. Special Express Loan
    • Processing time: 7 days.
    • Repayment: 12 months.
    • Maximum amount: Kshs 100,000.
  4. Salary Advance
    • Processed instantly.
    • Repayment: End of the month.
    • Maximum amount: 50% of net salary.
  5. SOS Loan
    • Processing time: 24 hours.
    • Repayment: 3 months.
    • Amount based on net salary.
  6. Development Loan
    • Processing time: 7 days.
    • Repayment: 30 months.
    • Amount: Kshs 100,000–500,000.
  7. Major Loan
    • Processing time: 7 days.
    • Repayment: 36 months.
    • Amount: Kshs 500,000–1,000,000.
  8. Bebabeba Loan
    • Processing time: 7 days.
    • Repayment: 6 months.
    • Maximum amount: Kshs 100,000.
  9. Overdraft
    • Repayment: End of the month.
    • Amount: Based on net salary.
  10. Biashara Loan
    • Processing time: 7 days.
    • Repayment: 12 months.
    • Maximum amount: Kshs 200,000.

(b) BOSA Loans

  1. Instant Loan
    • Processing time: 24 hours.
    • Repayment: 3 months.
    • Maximum amount: Kshs 20,000.
  2. Special Instant Loan
    • Processing time: 24 hours.
    • Repayment: 4 months.
    • Maximum amount: Kshs 50,000.
  3. Emergency Loan
    • Processing time: 24 hours.
    • Repayment: 12 months.
    • Maximum amount: Kshs 500,000.
  4. School Fees Loan
    • Processing time: 48 hours.
    • Repayment: 12 months.
    • Maximum amount: Kshs 500,000.
  5. Normal Loan
    • Processing time: 14 days.
    • Repayment: 60–72 months.
    • Maximum amount: 3 times member deposits.
  6. Inua Loan
    • Processing time: 24 hours.
    • Repayment: 6 months.
    • Maximum amount: Kshs 100,000.
  7. Fanikisha Loan
    • Processing time: 24 hours.
    • Repayment: 24 months.
    • Maximum amount: Kshs 500,000.

(c) Savings Products

  1. Ordinary Savings Account
    • No ledger fees.
    • No minimum balance.
    • Access to all credit facilities.
  2. Fanikisha Savings Account
    • No ledger fees.
    • No minimum balance.
    • Access via mobile banking and ATM.
  3. Group/Welfare/Chama Savings Account
    • No ledger fees.
    • No minimum balance.
    • Withdrawals by group officials only.
  4. Junior Savings Account
    • No ledger fees.
    • Minimum balance: Kshs 500.
  5. Fixed Deposit Account
    • Minimum deposit: Kshs 40,000.
    • Duration: 3, 6, 9, and 12 months.
    • Interest rate: 9% per annum.

Contacts

  • Location: Ralli House, 3rd Floor, Nyerere Avenue, Opposite Biashara Building, Mombasa.
  • Phone: 0797 690 900 / 0732 525 224.

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,...