Connect with us

Hi, what are you looking for?

Finance

Kenversity Sacco Membership Eligibility & Requirements

Kenversity Co-operative Savings & Credit Society, established in 1976, has evolved from drawing its membership primarily from Kenyatta University to opening its bond to the entire country. The Sacco now serves over 8,000 members with an asset base of Kshs 3.54 billion.


Membership Eligibility

Kenversity Sacco membership is open to all Kenyan nationals, including those residing abroad.


Membership Requirements

  1. Individual Membership
    • Completed membership application form (downloadable from the Sacco’s website).
    • Copy of National ID or valid passport.
    • Two passport-sized photographs.
    • Appointment letter from the employer (if employed).
    • Entrance fee of Kshs 1,000.

Membership Classes

  1. Platinum-A
    • Members enjoy loans without the need for physical collateral/security.
    • Voting rights included.
    • Eligibility: Employees with contracts of two years or more or those on permanent and pensionable terms.
    • Members can vie for elective positions within the Sacco.
  2. Platinum-B
    • Members have all the rights of Platinum-A except the ability to vie for elective positions.
    • Eligibility: Employees on short-term contracts (more than six months but less than two years).
  3. Gold
    • Membership based on operating certain accounts (e.g., fixed deposit accounts or business accounts).
    • Loan appraisal is based on account operations or business assessments.
    • Members must sign a contract allowing the Sacco to attach personal property (collateral) in case of loan default.
    • Members have voting rights but cannot be elected to positions within the Sacco.
    • Eligibility: Individuals with an alternative source of income apart from a salary.
  4. Diamond
    • Membership for organised groups, such as:
      • Groups with check-off systems but employment contracts of six months or less.
      • Registered groups with the relevant government authorities.
    • Membership criteria as prescribed by the Sacco.

Kenversity Sacco Contacts

  • Main Branch: Kahawa Sukari Avenue, Behind Quickmart Supermarket, Nairobi.
  • Contacts:
    • Phone: 0715 114 454 / 020 800 2371/2.

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,...