This article focuses on Gusii Mwalimu Sacco membership eligibility and requirements. Gusii Mwalimu Sacco is a member-owned and member-controlled financial institution offering a diversity of financial products and services to its members at reasonably low rates of interest.
The Sacco was established in the year 1977 but started operating in 1979. It is one of the largest deposit taking Saccos in Kenya with an asset base of Kshs 12.85 billion.
Gusii Mwalimu Sacco Membership Eligibility
Members are drawn from various member organisations including;
- TSC secretariat.
- TSC teachers in primary, secondary schools and tertiary institutions.
- Lecturers in public and private universities.
- University staff both public and private.
- Gusii Mwalimu Sacco society staff.
- Employees of national and county governments, ministries and state departments.
- All civil servants.
- NGO employees.
- Pensioners.
Gusii Mwalimu Sacco Membership Requirements
- Entrance fee of Kshs 1,000.
- Minimum deposit contribution is Kshs 1,000.
- BBF (Burial Benevolent Fund) contribution of Kshs 200 for members with the common bond.
- Members’ share capital is Kshs 20,000.
- Rejoining fee is Kshs 1,000.
Gusii Mwalimu Sacco Products & Services
BOSA Services
(a). Welfare Services
(i). Burial Benevolent Fund
- Used to accord members and their immediate families a decent burial.
- Monthly contribution is Kshs 100.
(ii). Risk Fund
- An insurance scheme for all Sacco members.
- Monthly contribution is Kshs 100.
FOSA Services
- Salary, pension and produce payment.
- Member’s personal loan clearance.
- Fixed deposit account.
- Sale of banker’s cheque.
- 24 hour in-house ATMs, mobile banking and sacco link cash dispensation.
- Corporate accounts for institutions.
- Mobile banking.
BOSA Products
- Development loan.
- Refinancing loan.
- School fees loan.
- Emergency loans.
FOSA Products
- Salary advance- 1 month salary advance.
- Salary advance- 4 months salary advance.
- FOSA loans (12months, 24 months, 30 months, 36 months, 48 months and 60 months).
- Asset finance.
- Institutional advance- 4 months advance.
- E-loan- 1 month loan. (It can be accessed through mobile banking platform- USSD.
Gusii Mwalimu Sacco Contacts
Head Office: Gusii Mwalimu Complex, 1st Floor, Kisii Town.
Contacts: 0797 906 715/ 058 203 0357.
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