This article focuses on Kenversity Sacco membership eligibility and requirements. Kenversity Co-operative Savings & Credit Society was registered as a Savings & Credit Co-operative Society in 1976.
Membership was originally drawn from Kenyatta University but now it has opened up its common bond to the whole country. The Sacco currently has a membership of over 8,000 with an asset base of 3.54 billion.
Kenversity Sacco Membership Eligibility & Requirements
Kenversity Sacco membership is open to all Kenyan nationals anywhere in the world. For Individual Membership, one needs to;
- Complete membership application form. The form can be downloaded from the Sacco’s website.
- Attach a copy of national ID or a valid passport.
- Attach two passport photographs.
- Appointment letter from employer if employed.
- Entrance fee of a total of Kshs 1,000.
Membership Classes
1. Platinum- A
- These members enjoy loans without necessarily providing physical collateral/ security.
- Members have voting rights.
- Members in this category are employees on a contract of two years or more or employees on permanent and pensionable basis at their places of work.
- The members can view for elective positions at the sacco.
2. Platinum- B
- These are members with short term contracts or less than 2 years but more than 6 months.
- Members enjoy all the rights of members in Platinum A except vying for elective positions at the sacco.
3. Gold
- These are members of the sacco by the virtue of operating certain accounts or patronizing certain products eg fixed deposit accounts, business accounts etc.
- The basis of appraisal for these members during loan application is their account operations and assessment of their businesses.
- Members in this category are individuals with a source of income apart from salary.
- Members sign a contract with the sacco that allows for attachment of personal property (collateral) which may be auctioned in case of loan default.
- Members have voting rights but are not eligible to be elected.
3. Diamond
- These are members who are organised in groups as shall be prescribed by the sacco from time to time.
- They are organised groups from institutions with check off system but where employment contracts run for 6 months or less.
- They are organised groups that are registered with the relevant government authorities.
Kenversity Sacco Contacts
Main Branch: Kahawa Sukari Avenue, Behind Quickmart Supermarket, Nairobi.
Contacts: 0715 114 454/ 020 800 2371/2.
