List Of Qwetu Sacco Branches And Contacts

This is a list of Qwetu Sacco branches and contacts. Qwetu Sacco, formerly Taita Taveta Teachers Sacco, is a deposit-taking Sacco headquartered in Wundanyi, Taita-Taveta county. With an asset base of more than 2.82 billion, Qwetu Sacco is one of the largest Saccos in Kenya.

Since its establishment in 1968, Qwetu Sacco has seen tremendous growth. The Sacco boast of a membership of more than 40,000. These members are mainly from the teaching fraternity, government ministries, businesses, and the county government.

List Of Qwetu Sacco Products

a)Front Office Service Activity (FOSA) Products

FOSA Savings Accounts

1. Ordinary Savings Account

Features

Minimum operating balance Kshs. 1,000
Salary & pension processing
Access to FOSA advances and FOSA loans

2. Qwetu Farmers Account

Features

Minimum Operating Balance Kshs. 500
Farmers payout processing
Access to Agri-business Loans

3. Qwetu Chama Account

Features & Requirements

Group registration certificate
Minutes and Copy of group constitution
Members list, at least 7 members
Minimum opening & operating balance Kshs. 1,000
Access to microcredit loans
Access up to 75% LPO Financing

4. Qwetu Association Account

Features & Requirements

Certificate of Registration
Minutes & copy of constitution / by-laws
Minimum operating balance Kshs. 1,000

5. Qwetu Jibambe Account

Features

Earns 6% p.a interest
No Minimum Operating Balance
Minimum Opening balance Kshs. 1,000
Maximum withdrawal twice per year
Organized & discounted holiday rates
Holiday/Gift shopping vouchers/withdrawals

6. Toto was Qwetu Account

Features & Requirements

Children’s Account
Must be below 18 Years
Produce child’s birth certificate
Earns 6% p.a interest
Free branded Piggy Bank
Annual fun day
Minimum operating balance Kshs. 1,000
Maximum withdrawal three times per year

7. Qwetu Super Deposits

Features

Earns 10% p.a interest
Interest payable after 90 days
Redeemable anytime
Minimum opening balance Kshs. 2,000

8. Retirement Savings Plan

Features & Requirements

Must be employed or self-employed.
A minimum contribution of Kshs. 500/= per month.
Earns 10.5% interest p.a
Interest payable in full upon retirement
Redeemable upon retirement

9. Fixed Deposits

Features & Requirements

Minimum Amount Kshs. 10,000
Minimum Period 3months
Earns up to 9.5% p.a interest
Redeemable anytime

10. Emergency Funds

Savings for unforeseen eventualities
Redeemable anytime

11. FOSA Advances

Features & Requirements

Processed & disbursed immediately
Processing fee Kshs.200
Must operate FOSA Salary account
Must channel salary through FOSA for at least 1 month
Must contribute to Member Protection Scheme
Must contribute Share Capital

12. FOSA Personal Loans

Features & Requirements

Must operate FOSA Salary account
Must channel salary through FOSA for at least 1
month
Must contribute to Member Protection Scheme
(MPS)
Must contribute minimum Share Capital
No BOSA shares are required during an appraisal
Minimum Amount Kshs.10, 000.
Interest as low as 1% per month
Processing fee 2.5% of the loan amount
Repayment period 6-48 months
At least 3 guarantors
Processed & disbursed immediately
Must retain minimum net take home of Kshs. 3,000/=for 12 months & Kshs. 5,000 for loans above 12 months
Must operate FOSA Salary account
Must channel salary through FOSA for at least 1 month
Must contribute to Member Protection Scheme
Must contribute Share Capital

b) Back Office Service Activity (BOSA) Products

1. BOSA Personal Loans

Features

Loan Processing Fee 2%
Low-interest rates of 1% per month (6.5%p.a)
Interest charged on Reducing Balance basis
Loans are deducted using a fully Amortization Method
Loan repayment period 6 – 84 months (7 years)
Fully paid up minimum Share Capital
Up-to-date MPS contribution
Loan multiplier up to 5 times of long-term deposits/spif shares

2. SPIF Loan

Features

Interest 1% on reducing balance
Repayment: up to 36 months
Processed immediately
Must have SPIF share

3. Qwetu Smart Loan

Features

Interest 1% on reducing balance
Repayment period 12 – 36 months

4. School Fees Loan

Features

Interest: 1% on reducing balance
Repayment Period 6 – 12 months
Processed immediately

5. Emergency Loan

Features

Interest 1% on reducing balance
Repayment period 6 – 12 Months
Processed immediately

6. Qwetu Super Loan

Features

Interest 1.25% on reducing balance
Repayment period 37 – 72 Months

7. Qwetu Development Loan

Features

Interest 1.5% on reducing balance
Repayment period 73 – 84 Months
Minimum loan Kshs. 500,000

8. Preferential Loan

Features

Processed & disbursed immediately
Repayment period 6 – 84 months (7 years)
The interest rate for the loan is 1% per month on reducing balance.
100% capitalization of long-term deposits interest for at least three years consecutively.

9.MIcro SPIF Loan

Features

Interest 1.5% p.m. reducing balance
Duration 6-48 months
Minimum loan Kshs. 500,000
Multiplier of *5 times

10. Wezesha Biashara Loan

Interest 1% pm flat rate
Duration 6-36 Months.
Minimum loan Kshs. 300,000/=
Multiplier of five* (5 times)

11. Micro Elimu Loan

Features

Loan multiplier of three (*3 )times
Interest at 1.5% p.m.
Repayment period 6 – 12 months.

12. Asset Financing

Loan multiplier three (*3) times for the new members
Loan multiplier five (*5)times for existing Members
Repayment period 6 – 36 months
Interest at 1.5% p.m.
Co-ownership
Asset financed becomes part of the Security of the Loan

13. Qwetu Biashara Loan

Features & Requirements

Loan multiplier five (*5) times
Loan repayment period 6 – 36 months
Members save more than 8 weeks.
Interest at 1.5% P.m

14. Kilimo Biashara Loan

Loan multiplier five (*5) times
Repayment period 6-36 months
Loan appraised purely on Agri-business.
Interest at 1.5% p.m.
Members of the group save for at least 8 weeks
Members co-guarantee each other.
The maximum loan amount depends on the borrowing power of an individual.

c) Micro Credit Services

1. Qwetu Micro Elimu Loan

Loan multiplier ar 5 times.
Interest at 1.5% p.m (18%p.a).
The maximum repayment period is 12 months.

2.Boda Boda Loans

Loan multiplier 3 times for the new member
Loan multiplier 5 times for existing members.
Maximum repayment period of 12 months.
Interest at 1.5% P.m i.e 18%p.a.
Bodaboda/Asset becomes part of the security of that loan.

3. Biashara Group Loan

Loan multiplier five times.
Minimum repayment period 6 months.
Loan appraised purely on business.
Members of the group save more than 8 weeks.
No Grace period.
Maximum loan amount depends on the borrowing power

4. Kilimo Biashara Loan

Loan multiplier five times.
Minimum repayment period 6 months.
Loan appraised purely on Agriculture.
Members of the group save more than 8 weeks.
A grace period of 2 months.
Maximum loan amount depends on the borrowing power

5. Group Formation

Must have at least 7 members
The group must have a constitution.
The group must be registered with the Ministry of Social Services and given a certificate.
The group must open a group account with Sacco.
Individual members must acquire

6. Special Investment Fund

Registered and contributes SPIF shares
Processing: Loan deposited within 1 month.
Interest: 1% on reducing.
Multiplies: 5 times your SPIF shares.
Repayment: Maximum 36 months.

7. Qwetu Smart Loan

Processing: Once every month.
Interest rate: 1% on reducing.
Repayment: 36 months.
Multiplies: 5 times long-term deposits.

8. School Fees Loan

Processing: Immediately.
Interest: 1% on reducing.
Repayment: 12 months.
Multiplies: 5 times long-term deposits.

9. Emergency Loan

Processing: Immediately. Interest: 1% on reducing rate.
Repayment: Maximum 12 months. Amount: KSHs 20,000.
Shares multiplies: 5 x long-term deposits.