This article focuses on Washa Sacco membership eligibility and requirements. Washa Sacco was established and registered on 8th January 1981. It has come a long way from a handful of members to over 1600 members drawn from different institutions.
The Sacco was established with the objective of providing its members with the opportunity to save funds and obtain loans for productive purposes.
Washa Sacco Membership Eligibility
- Employees from Aga Khan and affiliated companies.
- County employees.
- Employees from private companies.
- Business community (SMEs).
- Registered groups.
- Welfares and chamas.
Washa Sacco Membership Requirements
- Duly filled entrance form.
- 1 copy of National ID.
- KRA PIN.
- Entrance fee of Kshs 1,000.
Washa Sacco Products
(a). FOSA Loans
1. IDD/ Christmas Loan
- Processing time is 24 hours.
- Repayment period is 6 months.
- Maximum amount is Kshs 20,000.
2. Express Loan
- Processing time is 7 days.
- Repayment period is 18 months.
- Maximum amount is Kshs 200,000.
3. Special Express Loan
- Processing time is 7 days.
- Repayment period is 12 months.
- Maximum amount is Kshs 100,000.
4. Salary Advance
- Processed instantly.
- Repayment period- end month.
- Maximum amount is 50% of net salary.
- Application is from 8th of every month.
5. SOS Loan
- Processing time is 24 hours.
- Repayment period is 3 months.
- Maximum amount is based on net salary.
6. Development Loan
- Processing time is 7 days.
- Repayment period is 30 months.
- Amount is Kshs 100,000- 500,000.
7. Major Loan
- Processing time is 7 days.
- Repayment period is 36 months.
- Amount is Kshs 500,000- 1,000,000.
8. Bebabeba Loan
- Processing time is 7 days.
- Repayment period is 6 months.
- Maximum amount is Kshs 100,000.
9. Overdraft
- Repayment period- end month.
- Amount- net salary.
- Applicable from 1st to 7th of every month.
10. Biashara Loan
- Processing time is 7 days.
- Repayment period is 12 months.
- Maximum is Kshs 200,000.
(b). BOSA Loans
1. Instant Loan
- Processing time is 24 hours.
- Repayment period is 3 months.
- Maximum amount is Kshs 20,000.
2. Special Instant
- Processing time is 24 hours.
- Repayment period is 4 months.
- Maximum amount is Kshs 50,000.
3. Emergency Loan
- Processing time is 24 hours.
- Repayment period is 12 months.
- Maximum amount is Kshs 500,000.
4. School Fees Loan
- Processing time is 48 hours.
- Repayment period is 12 months.
- Maximum amount is Kshs 500,000.
5. Normal Loan
- Processing time is 14 days.
- Repayment period is 60-72 months.
- Maximum amount is 3 times member deposits.
6. Inua Loan
- Processing time is 24 hours.
- Repayment period is 6 months.
- Maximum amount is Kshs 100,000.
7. Fanikisha Loan
- Processing time is 24 hours.
- Repayment period is 24 months.
- Maximum amount is Kshs 500,000.
(c). Savings Products
1. Ordinary Savings Account
- No ledger fees.
- No minimum balance.
- Access to all credit facilities.
- Salary can be processed through this account.
2. Fanikisha Savings Account
- No ledger fees.
- No minimum balance.
- Mobile banking and ATM.
3. Group/ Welfare/ Chama Savings Account
- No ledger fees.
- No minimum balance.
- No registration fee.
- Only withdrawable by group officials.
4. Junior Savings Account
- No ledger fees.
- Minimum balance is Kshs,500.
5. Fixed Deposit Account
- Minimum amount is Kshs 40,000.
- No maximum amount.
- Duration is 3,6,9 and 12 months.
- Interest of 9% per annum.
- Guaranteed returns as per the deposit contribution.
- Open to re-investment once matured.
Washa Sacco Contacts
Location: Ralli House, 3rd Floor, Nyerere Avenue, Opposite Biashara Building, Mombasa.
Contacts: 0797 690 900/ 0732 525 224.
