Waumini Sacco Membership Eligibility & Requirements

This article focuses on Waumini Sacco‘s membership eligibility and requirements. Waumini Sacco is a Savings & Credit Co-operative Society registered in 1980 under the Co-operative Societies Act of the laws of Kenya.

The Sacco primarily mobilises savings & deposits and extends credit to its members thereby empowering them economically and socially.

Today, it is a leading progressive Sacco with a membership of over 40,000 from catholic institutions across the 26 catholic dioceses in Kenya, catholic church faithfuls and past employees of catholic institutions.

The Sacco has an asset base of more than 6.34 billion, making it one of the largest deposit taking Saccos in the country.

Membership Eligibility

Waumini Sacco draws its membership from;

Employees of catholic based organisations.
Catholic faithfuls in Kenya.
Spouses and children of catholic faithfuls & employees of catholic based organisations.
Corporate institutions and groups/chamas.

Waumini Sacco Membership Requirements

(i). Individual Membership

An introduction letter from the institution (employer).
Form duly signed by the parish priest for catholic faithfuls.
Registration fee of Kshs 500 payable once.
Share capital of Kshs 15,000 which can be paid in installments of Kshs 500 monthly (this amount is non-refundable and earns dividends and is transferable upon withdrawal of membership).
Minimum monthly deposit contribution of Kshs 500.
Monthly Insurance Risk Fund contribution of Kshs 100.

(ii). Corporate Membership

The corporate membership is open to all catholic based institutions/ organisations.

Registration fee of Kshs 5,000 (non refundable).
Share capital of Kshs 10,000 (non refundable but transferable to another institution/individual).
Introduction letter/ minutes with a resolution to open an account.
Recommendation letter from a bishop or his representative/ congregation head where applicable.
Form duly filled with authorised signatories details.

Membership Benefits