Mwito Sacco Society Ltd was registered on in the year 1979 under the Co-operative Societies Act Cap 490 Laws of Kenya as limited liability society in order to mobilize savings and provide affordable credit facilities. Mwito Sacco Paybill Number 339 650
The Sacco draws its membership from employees of Ministry of Kenya Wildlife, Tourism and Kenya Marine and Fisheries Research institute.
Mwito Sacco is licensed by SASRA as a deposit taking Sacco. It offers several services in the front office and back office.
Mwito Sacco Loans.
1. Development Loan
Features of Mwito Sacco development loan include:
· The rate of interest is 1% per month on the reducing balance.
· The multiplier shall not exceed 4 times a contributor’s deposit.
· The maximum limit is Kshs 5 million.
· Every Applicant must have completed all other loans to access it.
· Any payment outside the check off to clear off a loan or boost deposits shall wait at least 3 months before accessing a new development Loan.
2. Top Up Loan
Features of top up loan include:
· Applicant must have serviced the development loan for at least 6 months and not more than 30 months.
· Top up loan is 25 % of the development loan granted
· Repayment period is up to 30 months.
· It attracts interest at the rate of 1.5 % per month on the reducing balance.
· Monthly deposit contribution will be a minimum of Shs. 1,000= or 5% of applicants basic salary, whichever is higher
3. Manufaa Loan
Features of Mwito Sacco manufaa loan include
· Have deposits of not less than Kshs.1,000,000.
· Shall pledge to maintain a minimum monthly contribution at 10% of their basic salaries (or Shs. 5000.)
· The loan will be fully guaranteed.
· The applicant will not be entitled to any other before paying off half of sum granted.
· The multiplier will be five times the deposits.
· The repayment period will be 72 months.
· The maximum loan will be Kshs.7.5 million.
· The interest rate will be 1% on the reducing balance.
4. Emergency Loan
Features of the loan include:
· Every member shall be entitled to only one emergency loan not exceeding Kshs.200,000= at a time.
· Repayment period shall be within 18 months. It attracts interest at the rate of 1% per month on the reducing balance.
· Monthly deposit contribution will be a minimum of Shs 1,000= or 5% of applicants basic salary, whichever is higher.
5. School Fees Loans
Features of school fees loan include;
· The total outstanding loans, including school fees, must never exceed 4 times the members’ deposits.
· Repayment period shall be restricted to a calendar year.
· School fee loan cheques shall be sent direct to the School where applicable and necessary.
· It attracts interest at the rate of 1% per month on the reducing balance.
· Monthly deposit contribution will be a minimum of Shs. 1,000= or 5% of applicants basic salary, whichever is higher.
6. College / University LOANS
Features of the loan include:
· This will be granted even though the applicant is serving college fee 1.
· The total outstanding loans, including this loan, must never exceed 4 times the members’ deposits.
· Maximum repayment period shall be 36 months.
· Payment (cheques) shall be sent direct to the colleges/universities where applicable.
· It attracts interest at the rate of 1.5% per month on the reducing balance.
· Monthly deposit contribution will be a minimum of Shs. 1,000= or 5% of applicants basic salary, whichever is higher.
7. KARIBU LOAN-for newly employed
Features of the loan include
· Show proof of appointment (avail letter of appointment).
· Must enroll as a member and pay share capital.
· Maximum loan shall be 300,000/=.
· Interest rate will be 1% per month on reducing balance.
· Repayment period shall not exceed 36 months.
· Initial Deposits will be offset from the loan.
· Monthly deposit contribution will be a minimum of shs. 1,000= or 5% of applicants basic salary, whichever is higher.
8. MASLAHI LOAN
Features of the loan include
· Application must be within the multiplier of 4 times the deposits.
· Maximum repayment is 15 months.
· Interest rate is 2.5% per month on the reducing balance.
· The maximum amount shall not exceed 100,000=.
· Monthly deposit contribution will be a minimum of shs 1,000= or 5% of applicants basic salary, whichever is higher.
9. INSTANT (PESA WAA) LOAN
Features of the loan include
· Maximum amount shall be Shs. 50,000 /=
· The repayment period shall not exceed 12 months.
· The rate of interest is 3% per month on reducing balance.
· Monthly deposit contribution will be a minimum of Shs. 1,000= or 5% of applicants basic salary, whichever is higher.
10. KUJIVINJARI / HOLIDAY LOAN
Features of the loan
· Maximum amount shall be Shs. 30,000/=
· The repayment period shall not exceed 12 months.
· The rate of interest is 2% per month on reducing balance.
· Monthly deposit contribution will be a minimum of Shs. 1,000= or 5% of applicants basic salary, whichever is higher.
Mwito Sacco FOSA products
1. FOSA Services
· Processing payment of salaries done immediately cheques are received.
· Immediate payment of members loans upon receipt from the Society (BOSA).
· Clearing of third party cheques.
· ATM Cards: MWITO SACCO is currently in partnership with Co-op Bank to provide ATM services to our members across the country.
· Standing order facility.
· Sale of Co-operative Bank banker’s cheques.
· Safe custody services for valuable documents and certificates.
2. FOSA Savings and Loan Products
· Savings Account
· Copy of ID and presentation of original ID for verification
· Two colored passport photographs,
· Minimum account balance amount of Kshs 500
· Interest earning balance is kshs 5,000
· Sacco link card.
3. Business / Current Account
· Copy of ID and presentation of original ID for verification.
· Two colored passport photographs.
· Minimum account balance amount of Kshs 500.
· Purchase of passbook at Kshs 50.
4. Fixed Deposit Account
· A Copy of ID and presentation of original ID for verification.
· Two coloured passport photographs.
· Minimum account balance amount of Kshs 10,000.
· Deposit terms: 3, 6, and 12 months.
· Interest earned paid upon contract maturity.
· Interest forfeited if contract terminated before maturity.
5. Children Account
· Targeting children.
· Copy of birth certificate.
· Parents copy of ID.
· Two colored recently taken passport photographs of the child and parent/Guardian.
· Minimum balance of Kshs 500.
· Interest earning kshs 5,000.
· Child operates account at age 18 yrs.
· Annual holiday for account holders of kshs 5,000.
· No penalty on amount below minimum for the first six months
6. Group Account
· Copy of ID and presentation of original ID for verification.
· Two colored passport photographs, of the three group signatories.
· Group by Laws, and Minutes authorizing account opening.
· Certificates of registration from the social Services.
· Minimum account balance amount of Kshs 500 and passbook at kshs
7. Education Savings Account
· Minimum monthly savings kshs 1,000.
· Withdrawal once in a year.
· Attractive interest rates.
· Interest credited at the end of the year.
8. Advances
· To all members who process their salary through Fosa account.
· Maximum of kshs 30,000.
· Repayment period of 4 months.
· Instant processing.
Like all other financial services providers in Kenya, Mwito Sacco has strived to make its services available to its customers conveniently and every time by use of Mpesa’ Lipa na Mpesa services through Paybill number 339 650.
How to use Mwito Sacco Paybill number 339 650
a) Go to Safaricom Mpesa services
b) Go to lipa na Mpesa
c) Enter Paybill number 339 650
d) Account number enter your ID number and purpose (eg; 12345678-Loan)
e) Enter the amount u want to pay
f ) Click send
g) You will receive a confirmation message from Safaricom that your money has been sent to Mwito Sacco.
Mwito Sacco Contacts
Mwito Sacco offices are located in Nairobi,
Ngara area next to Kenya Institute of Curriculum Development (K.I.C.D).
Phone number 0715 555 390 or 020 35 05 209
Or email [email protected]
