Washa Sacco Membership Eligibility & Requirements

Washa Sacco Membership Eligibility & Requirements. Washa Sacco, established on January 8th, 1981, has grown from a small group of members to an expansive network of over 1600 individuals from various institutions. The primary goal of Washa Sacco is to provide its members with opportunities to save funds and access loans for productive purposes.

Membership Eligibility

Washa Sacco welcomes a diverse membership base, which includes:

• Employees from Aga Khan and affiliated companies
• County employees
• Employees from private companies
• Members of the business community (SMEs)
• Registered groups
• Welfares and chamas

Membership Requirements

To join Washa Sacco, prospective members need to fulfill the following requirements:

1. Complete a duly filled entrance form.
2. Provide a copy of their National ID.
3. Submit their KRA PIN.
4. Pay an entrance fee of Kshs 1,000.

Washa Sacco Products

Washa Sacco offers a variety of products to meet the financial needs of its members. These products are categorized into FOSA loans, BOSA loans, and savings products.

FOSA Loans

1. IDD/ Christmas Loan
   • Processing time: 24 hours
   • Repayment period: 6 months
   • Maximum amount: Kshs 20,000
2. Express Loan
   • Processing time: 7 days
   • Repayment period: 18 months
   • Maximum amount: Kshs 200,000
3. Special Express Loan
   • Processing time: 7 days
   • Repayment period: 12 months
   • Maximum amount: Kshs 100,000
4. Salary Advance
   • Processed instantly
   • Repayment period: End of month
   • Maximum amount: 50% of net salary
   • Application period: 8th of every month
5. SOS Loan
   • Processing time: 24 hours
   • Repayment period: 3 months
   • Maximum amount: Based on net salary
6. Development Loan
   • Processing time: 7 days
   • Repayment period: 30 months
   • Amount: Kshs 100,000 to 500,000
7. Major Loan
   • Processing time: 7 days
   • Repayment period: 36 months
   • Amount: Kshs 500,000 to 1,000,000
8. Bebabeba Loan
   • Processing time: 7 days
   • Repayment period: 6 months
   • Maximum amount: Kshs 100,000
9. Overdraft
   • Repayment period: End of month
   • Amount: Based on net salary
   • Applicable from 1st to 7th of every month
10. Biashara Loan
    • Processing time: 7 days
    • Repayment period: 12 months
    • Maximum amount: Kshs 200,000

BOSA Loans

1. Instant Loan
   • Processing time: 24 hours
   • Repayment period: 3 months
   • Maximum amount: Kshs 20,000
2. Special Instant Loan
   • Processing time: 24 hours
   • Repayment period: 4 months
   • Maximum amount: Kshs 50,000
3. Emergency Loan
   • Processing time: 24 hours
   • Repayment period: 12 months
   • Maximum amount: Kshs 500,000
4. School Fees Loan
   • Processing time: 48 hours
   • Repayment period: 12 months
   • Maximum amount: Kshs 500,000
5. Normal Loan
   • Processing time: 14 days
   • Repayment period: 60-72 months
   • Maximum amount: 3 times member deposits
6. Inua Loan
   • Processing time: 24 hours
   • Repayment period: 6 months
   • Maximum amount: Kshs 100,000
7. Fanikisha Loan
   • Processing time: 24 hours
   • Repayment period: 24 months
   • Maximum amount: Kshs 500,000

Savings Products

1. Ordinary Savings Account
   • No ledger fees
   • No minimum balance
   • Access to all credit facilities
   • Salary processing available
2. Fanikisha Savings Account
   • No ledger fees
   • No minimum balance
   • Mobile banking and ATM access
3. Group/Welfare/Chama Savings Account
   • No ledger fees
   • No minimum balance
   • No registration fee
   • Withdrawals by group officials only
4. Junior Savings Account
   • No ledger fees
   • Minimum balance: Kshs 500
5. Fixed Deposit Account
   • Minimum amount: Kshs 40,000
   • No maximum amount
   • Duration: 3, 6, 9, and 12 months
   • Interest rate: 9% per annum
   • Guaranteed returns based on deposit contribution
   • Open to reinvestment upon maturity

Contact Information

Washa Sacco is located at Ralli House, 3rd Floor, Nyerere Avenue, opposite Biashara Building, Mombasa. For more information or inquiries, you can contact Washa Sacco at:

• Phone: 0797 690 900 / 0732 525 224

This detailed overview provides a comprehensive understanding of Washa Sacco’s membership eligibility, requirements, and the variety of financial products offered to its members.