Help centre
Frequently asked questions
The questions our members ask most often, answered from the Sacco's own by-laws and lending rules.
Still unsure?
We are happy to explain
If your question is not answered here, call either office or send us an email and a member of the team will help.
Membership is open to employees, business owners, farmers, youth and registered groups. We draw our members from Nakuru, Molo, Elburgon, Njoro, Naivasha, Gilgil, Bahati/Subukia, Solai, Baringo, Koibatek, Kericho and Buret.
A one-off registration fee of KES 1,000. You then build a minimum share capital of KES 10,000 (500 shares at KES 20 each) and contribute at least KES 1,000 a month, plus a KES 50 insurance premium.
A copy of your National ID or passport and a passport-size photograph. Employed applicants should also bring a recent payslip and an employer recommendation; business owners bring business financial statements for the previous three months.
You must have saved regularly for at least six months before your first loan application.
Up to three times your deposits for most loans, and up to five times for micro-credit. No loan may exceed 5% of the society's capital, and the amount applied for should not exceed your own plus your guarantors' deposits.
Interest is charged on a reducing balance at 1.25%–1.5% per month, so you only pay interest on the amount still outstanding. Confirm the rate applicable to your loan category at the time of application.
Up to three years for normal, development, business, product and group loans. Emergency loans run for 12 months or less, while school fees and express loans are repaid within the same calendar year.
Yes. Guarantors must be members of the Sacco in good standing, and their signatures must be witnessed. The amount you apply for should be equal to or less than your deposits plus your guarantors' deposits.
You may hold only one loan of each category at any given time. If you clear a loan in cash, there is a two-month lapse before you can apply again.
A member who has not remitted the minimum monthly contribution in the last three months does not qualify for a loan until the account is fully updated.
By M-Pesa to Paybill 343150 using your membership number as the account, or by bank transfer to our Absa, National Bank or Co-operative Bank accounts. You can also pay in person at either office.
No. Wakarimu Sacco operates a BOSA (Back Office Service Activity) model and is registered under the Co-operative Societies Act, registration number CS/5626, supervised by the Commissioner for Co-operative Development. We do not run a FOSA, so SASRA licensing does not apply.