Qwetu in grand plan to raise membership to over 100,000






  

Qwetu Sacco has embarked on an ambitious plan to raise its membership to more than 100,000.
Currently the Sacco has a membership of 52,000 members and the number continues to grow steadily, making it the Sacco of choice for investors in Taita-Taveta County and the Coast region as a whole.
Dubbed “1+1” the membership drive encourages each member to rope in at least one other member, which would double the current number.
Addressing members during this years sacco education day at Dan Mwazo Hall in Voi town, Qwetu vice chairman Simon Mbashu who represented chairman Alfred Mlolwa said the only way the Sacco could have a firm financial base is by getting more members.
“The Sacco model is basically a business model and we cannot afford to be selfish. We must recruit more members if our Sacco is to continue growing” said Mbashu.
He pointed out that the sacco membership has been growing gradually after it opened its doors to non teaching members including business people, those from the private sector and county government employees.
Mr Mbashu said that the ultimate vision of the  sacco was to have a national outlook with branches in all major towns.
“A journey of a thousand miles begins with one step and I would like to assure our members that we are on the right track of growth and development” he said adding that Sasra had given the society a clean bill of health in the past five years consecutively because it had met all the laid down regulations.
“This is something to be proud of as there are several saccos which have been deregistered for failing to meet the key requirements laid down by the regulating authority” said the official.
The sacco membership stood at over 43,000 in the year 2021 compared to the current 52,000, a variance of 22.5 per cent.
Sacco assets stand at more than 2.8 billion compared to 2.4 billion the previous year.
Members deposits stand at 1.9 billion while the share capital stands at 103 million.
Mbashu advised the members to seriously consider the issue of plow back so as to reinvest their dividends or interest earned back to their shares or deposits.
Among thee benefits of plow back include growth in members investment, increase in earnings, increase in borrowing capacity and boosting retirement kitty.
Addressing members during the event sacco CEO Charles Kaba urged members with children to take advantage of the Toto wa Qwetu product to ensure that the education of their children was less stressful in coming years.
Mr Kaba asked members to desist from impulse buying of unnecessary items and instead use the money to save for their children in this product.
“White collar jobs are no longer available and even some university graduates are staying at home.Investing in viable businesses and sacco savings is what could bail them out of this situation” he said.
During the event Mr Kaba helped open 20 new accounts in Toto wa Qwetu for members who attended the event with their children.
Captions to photos:
1.Sacco CEO Charles Kaba and vice chair Simon Mbashu during the meeting.
2.Members follow deliberations during the meeting.
3.Voi Branch manager Helda Kerubo and Sacco BDM David Ponga address members during the meeting
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                       VISION

To be a competitive and reliable provider of market driven financial solutions to its customers
MISSION
To positively impact on the lives of customers through building a dynamic financial institution that provides inclusive market driven financial solutions
KEY FEATURES
*savings interest rate as high as 10% p.a
*Loans interest rate as low as 1% per month on reducing balance
*Loan repayment period up to 84 months (7 years)
*Loan multiplier of up to 5 times
Terms and conditions apply
MEMBERSHIP
To become a full member:
1. Open and operate a Fosa account with minimum balance of KSh 1,000
2. Pay membership fee of Ksh500
3. Contribute minimum share capital KSh 15,000
4. Contribute Member protection Scheme(MPS) KSh 200 monthly
5. Contribute risk and retirement fund (RRF) Ksh200 monthly
6. Contribute long term deposit monthly
7. Patronize our products and services
QWETU SACCO MEMBERS’ WELFARE
Requirements :
*Be an active member
*Contribute KSh 400 (MPS 200/=, RRF 200/=) monthly
*Contribute for at least 6 months to start benefiting from the scheme
*Appoint nominees and update changes when necessary
*MPS claims produce death certificate or medical report on total incapacitation
*RRF claims produce retirement letter or death notification with proof of relationship to the member
Benefits :
a) Member Protection Scheme(MPS)
*Takes over member obligations in case of demise or total incapacitation
*Offsets of all loans outstanding excluding arrears
*Doubles deceased members’ Bosa deposit to next of kin
*Pays funeral rider of KSh 50,000 for deceased member to next of kin
b) Risk and retirement Fund (RRF)
*Upon retirement of a member a token of KSh 28,500
*In case of demise of a spouse a consolation of KSh 14,500
*In case of demise of a child a consolation of KSh 7,500
In case of demise of member, next of kin consoled with Ksh56,500
*Redeemable upon retirement
FOSA SAVINGS ACCOUNT
Account opening requirements
*Original and copy of national ID card
*Coloured passport size photo
*Minimum opening balance
Dully filled membership form
Account key features :
*SMS alerts
*No monthly maintenance fee
*Deposits via Paybill
*Access via mobile banking
*Free internal standing orders to own
*Earn interest as determined from time to time
1 Ordinary savings account
*Minimum operating balance of KSh 1,000
*Channel salary or pension
*Access advances and Fosa loans
2.Qwetu farmers Account
*Minimum operating balance of KSh 500
*Channel farmers payouts
*Access to agribusiness loans
3. Toto wa Qwetu Account
*Must be below 18 years
*Birth certificate
*Minimum operating balance of KSh 1,000
*Earns 6% p.a interest
*Free branded piggy bank
*Annual fun day
*Maximum withdrawal three times a year
4.Qwetu Jibambe Account
*Minimum operating balance of KSh 1,000
*No minimum operating balance
*Earns 6% p. a interest
*Maximum withdrawal twice per year
*Savings for holiday, tour, wedding, parties etc
5.Qwetu Chama Account
* Group registration certificate
*Minutes and copy of group constitution
*Members list of at least 7 members
*Minimum opening and operating balance of Ksh1,000
*Access to micro credit loans
*Access up to 75% LPO Financing
*Acess to Asset Financing
6. Qwetu Corporate Account
*Certificate of registration
*Directors resolutions
*Minimum opening balance of KSh 5,000
*Minimum operating balance of KSh 1,000
*Access to business loans
8. Qwetu Association Account
(For churches, cooperatives, welfares etc
*Certificate of registration
*Minutes and copy of constitution/by-laws
*Minimum operating balance of KSh 1,000
FOSA SAVINGS PRODUCTS
1. Qwetu Super Deposits
*Minimum amount Ksh2,000
*Earns 10 % p. a interest
*Interest payable after 90 days
*Redeemable any time
2.Retirement Savings Plan
*Must be employed or self employed
*Minimum contribution of KSh 500/= per month
*Earns 10.5 % interest p. a
*Interest payable in full upon retirement
Redeemable upon retirement
3.Fixed Deposits
*Minimum amount Ksh10,000
*Minimum period 3 months
*Earns up to 9.5% p. a interest
Redeemable any time
4.Emergency Fund
*Savings for unforeseen eventualities
*Redeemable any time
BOSA INVESTMENT PRODUCTS
These earn dividends annually:
1. Share capital
2. Long term deposits
3. Micro premiums
4. Special Investment Fund(SPIF)
Loans and advances
1. FOSA loans and advances
a) Pre-salary
b) Salary advance
c) Prestige advance
d) Asset Finance advance
e) Loan advances
f) Qwetu Express loan
g) Qwetu Express Plus loan
h) Qwetu personal loan
i) Qwetu plus loan
j) Member Karibu Loan
Key features:
*Immediate disbursement
*Channel salary through Fosa for at least 1 month
Member Karibu loan
(Fosa check off personal loan)
Requirements:
*Newly employed or recruited members
*Possess latest payslip
*Employed on permanent or fixed contract terms
Features :
*Appraisal based on 1/3 rule
*Maximum repayment period of 72 months
*Interest 12% p. a
*No Bosa shares required during appraisal
*Deductions through check -off system
*Disbursed immediately if salary passes through our Fosa
2.Bosa personal Loans
a) Emergency loan
b) School fees
c) SPIF loan
d) Qwetu Smart loan
e) Qwetu super Loan
f) Qwetu Development loan
g) Preferential loan
Key features:
*Low interest rates of 1 % per month on reducing balance
*loan repayment period of 6-84 months (7 years)
*Fully paid up minimum share capital
*Up to date MPS contribution
*Loan multiplier up to 5 times of long term deposits/SPIF
Preferential loan :
*Capitalise 100% dividends for at least 3 years consecutively
*Interest 1% p. m on reducing balance
*Repayment period 6-84 months
*Disbursed immediately
3.BOSA business and agribusiness loans
a) Micro SIPF loan
b) Wezesha Biashara loan
c) Biashara loan
d) Asset financing
e) LPO financing(75%)
f) Kilimo Boresha Loan
Key features:
*Low interest rates
*Loan repayment period 6-48 months(4 years)
*Fully paid up minimum share capital
*Up to date MPS contribution
*Loan multiplier up to 5 times of micro premiums
Alternative Banking Channes
Mobile Banking
*Dial *645# , withdrawal limit is KSh 50,000
*Dial *879#, withdrawal limit KSh 70,000
Playbill deposits
• Insert paybill number 129104
• Insert your ID number or account number
ATM card
*Visa Branded Sacco Link
* Five year validity
Cheque Services
*Personal cheque books
*Bankers cheque
SMS alerts
*Salary alerts
*Credit/debt alerts
*Guarantorship alerts
*Loan disbursement alerts
*Cheque maturity alerts
Other services
Credit reference bureau(CRB) services : Dial *433#, agent No 143774
Taita-Taveta Mwalimu Bookshop
*Stationary
*Textbooks
*Motorbikes
*Sporting gear
*Cooking jikos
*Smartphones
Televisions
*Iron sheets etc
FOR MORE INFORMATION CONTACT :
Head Office
P. O Box 1186 804 Wundanyi
Tel+254728957585/ +254728536169
Email marketing@qwetusacco.com
Info@qwetusacco.com
Website http://www.qwetusacco.com
QWETU SACCO BRANCHES
Wundanyi branch +254728957585
Voi branch +254728483398
Mwatate branch +254716195625
Taveta branch +254728483321
Taita-Taveta Mwalimu Bookshop branches
Wundanyi +254711186842
Voi +254738285627
Mwatate +254703103969
Taveta +254716730960
 Email ttmwalimu@qwetusacco.com
“Faida leo na kesho”

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