Pomp and colour as Qwetu Sacco Voi branch shifts to prestigious Qwetu Plaza

Qwetu Sacco, one of the leading savings and credit institutions in Taita-Taveta County, has shifted its Voi branch offices to the prestigious Qwetu Plaza in the CBD.

The move signals a major milestone for the sacco which has been growing steadily over the years, and currently boasts a membership of over 50,000.

Addressing guests and sacco staff during the official opening of the new branch, sacco chairman Alfred Mlolwa said operating from their new office premises would be more convenient as it would save the funds previously used for paying rent.

“I wish to thank our members for being very patient as we struggled to put up this magnificent building. From now on, our members will enjoy services from this modern and spacious offices”, said Mlolwa.

He called upon financial institutions to desist from cutthroat competition which he said could be counterproductive in the long run.

“The area our building is located is like the treasury squares in other big towns since all major banking institutions have branches within this vicinity. Our roles should thus be to compliment each other, not competing unfairly” said Mlolwa.

The sacco chairman said new government funds meant to uplift SMEs and low income bracket businesses such as the Hustler Funds should be channeled through Qwetu Sacco.

“We have diverse and elaborate products catering for youths, women groups, boda boda operators and the like so the “hustler funds” can be a major boost to our clients if channeled through our sacco” he said.

Mlolwa pointed out that Qwetu had upgraded its systems into modern ICT facilities where clients can access services even from the comfort of their homes.

“Upgrading ICT facilities is key in any financial institution as it ensures fast, seamless and secure services and I am proud to say that Qwetu Sacco has not been left behind in this new development” he said.

Speaking during the event the guest of honour who is also the ACK Taita-Taveta diocese bishop Liverson Mngonda challenged investors and residents in the county to develop and nurture a savings culture to stand them in good stead in their sunset years.

“Most people suffer during old age because they failed to embrace a savings culture during their working years” said bishop Mngonda.

Currently, Qwetu Sacco assets stand at over Sh3.2 billion and projected to reach sh 3.6 billion in 2023.

Recently the sacco board proposed a growth of 12.5 per cent, equivalent to Sh 403 million.

Qwetu has also exhorted its members to rope in at least one other member each , which would double the sacco membership to 100,000.

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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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