Kenversity Sacco Membership Eligibility & Requirements

The eligibility and qualifications for Kenversity Sacco membership are the subject of this article.

In 1976, registration of Kenversity Co-operative Savings & Credit Society as a Savings & Credit Co-operative Society was conducted.

Originally open to Kenyatta University fraternity, membership is now available to all citizens. The Sacco now has over 8,000 members and a 3.5 billion asset base.

This article exlores Kenversity Sacco Membership eligibility and requirements, highlighting variuos forms of memebrship.

Kenversity Sacco Membership Eligibility & Requirements

Membership in the Kenversity Sacco is available to all Kenyan citizens, wherever they may be. Individual Membership requires that you;

  • Fill out the membership application. The Sacco’s website offers a download for the form.
  • Include a copy of a valid passport or a national ID.
  • Include two passport photos.
  • Letter of appointment from the employer if you are employed.
  • A total entrance cost of Kshs 1,000.

Membership Classes

1. Platinum- A

  • These members can obtain loans without requiring putting up physical security or collateral.
  • Members are able to cast ballots.
  • Employees with contracts of at least two years or those who are employed on a permanent and pensionable basis fall under this category.
  • The sacco’s members can run for elective posts.

Read, List Of Bandari Sacco Loan Products And Contacts

2. Platinum- B

  • These individuals have contracts that aren’t long-term—less than two years, but longer than six months.
  • Members have all the same privileges as Platinum A members, with the exception of running for sacco political office.

3. Gold

  • These people are sacco members because they manage specific accounts or use specific services, including business accounts, fixed deposit accounts, etc.
  • These members’ account operations and assessments of their businesses serve as the foundation for the appraisal performed in connection with loan applications.
  • Individuals who have an additional source of income to their pay are members of this category.
  • Members and the sacco enter into a contract that permits the attachment of personal property (collateral) and the possibility of an auction in the event of loan default.
  • Members are allowed to vote but are not allowed to run for office.

4. Diamond

  • These are members who have formed groups as the sacco may from time to time specify.
  • They come from institutions with a check-off system and organized groups, but the job agreements are only valid for a six-month period or fewer.
  • They are registered organizations with the appropriate government agencies.

Kenversity Sacco Location and Contacts

Main Branch: Kahawa Sukari Avenue, Behind Quickmart Supermarket, Nairobi.

Contacts: 0715 114 454/ 020 800 2371/2.