Kenversity Sacco: Eligibility and Membership Benefits

Overview

Established in 1976, Kenversity Co-operative Savings and Credit Society initially served employees of Kenyatta University. Over the years, it has expanded its membership to include Kenyan nationals worldwide, fostering financial empowerment through savings and affordable loans. With an asset base of KES 3.54 billion and over 8,000 members, Kenversity Sacco is a leading deposit-taking Sacco in Kenya. Its main branch is located on Kahawa Sukari Avenue, behind Quickmart Supermarket in Nairobi.

Who Can Join?

Kenversity Sacco welcomes all Kenyan citizens, regardless of their location, to join as individual or group members. Membership is open to a diverse range of individuals, including salaried employees, business owners, and organized groups.

Membership Requirements

To become an individual member, applicants must:

Complete a membership application form, available for download on the Sacco’s website
Submit a copy of a National ID or valid passport
Provide two passport-size photographs
Include an appointment letter from an employer (if employed)
Pay a one-time entrance fee of KES 1,000

Membership Classes

Kenversity Sacco offers four distinct membership categories, each with specific benefits and privileges:

Platinum-A

Eligibility: Employees with contracts of two years or more, or those on permanent and pensionable terms
Benefits:
- Access to loans without physical collateral
- Voting rights
- Eligibility to run for elective positions within the Sacco

Platinum-B

Eligibility: Employees with contracts of more than six months but less than two years
Benefits:
- All Platinum-A rights, except eligibility to run for elective positions
- Voting rights

Gold

Eligibility: Individuals with income from sources other than salaries, such as business owners or those with fixed deposit or business accounts
Benefits:
- Loan appraisals based on account activity and business assessment
- Collateral required for loans, with potential auction in case of default
- Voting rights, but not eligible for elective positions

Diamond

Eligibility: Organized groups from institutions with check-off systems (contracts of six months or less) or registered groups recognized by government authorities
Benefits:
- Access to group-based financial products
- Voting rights, subject to group representation

Membership Benefits

Joining Kenversity Sacco provides access to:

Competitive savings and loan products tailored to individual and group needs
Opportunities to build financial stability through regular savings
Flexible loan options, including those requiring minimal or no collateral for certain membership classes
Participation in Sacco governance through voting or leadership roles (where applicable)
Financial services designed to support diverse income sources, from salaries to business ventures