Qwetu Sacco: Branch, Financial Products, and Contact Information

Overview

Founded in 1968 as Taita Taveta Teachers Sacco, Qwetu Sacco has evolved into one of Kenya’s leading deposit-taking Savings and Credit Co-operative Societies. Headquartered at Tatecoh Building in Wundanyi, Taita-Taveta County, the Sacco serves over 40,000 members, primarily from the teaching profession, government ministries, businesses, and county government. With an asset base exceeding KES 3.22 billion, Qwetu Sacco offers a wide range of financial products to support members’ economic and social goals.

Financial Products

Qwetu Sacco provides an extensive portfolio of Front Office Service Activity (FOSA), Back Office Service Activity (BOSA), and Micro Credit products tailored to diverse member needs.

FOSA Products

Savings Accounts

1. Ordinary Savings Account

• Features:
  • Minimum operating balance: KES 1,000
  • Processes salaries, pensions, and crop payments
  • Access to FOSA advances and loans

1. Qwetu Farmers Account

• Features:
  • Minimum operating balance: KES 500
  • Handles farmers’ payouts
  • Access to agribusiness loans

1. Qwetu Chama Account

• Requirements: Group registration certificate, minutes, constitution, and a minimum of 7 members
• Features:
  • Minimum operating balance: KES 1,000
  • Access to microcredit loans and up to 75% LPO financing

1. Qwetu Association Account

• Requirements: Registration certificate, minutes, and by-laws
• Features: Minimum operating balance: KES 1,000

1. Qwetu Jibambe Account

• Features:
  • 6% annual interest
  • No minimum operating balance; KES 1,000 opening balance
  • Maximum two withdrawals per year
  • Discounted holiday rates and shopping vouchers

1. Toto wa Qwetu Account

• Requirements: For children under 18 with a birth certificate
• Features:
  • 6% annual interest
  • Minimum operating balance: KES 1,000
  • Maximum three withdrawals per year
  • Free branded piggy bank and annual fun day

1. Qwetu Super Deposits

• Features:
  • 10% annual interest, payable after 90 days
  • Minimum opening balance: KES 2,000
  • Redeemable anytime

1. Retirement Savings Plan

• Requirements: Employed or self-employed with a minimum monthly contribution of KES 500
• Features:
  • 10.5% annual interest, payable upon retirement
  • Redeemable at retirement

1. Fixed Deposits

• Features:
  • Minimum amount: KES 10,000 for 3 months
  • Up to 9.5% annual interest
  • Redeemable anytime

1. Emergency Funds
   • Features: Savings for unexpected expenses, redeemable anytime

FOSA Advances and Loans

11. FOSA Advances
    • Requirements: Operate a FOSA salary account, channel salary for at least 1 month, contribute to Member Protection Scheme (MPS), and have minimum share capital
    • Features:
    • Immediate processing and disbursement
    • KES 200 processing fee
12. FOSA Personal Loans
    • Requirements: Same as FOSA Advances, plus at least 3 guarantors and a minimum net take-home of KES 3,000 (12 months) or KES 5,000 (over 12 months)
    • Features:
    • Minimum amount: KES 10,000
    • 1% monthly interest
    • 2.5% processing fee
    • Repayment period: 6–48 months
    • Immediate processing

BOSA Products

BOSA Personal Loans

• Features:
• 2% processing fee
• 1% monthly interest (6.5% p.a.) on reducing balance
• Repayment period: 6–84 months
• Loan multiplier: Up to 5 times long-term deposits/SPIF shares
• Requires fully paid share capital and up-to-date MPS contributions

Specific BOSA Loans

1. SPIF Loan

• 1% monthly interest, up to 36 months, requires SPIF shares

1. Qwetu Smart Loan

• 1% monthly interest, 12–36 months

1. School Fees Loan

• 1% monthly interest, 6–12 months, immediate processing

1. Emergency Loan

• 1% monthly interest, 6–12 months, KES 20,000 maximum, immediate processing

1. Qwetu Super Loan

• 1.25% monthly interest, 37–72 months

1. Qwetu Development Loan

• 1.5% monthly interest, 73–84 months, minimum KES 500,000

1. Preferential Loan

• 1% monthly interest, 6–84 months, requires 3 years of consecutive long-term deposit interest capitalization

1. Micro SPIF Loan

• 1.5% monthly interest, 6–48 months, minimum KES 500,000, 5x multiplier

1. Wezesha Biashara Loan

• 1% monthly flat rate, 6–36 months, minimum KES 300,000, 5x multiplier

1. Micro Elimu Loan
   • 1.5% monthly interest, 6–12 months, 3x multiplier
2. Asset Financing
   • 1.5% monthly interest, 6–36 months, 3x multiplier for new members, 5x for existing, co-ownership
3. Qwetu Biashara Loan
   • 1.5% monthly interest, 6–36 months, 5x multiplier, requires 8 weeks of savings
4. Kilimo Biashara Loan
   • 1.5% monthly interest, 6–36 months, 5x multiplier, appraised on agribusiness, requires 8 weeks of savings

Micro Credit Services

1. Qwetu Micro Elimu Loan

• 1.5% monthly interest (18% p.a.), 12-month maximum, 5x multiplier

1. Boda Boda Loans

• 1.5% monthly interest (18% p.a.), 12-month maximum, 3x multiplier for new members, 5x for existing, asset as security

1. Biashara Group Loan

• 5x multiplier, 6-month minimum, appraised on business, requires 8 weeks of savings, no grace period

1. Kilimo Biashara Loan

• 5x multiplier, 6-month minimum, appraised on agriculture, 2-month grace period, requires 8 weeks of savings

1. Group Formation

• Minimum 7 members, registered with the Ministry of Social Services, with a constitution and group account

1. Special Investment Fund

• 1% monthly interest, 36-month maximum, 5x SPIF shares, processed within 1 month

Branch Network and Contacts

Qwetu Sacco operates four branches to serve its members across Taita-Taveta County:

1. Head Office
   Location: Tatecoh Building, Wundanyi Town
   Phone: +254 728 957 585, +254 728 536 169
   Email: [email protected]
2. Voi Branch
   Contact: +254 728 483 398
3. Mwatate Branch
   Contact: +254 716 195 625
4. Taveta Branch
   Contact: +254 728 483 321

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