Registration and Admission

Documents Required:

1. Applicant's ID/Passport copy.
2. Applicant's Passport Size Photo.
3. Applicant's KRA PIN Certificate.
4. Copies of NEXT OF KIN ID/Passport/Birth Certificate in case of a Minor.
5. NEXT OF KIN's Passport Size Photo.

Admission: Individual applicants shall be admitted upon payment of a registration fee of Kshs. 2,000 NON-REFUNDABLE. CHAMAS, CHURCHES, CORPORATE BODIES, AND WELFARE GROUPS shall be admitted on application and payment of a registration fee of Kshs. 3,000 NON-REFUNDABLE.

Minimum Saving

Members are required to contribute a minimum of Kshs 1000 per month.

Mode of Payment

No cash transaction will be allowed in the Sacco office apart from when Sacco Staff. All payments should be deposited into the Sacco Bank Account. Members' deposit slips should be taken to the office for the issuance of an official acknowledgment receipt.

How to pay through Mpesa:

• LIPA NA MPESA
• PAYBILL
• ENTER BUSINESS NO: 781364
• ACCOUNT NO: MEMBER NO
• ENTER AMOUNT

Share Capital/Nominal Shares

Members are required to own 100 shares at Kshs. 100, a minimum share capital amounting to Kshs. 10,000; of which dividends will be paid annually. Minimum shares shall be fixed by Delegates meeting from time to time. The shares are not withdrawable or transferable.

Main Saving Scheme (Deposits)

This scheme gives the member an opportunity to save monthly.

• The mandatory minimum monthly contribution of Kshs. 1000, which is not withdrawable unless on 60 days' written notice. Members must be notified within 1 month.
• The savings constitute the member deposits against which loans are granted.
• Withdrawals from Sacco attract 5% of the savings.

Eligibility

Members are eligible for loan facilities after 6 months of regular monthly contributions, including shares savings. All loans are secured either through Land Savings, Mawega land certificate, and Land Deeds; subject to terms and conditions.

ACCOUNT NAME: GAWEMA SACCO SOCIETY LTD ACCOUNT NO: 0110976217000 BANK: CO.OP BANK OF KENYA BRANCH: TRM, NAIROBI

Email: info@gawemasacco.com Email: gawemasacco@gmail.com Web: gawemasacco.com

Gawema Loan Qualification

For any member to qualify for any loan, both short and long-term:

1. One must be fully registered.
2. One should be a paid-up shareholder of KSHS 10,000.
3. One should have contributed a minimum of KSHS 1000 for MORE than SIX (6) Months.
4. Maximum entitlement is X3 of your total main savings (deposits).
5. Maximum loan payment period is 2 years (24 months) at 12% reducing balance annually.
6. Processed within 14 working days.
7. Emergency loan is processed within 7 working days.

Loan Application Requirement

One should fill the loan application form. Provide a copy of ID, one colored Passport Size Photo, and a copy of KRA Pin.

Loan Products

• Shamba loan
• Development loan
• Business loan
• Education Loan
• Emergency loan

NB: On all loans, if no security e.g. title deed/land certificate, one qualifies for only 70% of member savings.

Loan Collateral/Security

Any loan applied for should be secured by the following securities:

1. TITLE DEED: For this, the applicant will bear the cost of charge and registration to the cost of the advocate and any other legally binding cost.
2. CERTIFICATE OF OWNERSHIP: The applicant will bear the cost of transfer of the certificate to Gawema Sacco.

Loan Cost

Different loans will attract different charges but in summary, the following are loan costs:

1. 4% Processing fee
2. Share Capital KSHS 10,000.
3. Transfer fee KSHS 20,000.
4. Advocate KSHS 5,000 but for loan less than KSHS 500,000. KSHS 3,000 shall be charged.
5. Form Fee 100

At the point of application, the applicant will be informed of all the costs applied to that loan. These costs are charged and deducted on processing, and the applicant will get the net amount after cost. (Penalties will be charged on all loans in default i.e not repaid according to terms)

HEAD OFFICE: Marks Plaza (Opp. Kasarani Police) CONTACT: 020 7852337 / 0702965251 P.O. Box 1076-00618, NAIROBI