Frequently Asked Questions

What do I need to join WASKOM SACCO?

To join WASKOM SACCO, you need the following documents:

  1. A duly filled application form
  2. A copy of your Identity Card

After acquiring all the necessary documents, what are the steps I need to take to join WASKOM SACCO?

After filling out the form, attach the documents mentioned above and drop / send the form at our offices at WASKOM office or give it to the appointed representative near or at your workstation/office.

What do I need to do when withdrawing from the society?

The following are the steps to follow:

  1. A member needs to inform the society in writing of his intention to withdraw. This is done by filling a withdrawal form.
  2. A notice of Ninety days (90) is required in case of any refunds due to the member.
  3. A member needs to inform all Loanees that he/she has guaranteed to seek an alternative guarantor. Refunds will only be paid to the member after all Loanees have replaced member as guarantor.

How do I qualify for a Loan?

To qualify for a loan, you have:

  1. to be a registered WASKOM SACCO member
  2. to contribute regularly for at least 3 months
  3. at least three guarantors who are WASKOM SACCO members who must have been contributing regularly for at least 3 months and have account balances that can meet the amounts you require them to guarantee.

Must I have guarantors when applying for a Loan?

All loans granted by the society must be guaranteed by at least three members of the society. Guarantors’ and applicant’s shares MUST be equal to or more than the loan applied for. In special cases when loan is less/equal to shares one could self guarantee but have to state in writing.

If I clear a loan before its completion date will I be required to pay interest for future periods?

No interest or penalty is charged for clearing a loan earlier than the contracted period.


How long does it take a loan to be disbursed to a member after an application?

Loan processing time varies with the loan product. For example, the Credit Committee meets once every month to review and approve Long Term Loans such as Development loan. Instant and Emergency loans takes a maximum of two working days.

Can I offset my contributions/shares against my Loan?

A member is only allowed to offset his deposits against his loans if he is ceasing to be a member. He/she must then pay off the balance immediately if any. Offsets are only done when a member has asked those he has guaranteed to seek for guarantor replacements.

Can I continue with my membership after I cease working in Mini Group of Companies?

Yes you can. If you have a loan, what you need to do is place a Direct Debit from your bank account in favor of WASKOM SACCO.


Can I apply for more than one Loan?


A member is allowed to take all the loan products on offer as long as all lending conditions are met.

Can I withdraw part of my shares?


Yes, a member can withdraw part of his/her shares in the other schemes but Not in the Main scheme but, exceptions are made in instances where a member is withdrawing completely from the Sacco.