Kenversity Co-operative Savings and Credit Society Limited was registered as a Savings and Credit Co-operative society in 1976. Originally membership was drawn from Kenyatta University but now it has opened up its common bond to the whole country.
Membership Eligibility
Kenversity Sacco' Membership is open to all Kenyan Nationals anywhere in the World. For Individual Membership, to join the Sacco one needs to:-
1. Complete Membership Application Form
2. Attach a copy of national ID or a valid passport
3. Attach 2 passport photographs
4. Appointment letter from employer if employed
5. Entrance fee of a total of kshs.1,000
Membership Classes
Platinum- A
Definition- These are members whose employers have a check off agreement with Kenversity Sacco. These members’ pay slips are used as the basis for appraisals during loan applications. These members enjoy loans without necessarily providing physical collateral/security, but with guarantors, salary and deposits as security. These members have voting rights. Members in this category are employees on contract of two (2) years or more, or employees on permanent and pensionable basis at their places of work. These members can vie for elective positions at the Sacco.
Platinum-B
These are members with short term contracts of less than two years but more than six months. These members enjoy all the rights of members in Platinum-A except vying for elective positions at the Sacco. This is to ensure continuity of leadership at the Sacco.
Gold
Definition- These are members of the Sacco by the virtue of operating certain accounts or patronizing certain products e.g. fixed deposit accounts, business accounts, special investors at the Sacco, e.t.c. The basis of appraisal for these members during loan application is their account operations and assessment of their businesses (for business account holders). Members in this category are individuals with a source of income apart from salary. These members sign a contract with the Sacco that allows for attachment of personal property (collateral) which may be auctioned in case of loan default. These members have voting rights but are not eligible to be elected.
Diamond
Definition- These are members who are organized in groups as shall be prescribed by the Sacco from time to time:
Organized groups from institutions with check off system but where employment contracts run for six (6) months or less. Organized groups that are registered with the relevant Government authority.
Governance
The society is managed by 9 Board of Directors and 3 Supervisory committee members.
