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Frequently Asked Questions
The Sacco Membership is open to all people with age of above 18 years resident of republic of Kenya or foreign countries.
You can become a member by fully filling the membership form that can either be download from our website or can be obtained from our offices and meet the following requirements:
- Attach a copy of the National Identity /Passport and a size photograph
- Joining Fee is Kes 1,000/=
Upon Joining: Minimum Monthly Deposits contributions currently kshs 1200/=
Minimum Share Capital of Kshs 5000/=
An SMS notification with your member number shall be sent to you within 24 hrs
The Share Capital is the core capital of the Sacco. Each and every member is mandated to purchase minimum shareholding of 25 shares each worth 200/= .It represent a unit of ownership
- Earn dividends at the end of the year
- Member owns part of the institution
- Considered as a loan multiplier but not security
- Not withdraw able but transferable to another member
This is Monthly savings made to the Sacco by its members and is non-withdrawable but refundable incomplete termination of membership.
Do I need a guarantor if my loan application is equivalent to my deposit? No You don’t need a guarantor if the loan applied does not exceed your deposits. How many guarantors do I need ?The Sacco has no minimum or maximum guarantors. It all depends on the loan applied.
Am I entitled to dividend? Yes the Sacco pay dividend (interest on deposit and dividend on share capital) Every end of the year according to SACCO financial performance.
What is the procedure of withdrawing from the Sacco?
You need to apply for withdrawal from the Sacco in a formal signed letter giving the Sacco sixty days notice in line with Sacco by-laws> The letter should be occupied by your ID Copy. Withdrawal is subject to clearance of all Sacco liabilities.
When do I qualify to take a loan ? You qualify to take a loan after six months of consistent contribution of the monthly Deposits of minimum 1200/= per month and having attained Minimum share capital of Kes. 5000/=
