It takes a maximum of 2 weeks to replace the ATM card or pin.
FAQs
Useful Information
Frequently Asked Questions
Got a question about how we’re organised, looking for financial or shareholder information? Below is a list of frequently asked questions.
Membership
The following persons, institutions or groups are eligible for membership:
- All Teachers
- County employees
- Private sector
- Organized groups e.g. youth groups, women groups etc
- Immediate family of an existing member
- National Government ministries and parastatals
Application for membership is on a prescribed application form which should be filled and forwarded to the Office for consideration. Members whose applications are successful are sent an acknowledgement and deduction effected in the Payroll immediately. Employers are required to introduce their employees who wish to join the SACCO and commit themselves to deduct and remit all the Society’s dues through the Check-off System.
- High annual dividends and interest on deposits
- Favorable interest rates on loans
- Instant affordable M-CENTI FOSA loans
When the first share contribution is received. In the event the loan amount applied is more than 3 times of the deposits, a portion of the loan amount will be used to boost shares so as to qualify for a that amount.
- Deposits
Deposits means a balance that is established and maintained by a person at a SACCO that confers membership rights to that person, these are the regular monthly deposits. They are used to determine eligibility for a loan and can only be withdrawn when one ceases to be a member. Deposits can be used as loan security; and are withdraw-able members’ savings.
- Share Capital
Share capital is the money invested in the Sacco by the members/shareholders. It is a permanent /long term member’s contribution toward the Sacco capital and forms part of Sacco equity. It represents your ownership of the Sacco.
The share capital is non-refundable and is only transferable to an existing Sacco member or sold to a Sacco member when you cease being a member.
Partial withdrawal of shares is not allowed, nor offsetting part of an outstanding loan. A member is only allowed to offset his/her deposits against his/her loans if he/she ceases to be a member. He/She must then pay off the balance immediately if any before withdrawing from the Sacco.
- Employer Check off
- M-Pesa Paybill: 765830
- Bank standing order
- Over the counter cash deposit
FOSA
You can use the card at any Point of Sales (POS) terminals i.e. supermarkets, fuel stations, restaurants etc. You can use it overseas at any VISA branded ATM machines and for online transactions.
Loan Eligibility/ BOSA
Once the first contribution contribution is received, which includes the monthly contribution and registration fee. In the event the loan amount applied is more than 3 times of the member’s deposits, a portion of the loan amount will be used to boost his/her deposits so as to qualify for the loan.
You can use the card at any Point of Sales (POS) terminals i.e. supermarkets, fuel stations, restaurants etc. You can use it overseas at any VISA branded ATM machines and for online transactions.
- Dully filled loan application form
- The number of guarantors is dependable on the type of loan and their total deposit amount. They must be active members and have contributed towards their deposits for at least six months. Guarantors’ and applicant’s shares MUST be equal to or more than the loan applied for.
- Two current pay slips certified by the applicant’s employer’s payroll officer, MUST be attached to the application.
- Attach copy of an acceptable form of identification (National ID/Valid Passport)
You can either boost by paying cash or applying for a loan to boost your deposits.
The security for BOSA loans are your deposits and guarantors, who should be members of the Sacco and have to remit their contributions on a monthly basis.
A member is allowed to apply/have more than one loan product from the different loan product categories as long as all lending requirements are met. However a member cannot have two long term loans running concurrently.
One can borrow up to 3 times his/her savings and subject to the government’s rule of 2/3rds net pay after loan deductions.
Loans granted by the Sacco must be fully guaranteed by members of the society. Guarantors and applicant’s shares MUST be equal to or more than the loan applied for.
A member can Self guarantee if the loan amount taken is less or equal to the amount of shares deposit held and must not have any other guarantor liability.
Membership Withdrawal
Membership withdrawal is voluntary and one needs to inform the Sacco in writing of his/her intention to withdraw. This is done by providing a written and signed letter and filled withdrawal forms available at our offices. The process takes 60 days after the letter has been acknowledged and only when the necessary requirements have been met i.e. member must have cleared all his/her liabilities with the Sacco and has replaced all the members he/she has guaranteed.
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