Frequently Asked Questions
Find answers to common questions about our products/services
Savings
To open a savings account, you need to pay a registration fee of Kshs.500.
You can save as low as Kshs. 100.
You can save daily, weekly, monthly, quarterly, or annually based on your source of income
and preference.
Our individual savings account does not earn any interest but gives you access to a
loan up to three times your savings.
Of course, yes. You can withdraw your savings if you have no outstanding loan, but first,
you must fill out the withdrawal request form and submit it to our offices.
Loans
To qualify for a loan, you must:
1. Be a member for at least 2 or 3 months
2. Have regular savings contributions
3. Provide 3 guarantors (for long-term loans) who are also active members
4. Complete the loan application form (long-term loan)
1. Be a member for at least 2 or 3 months
2. Have regular savings contributions
3. Provide 3 guarantors (for long-term loans) who are also active members
4. Complete the loan application form (long-term loan)
You can borrow up to 3 times your total savings balance, with a maximum of Kshs.3,000,000
for
long-term loans.
So far we have three categories of loans:
1. Advance loan, which is 50% of your savings
2. Emergency loan, which is 25% of your savings
3. Long-term loan, which is up to 3 times your savings.
1. Advance loan, which is 50% of your savings
2. Emergency loan, which is 25% of your savings
3. Long-term loan, which is up to 3 times your savings.
Long-term loans are approved within 2-5 working days. Emergency loans within 12 hours and
advance loans within 24 hours.
Yes. However, this depends on the consistency of a member with their savings and their
compliance with the repayment of the previous loans.
Investment & Shares
The minimum investment is Kshs.50,000.
Yes. However, fixed-term investments have early withdrawal penalties (1-2% of interest
earned), and the processing takes 2 months.
You can choose to receive interest payments quarterly, semi-annually or annually. Payments
can be deposited or reinvested into your SACCO account.
Each share costs Kshs.100. The minimum purchase is 50 shares (Kshs.5,000).
Dividends are calculated based on SACCO profits, and 10% is automatically reinvested unless
you withdraw your membership.
Shares can be sold back to the SACCO after 5 years of membership, subject to board approval
and available funds.
Chama (Group Loans)
A Chama account is designed for group loans with a minimum of 5 members. It allows groups to
save collectively and access loans based on their combined savings.
Requirements include:
1. Minimum of 5 members
2. Registration fee of Kshs.1,000 per group
3. Valid identification for all members
4. Group constitution or rules document
1. Minimum of 5 members
2. Registration fee of Kshs.1,000 per group
3. Valid identification for all members
4. Group constitution or rules document
A Chama can borrow up to 3 times their total group savings, with a maximum loan amount of
Kshs.5,000,000.
Chama loans are repaid through regular contributions from all members. The group decides on
the repayment schedule, but minimum monthly payments are required.
Yes, individual members can access loans up to their personal contribution amount while the
group loan is active, provided they meet all other requirements.
Biashara (Business Account)
The Biashara account is designed for business owners whose membership is in the Sacco. They
can use this loan to boost their business based on their needs.
What we require:
1. Registration fee of Kshs. 500
2. National ID Card or Passport
3. Recent passport photo
4. Initial deposit of Kshs. 500
1. Registration fee of Kshs. 500
2. National ID Card or Passport
3. Recent passport photo
4. Initial deposit of Kshs. 500
Interest rates vary by loan product but range from 2% to 10% per annum, depending on loan
duration and amount.
Yes, new businesses can access loans after saving with us for at least 3 months and
providing a solid business plan. The maximum loan amount for new businesses is Kshs.
300,000.
Karo (Education Savings)
The Karo account is designed for parents and guardians who want to save for their children's
education and access school fee loans to help secure their children's education progress.
After saving for at least 6 months, you can access a school fee loan of up to 3 times your
savings balance, repayable within 12 months.
The account can be converted to a regular savings account or any other suitable scheme you
desire.
Other Services
Our Holiday Account helps you save specifically for vacations and festive seasons. You can
withdraw anytime for holiday purposes and earn interest on your savings.
International studies allow a parent to save and request a loan for their children who would
wish to study abroad.
Still have questions?
Our customer service team is ready to help you with any additional questions you may have.
Contact Us