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 Members admitted in accordance with the membership policy

A member becomes eligible after a minimum membership period of six months and on fulfilling all requirements of a specific loan product.

A loan application must be done in writing on prescribed forms which must be fully filled. The applicant must attaché all relevant documents. Alteration will not be allowed.

Shares: The amount representing a member’s portion in the equity of the society as a co-owner.
– No member other than a Cooperative Society shall hold more than one-fifth (1/5) of the total shares.
– Shares cannot be withdrawn but can be transferred or sold to another member
Deposits: Every member must make regular deposits in accordance with Savings and loans policies.
– They are not withdrawn in part or in full as long as a person is a member of the Sacco.
 -These deposits may be used to determine the eligibility of a borrower or a  guarantor.

Savings: In addition to shares and deposits a member may invest in a saving account. The Sacco provides the following:

Savings products
School fees saving plan
Holiday saving plan

    Retirement saving plan

 No. Any amendments on interest will affect new applications only.

 Interests on loans are reviewed from time to time by the BOD on recommendation of member at the AGM.

   Yes, that is allowed. All that one needs to do is to instruct in writing

    Yes by communicating the same in writing.

On loanees request the repayment period may be altered at any stage of repaying the loan provided that the request is within the limits of a particular loan term.

   i. Guarantors
   ii. Deposits in the SACCO
   iii. Land
   iv. Buildings
   vii. Share certificates
   viii. Vehicles

 Any active member in good standing is allowed to be a guarantor provided that one has not over guaranteed.

A guarantor must be willing and able to repay the loan guaranteed if the loanees fails to pay.

 Guarantors are jointly (together) and severally (individually) liable for the repayment of a loan in the event of the borrower’s default.

 i. The right to obtain a copy of the letter of guarantee or contract of guarantee and any other documents in relation to the loan transaction
ii. The right to the information on the outstanding balance of the account of the borrower with the Society subject to the borrowers consent.
iii. The right to call upon the borrower to pay off the loan to release him from all his liabilities under the guarantee. This right can be exercised at anytime and even before the Society has called upon the borrower to pay the debt.
 iv. The right to be indemnified by the borrower for any payment made to the Society. This means that he can sue the borrower for the amount that he has paid to the Sacco.
 v. Right to be replaced by another guarantor.

i. Loan amount
ii. Repayment period
iii. Applicant source of income
iv. Applicants term of employment
v. Applicants retirement date
vi. Applicants contact details
vii. Any other details relating to the applicants character

 i. EFT(Electronic Funds Transfer)
 ii. Cheques

Yes, that is allowed and does not attract early clearance charge.

• A nominee is the person designated by a member to receive the proceeds of any payable funds upon the death of the member
• All members are required to provide details of nominee(s) upon registering as members.
• One can change and/or update his/her nominee information as when and need arises

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