Frequently asked questions
Membership
✔ Micro Entrepreneurs
✔ Blue – Collar workers
✔ Employees within the Informal Economy
✔ Boda Boda or Tuk Tuk operator with a valid operating license.
✔ You'll need to provide identification, proof of operation, and fill out a membership form.
✔ Blue – Collar workers
✔ Employees within the Informal Economy
✔ Boda Boda or Tuk Tuk operator with a valid operating license.
✔ You'll need to provide identification, proof of operation, and fill out a membership form.
✔ As a member, you can access low-interest loans, financial education, savings plans, and dividends from Sacco profits.
✔ You'll also have a collective voice in decision-making and a support network of operators.
✔ You'll also have a collective voice in decision-making and a support network of operators.
✔ You are eligible for a loan after six months of consistent savings with the Sacco.
✔ Share capital is your ownership stake in the Sacco and is non-refundable, while deposits are the savings you make, which can be withdrawn or used to secure loans.
✔ No, share capital is not refundable. It represents your permanent stake in the Sacco.
✔ You can withdraw deposits after offsetting any outstanding loans, but share capital cannot be withdrawn.
✔ Contributions can be made through mobile money, direct bank deposits, or Sacco office payments.
✔ Share capital is the amount of money you contribute as an ownership stake in the Sacco, giving you voting rights and a share in dividends.
✔ Yes, members receive dividends based on the Sacco's profits, proportionate to their share capital.
✔ Loan processing typically takes 1-14 days, depending on the completeness of your application and guarantor availability.
Frequently asked questions
Loan Eligibility
✔ You need to save consistently for at least six months to qualify for a loan.
✔ You'll need identification, proof of income (e.g., daily earnings), a filled loan application form, and guarantors' details.
✔ Increase your monthly contributions, make lump-sum deposits, or recruit more guarantors to enhance your loan limit.
✔ Yes, the Sacco can buy off existing loans, subject to approval and terms of the agreement.
✔ Security includes your savings (deposits), share capital, and guarantors. In some cases, physical assets like motorbikes and tuk tuks may be used.
✔ You can take multiple loans, but the total amount must not exceed your eligible loan limit.
✔ The loan amount is typically three times your deposits, but it can vary based on your savings and guarantors.
✔ You generally need 2-6 guarantors, depending on the loan amount.
✔ No, you cannot self-guarantee. Guarantors are required to secure your loan.
Frequently asked questions
Membership Withdrawal
Submit a written notice to the Sacco, settle any outstanding loans, and withdraw your deposits. Your share capital, however, is non-refundable.