Just find your answers below:

What are the requirements for becoming a Nation Sacco member?

a) Filling in a membership application form and attaching copy of ID,

b) Payment of an entrance fees of Kes1,000,

c) Filling in a next of kin/beneficiary form,

d) Familiarisation with the Sacco by-laws,

e) Minimum savings contribution is Kes2,000,

Note: Members joining from another Sacco are treated as continuing members’ and can enjoy all the privileges as long as the other Sacco gives transfers their deposit to us.

How long does it take a new member to qualify for any of the loans?

Six months after an accumulation of Kshs12, 000 in deposit. Short term advances, however can be accessed in the first month of joining.

Do I need security to get Sacco loans?

Yes. Your deposit is treated as the first charge/security plus a minimum of 3 guarantor’s depending on the size of the loan. The guarantors will be jointly and severally liable in the event the borrower defaults.

Can I take more than one loan?

Yes. A member is entitled to all other loans so long they prove capacity to pay. However, long term loans can only be taken one at a time; i.e. for Ufanisi, Normal or Supa loans.

Can I have both Ufanisi and Development loan?

No. these are long term loan and you are required to have either of them at a time. But you are free to take the others so long as you adhere to 1/3 rule, and your three times deposits allow.

If I have a loan, am I entitled to dividends at the end of the year?

Yes. Dividends are as a result of interest earned/received from loans issued to members. Once they are declared by the board and approved by the AGM, they are distributed to all the persons who were members in good standing with the society as at the close of that financial year, i.e. their contribution and loans are up to date.

Who is eligible to be a guarantor?

Guarantors are Sacco members who are in permanent employment. Non-permanent staff can guarantee but to the extent of their deposits.

For how many loans can a member be guarantor?

A person can guarantee a maximum of seven loans subject to the loans held by the Guarantor.

When I leave my current employer, can I still remain a member of Nation Sacco?

Yes. We put you in a class of members we refer to as “Special members”. You will be required to adhere to the Sacco by-laws and regulations. You will keep your account with the Sacco active in regard to monthly share contribution and loan repayment. You will be entitled to same privileges as regular Sacco members within employment.

How do I pay my Sacco contribution and loan repayment while outside my current employment?

Payment can be by a monthly standing order, personal cheques and or direct deposit to the Sacco bank accounts.

Can I self-guarantee my loans?

Yes. If your savings are more than loans held and you have not committed.

What is FOSA?

FOSA is an acronym for Front Office Services Activity. It’s a department within the Sacco that offers basic banking services similar to those offered by commercial banks.

Who qualifies to open an Account in FOSA?

All SACCO members are encouraged to open an account with FOSA because most member transactions like loan and dividend payments are done through the FOSA accounts.

I cannot qualify for any more loans because of the 1/3rule limits. What are my options?

Loans recovered through the payslip are subject to 1/3rule limit. However, you can access more credit facilities from FOSA if your salary is paid through FOSA.

What is Salary Processing?

This is the payment of member’s net pay/salary through the FOSA account. Your employer will remit your net pay into our account which you will access directly from your FOSA account.

FOSA account holders are issued SACCO Link VISA electron cards. Are they different from other Visa cards?

VISA cards enables FOSA account holders to access cash in their account any time and from any visa branded outlets. They can also be used to shopping and payment of utility bills at all VISA compliant points.

How safe are my deposits in the Sacco?

We are a deposit taking Sacco that is regulated by the Sacco Societies Regulatory Authority (SASRA) which closely monitors the financial operations of Sacco’s. It ensures the member’s funds are safe.