Frequently asked questions

What are deposits (savings)? These are monthly savings that will be made to the SACCO by a member.

What is a share? This is the money invested in a SACCO by its shareholders (in this case you as a member). It is a long term source of finance. It represents a unit of ownership. It is LAW that a SACCO should have a minimum share capital. This money cannot be withdrawn but is only transferable in the event that the member ceases membership.

When can I qualify for a loan? As soon as you complete buying the shares. What security is needed to acquire a loan? Members' savings and shares. How long can my loan take before disbursement?

It will take at least 3 days to process the loan and disburse the funds.

Will I be allowed to continue my membership after leaving employment?
Yes, you may continue being a member provided you continue saving and are able to make repayments of your loan.