Frequently Asked Questions
This is an organization whose objective is to pool savings from its members and in turn provide them with credit facilities. SACCOs also aim at encouraging thrift amongst their members and to guide them on prudent financial management and investment practices.
A share represents a unit of ownership with a SACCO. For example, Taasisi Sacco Society Ltd shares of kshs. 50,000 indicated in your statement represents 500 shares of kshs.100 each and it’s your share ownership in the Sacco. This amount is not a monthly deduction but a one off separation from deposits. All Sacco Societies are now required by law to have minimum share capital and for our Sacco kshs. 50,000 per member is the minimum.
“Deposits” means accumulated sum of money contributed by the member on monthly to his/her member personal account. Deposits are refundable once a member resigns. Deposits earn interest at the end of the year. The minimum monthly contribution is kshs.3200.
Yes one can rejoin the soonest he/she is ready and pay a rejoining fee of kshs.1000.
Statements are issued on a quarterly basis and on request
Yes, one can continue being a member as long as they continue remitting Sacco dues.
Remittance can be done for both deposit and loan repayment by placing a standing order at the bank, making monthly cash deposits or Check off from the new employer
Partial withdrawal of the deposits is out lawed unless one wholly resigns from the society.
Deposits are refunded within 60 days.