Frequently Asked Questions
MEMBERSHIP
Anyone with drive and vision-whether young or seasoned and hungry for
success and seeking stability. Whether employed-salaried, running a business,
hustling on the side, or living abroad-who want to grow, upgrade their lives,
care for family, and thrive in a supportive community.
- One-off registration qfee: Ksh 2,000.
- Share capital: Ksh 35,000 (can be paid upfront OR in installments within
24 months from date of joining). - Monthly contribution: From Ksh 1,500.
- Monthly GFE contribution: Ksh 200.
- Supporting KYC document-ID/Passport, Passport photo, KRA pin.
Get a form (office/website), pay registration fee of Ksh 2,000 via Paybill 600110 (ID as
account no.), then submit form via info@maishaborasacco.com
After 3 months of active membership, you can obtain credit facilities at
favourable interest rates. We also offer other savings products at competitive
interest rates and give out annual dividends at competitive interest rates.
Yes. Maisha Bora Sacco has an open common bond and therefore members of the public are eligible to join.
An account goes into dormancy once no continuous transactions have been
made in the last six months.
With a dormant account, you will not be able to access any of the Sacco
benefits. However, reactivation is simple - fill an activation form and resume
the monthly contribution of Kes 1,700/.
This can be accessed through:
- Monthly Emails sent by the Sacco.
- The member portal.
- You can access your Dividends via.
- Mbora (Withdraw the amount to your Mpesa or Bank Account)
- Steps to follow are: -
- Dial *470#>Transaction> Withdraw >Own Account> Select Dividend Account.
- Sacco Offices.
YES. A member who transfers directly from another Sacco is immediately eligible for all benefits of a full member.
Can I continue with my membership as an individual member after leaving the organization I work for?
Yes.
No. Membership is individual and not transferable. However, members may
nominate
Upon resignation, your deposits and share capital (less any outstanding
obligations) will be refunded within 60 days as per Sacco policy.
Yes. Members may voluntarily contribute beyond the Ksh 35,000 minimum up
to the set maximum of Ksh 1 million.
GFE
GFE/Benevolent fund is a welfare fund established to assist members in case of death of their spouses, biological children, biological parents and parents in law.
For one to make a claim, they need to fully declare and or update their dependents at the point of joining as a member or updating in the course of their stay at Maisha Bora Sacco.
Yes.
The current payment is Ksh. 200 per month.
No.
Only one spouse is covered under the benevolent fund.
Yes.
The documents required are:
- A dully filled GFE claim form
- A duly filled and stamped burial permit
- Clear ID copies for the deceased and the principal member
- Birth notification or birth certificate for a child’s death
- Certificate accompanied by a surrender letter in the event the ID has been surrendered to the government
- For parent(s) or in-laws, a birth certificate of the principal member and/or their spouse.
- A letter of admission for children between 18-24 years to confirm they are still under their parent’s care.
Currently,
- Principal member’s benefit Ksh. 170,000/
- Spouse Ksh. 70,000/
- Child Ksh. 50,000/
- Parents Ksh. 40,000/
No.
One needs to declare their dependents at the time of joining as a member or update their dependents three months prior to death for the claim to be honored.
A new member will need a three-month waiting period before lodging a claim.
Notifications to the SACCO about GFE claims should only be done within 6 months after death.
No.
You cannot make a claim if you had not declared or updated your dependents since eligibility is only for those who had declared or updated their dependents.
Update forms are available at our offices or can be downloaded online from our website(https://maishaborasacco.com/download/member-update-form-revised/)
Dully filled update forms are submitted with a copy of ID card.
No.
No Charges are incurred.
You can download the update form from our website and share through email (info@maishaborasacco.com) once filled with a copy of your ID.
No.
You only need to update your details when there are changes to be made.
A dully filled Member Update form and a copy of national ID/passport.
GFE claims are processed within 3 days after submission of all the required documents.
You miss the eligibility to make GFE claims if your monthly contributions are in arrears.
Yes.
You can do advance remittance by issuing instructions once you have made the lumpsum payment.
No refund is made during or after the renewal annual period.
No.
GFE claims can only be made by members whose accounts are active.
The new contribution will be effective 1st May 2025.
The benefit for new rates will be effective 1st June 2025, a month after the new contributions.
SAVINGS
- Junior Savers (17yrs and below).
- Maisha Invest Plus.
- FOSA Savings.
- Holiday Account.
- Fixed Deposit.
- Bizna Account (for SMEs & business owners).
- Centralized collections for all business income.
- Overdraft access for short-term cash flow.
- Low transaction fees.
- Statements serve as proof of income (for Sacco loans).
- Rental income management.
- Build business credit.
- Free account opening.
Requirements
- Business registration/incorporation certificate.
- KRA PIN (Business/Individual).
- ID/Passport copies of signatories.
- CR12 / Partnership deed (if applicable).
- Business permit/trade license.
- Board resolution (for companies).
- Passport photos (signatories).
Yes, between 3% – 7.5% p.a.
The Fixed (Maisha Investment Plan Account) the funds can be deposited Monthly, You don't have to pay a monthly fixed account or even deposit money every month, As of right now, the interest rate is at 6%, For MIP you can give us a 2 week notice before you collect the funds, Without the notice the funds will continue earning interest.
The minimum contribution is ksh 1,700/=. Ksh 200/= caters for the benevolent, ksh 1,000/= savings and Ksh 500/= to Share Capital. You can deposit any amount that you prefer into the FOSA account.
GFE is a social welfare fund that was established to accord members and their immediate families a decent send-off upon demise. All members are required to pay kshs. 200 every month as GFE. A member is required to list his/her immediate family in the application form prior. GFE covers up to 7 family members.
Entitlements are as follows.
- Principal member’s benefit Ksh. 170,000/
- Spouse Ksh. 70,000/
- Child Ksh. 50,000/
- Parents Ksh. 40,000/
Yes, your money is safe in the Sacco. We are regulated by the Sacco
Societies Regulatory Authority (SASRA) and all member deposits are
protected through strict compliance with regulatory standards, sound
financial management, and regular audits.
You can remit Sacco Savings through the below Channels.
- M-Pesa Paybill number 600110. Use your Member Number as account number i.e. 00******
- Cheques payable to Maisha Bora Sacco Ltd
- SendWave, Taptap Send, Remitly, Western Union, WorldRemit, Wise and TransferGo.
- FOSA Banking, *470#, or M-bora App
- KCB: 1277921091
Direct deposit / EFT / RTGS
Bank | Co-operative Bank | Equity Bank |
Bank Branch | Enterprise | Enterprise |
Bank Account Number | 01120000568600 | 0800292523510 |
Bank Account Name | Maisha Bora Sacco Ltd | Maisha Bora Sacco Ltd |
Bank & branch Code (for local payments only) | 11056 | 68 (080) |
Bank Swift Code: (for cross border payments only) | kcookena | EQBLKENA |
The system automatically distributes funds as follows:
- Loan instalments and minimum deposits are settled first.
- KES 200 is allocated to the Benevolent (GFE) Funeral Expense Cover.
- KES 500 is allocated for members who have not yet attained the
minimum share capital of KES 35,000.
Any amount paid in excess is credited to deposits, unless there is a specific
instruction to channel it towards loan repayment.
Note: Members who have already met the minimum share capital of KES
35,000 will not be deducted further unless they voluntarily request or directly
contribute to the share capital account, which has a maximum limit of KES 1
million.
- The Maximum share capital is kshs 1,000,000/=. As per the dividend issued in 2024, share capital earned 20% while savings earned 11%.
This is based on the rate that is approved during the Annual General Meeting
(AGM). The rate is then applied to the opening balance at the beginning of
the year and prorated to the contributions remitted across the year.
Only the qualifying deposits earn interest per month. Both dividends and
rebates are subject to a withholding tax of a rate issued by KRA every year.
- Share capital: The amount representing a member’s portion in the equity of the society as a co-owner. It is not refundable but can be sold to an existing member upon exit. Share capital is not eligible to secure loans or to guarantee. It earns an annual dividend depending on trading results. The minimum share capital issues is kshs 35,000/= while the maximum is kshs 1,000,000/=.
- Non-withdrawable deposits: Refundable member deposits used to secure loans and to guarantee. Members are required to make a minimum monthly contribution of Ksh 1,000/- to deposits to maintain their active member status. Deposits earn annual interest depending on trading results.
You can access your dividends via *470#, M-Bora App, over the counter
withdrawal or bank transfer.
- Access online statement on: https://portal.maishaborasacco.com/
- MBora is an online service that enables members to transact on their FOSA account via mobile phone, i.e. withdrawals, loan Repayment, mini statement, balance inquiries, borrowing mobile loan, etc.
- Download Mobile Banking registration form from here.
- Fill the form and send back to info@maishaborasacco.com and remember to attach your ID.
LOANS
- Mobile Loans – Fast, flexible applied on Mobile with no guarantor requirements.
- M-Cash Loan-Up to 300K repay up to 3 months.
- Thibiti Loan-Up to 200K repay up to 12 months.
- Development Loan on Mobile- 90% of free deposits-repay up to 84 months.
- Short-Term Loans –For urgent liquidity financing.
- Emergency Loan-X3 of the deposits repay up to 24 months.
- School Fees Loan- X3 of the deposits repay up to 24 months.
- Salary Advance-Salary processed through Sacco-Repay up to 3 months.
- Long-Term Loans –Finance member development projects with long-term benefits.
- Development loan- X5 of deposits repay up to 84 months.
- Maisha Platinum- X5 of deposits repay up to 96 months.
- Asset Financing Loans-Motor vehicle, land & bonds Investment.
- Auto Loan –To Buy Motor-vehicle- X5 of deposits repay up to 48 months.
- Shamba Loan –Buy Maisha Ventures plots- X5 of deposits repay up to months.
- Fosa Plus – Buy Government Bonds-X5 of deposits repay up to 84 months.
- Mortgage Loan
- Boma Imara Loan –To Buy land, buy ready house or Constructions-X7 of deposits repay up to 180 months.
- Three (3) months active membership.
- Members transferring their active membership to other Saccos qualifies loans immediately.
- All loans are subjected to 5cs of Credit-Character, Capacity, Condition, Collateral and Capital.
- All loans must be secured by either own deposits, guarantors deposits or acceptable Collaterals.
- Must be an active member of Maisha Bora Sacco with deposits equivalent to the amount they intend to guarantee.
- Guarantor loans must be regular-No default.
- Introduce friends, colleagues, and relatives to join the Maisha Bora Sacco.
- Networking with other members of Maisha Bora Sacco for co-guarantee.
- Non-withdrawable deposits.
- Fixed deposits -Lien- Maisha Investment and Junior account.
- Qualifying guarantors.
- Immovable property- Title deeds, Active Lease
- Movable property-Motor vehicle logbooks
- Government Bonds.
- Maisha Bora Ventures shares
- Money market Lien.
An active member can guarantee collectively X3 their deposits and X1 to an individual member without limiting their ability to borrow.
Members are advised to borrow loans within their ability to repay and utilize borrowed money to invest in business that are income generating projects.
Loans default increases Sacco loan provisioning costs and inconveniences your guarantors. Members with income issues are encouraged to reach out to Sacco early for discussion on repayments options.
- Sacco bank Accounts.
- Cooperative bank- Account 01120000568600-Branch-Enterprise Road
- Equity bank-Account 0800292523510-Enterprise Road
- Mobile Banking.
- Mpesa Paybill number 600110 -Account Number (Member Number or id number)
- USSD code- *470#
- Sacco App-M-bora
In all cases, please indicate your member and mobile number and send the banking slip to accounts@maishaborasacco.com or WhatsApp number 0708 292246
- You can consolidate your loans from other financial institutions to relatively cheaper Sacco loan.
Members can hold as many loan products as per their ability to repay subject to one loan per product.
All Sacco loans are insured against death and permanent disability. The insurance does not cover defaulted amounts.
A member can top up a loan after its repaid for at least 3 months by way of applying a new loan and offset the existing loan or can opt for a different loan product based on the loan purpose.
A member can increase their Sacco deposits either by making a direct payment or by applying for Sacco’s deposit boosting facility at a fee of 6%.
The Sacco is registered with Credit Reference Bureau (CRB) for both positive and negative credit information Sharing.
A member can clear their loan ahead of the schedule without penalties for early repayment.
A member can apply for a new loan immediately after clearing up a loan.
Members are given options to choose their convenient loan repayment date as late repayments attract a penalty and affect future loan eligibility.
A member can consolidate their loans to one for ease of payments. This is in exception to Auto / Shamba loans.
- Guarantors are advised to actively monitor the performance of the loans they have guaranteed through the portal or direct enquiries. Recovery from guarantors is a last resort for defaulted loans.
- Recovered members are supported through the following:
- Listing the defaulter with the CRB.
- Compensation to deposits recovered after defaulters pay up the recovered amounts.
- Guarantors have the right to take any legal action against the defaulter for the recovery of the deducted deposits amount. The Sacco facilitates an official letter for the deducted deposits amounts.
Members are supposed to fill a duly completed loan application form, available from the Sacco offices or downloadable from the Sacco website-https://maishaborasacco.com/download/loan-application-form-2026/
Loan Supporting documents:
- Last three months’ certified payslips and corresponding bank statements (if employed)
- Last six months’ certified bank statements or M-Pesa/Till statements, and a copy of your business registration or license (if in business).
- Copy of National ID for the borrower.
- Qualified guarantors who must be active Sacco members or acceptable collateral.
For SMEs and businesses, additionally provide:
- Valid operating license
- Business registration documents
- Map of residence and/or business premises
- Utility bill (electricity, water, or rent) for both residence and business premises Top of Form
The member must first be registered for mobile banking. Once registered, they can follow the steps below to apply for a mobile loan:
By dialing USSD code*470# → Loans → Apply → Select loan → Enter amount → Confirm with PIN
Funds disbursed to the member’s FOSA account can be accessed through the following channels:
- Cash (over the counter)
- ATM
- M-Pesa via USSD code *470#
- Bank transfer
- Cheque
Kindly view the details by clicking the link below:
https://maishaborasacco.com/loan-products/Bottom
The member can apply for the KTN Loan (Karibu Tena Nyumbani), which is repayable over a period of up to 72 months. For more details, kindly click the link below:. https://maishaborasacco.com/karibu-tena-nyumbani/
- A member may only offset share deposits against loans upon ceasing membership.
- Any outstanding loan balance must be settled immediately.
- Before requesting an offset, a member must first secure replacement guarantors for any guarantees they have provided.
After saving with us for a minimum period of 3 months. The waiting period has been waived for members purchasing pieces of land from Maisha Bora Ventures.
Duly completed loan applicable form available at our office.
http://maishaborasacco.com/resources/downloads/category/3-loan-forms
|
- Fully completed loan form.
- Most current & certified three months’ payslips or 6 months Mpesa/bank statements for SMEs.
- A copy of ID/passport and KRA PIN Certificate.
- Qualifying guarantors who must be active members (or collateral).
First Register on Msacco and follow these steps to apply for mobile loan:
- Dial USSD code *346#
- Enter your Msacco pin number
- Select Loans (Option 2)
- Select Request Loan (Option 1)
- Select which mobile loan you will would like to apply: https://maishaborasacco.com/our-products/mobile-loans-products
- Enter the amount you want
- You will receive a notification
- Once the loan is approved. It will be deposited to your FOSA savings account.
A guarantor is any active member who is in good standing.
- A member whose current guarantees do not exceed 3 times of the deposits and is not a defaulter.
Loans disbursed to FOSA can be accessed in cash, Atm or through your Mpesa account.
- Bank transfer
- Cheque
- After saving with us for a minimum period of 3 months.
- Upon acquiring a minimum share capital of Ksh 1,000.
- The waiting period has been waived for members transferring directly from another Sacco and those purchasing pieces of land from Maisha Bora Ventures.
Yes. You can apply for the KTN Loan (KaribuTena Nyumbani) which is repayable over 72 months.
- A member is only allowed to offset deposits against loans when he/she ceases to be a member.
- Any outstanding loan balance should be cleared immediately.
- A member must 1st get other guarantors to replace his guarantees before requesting for offset.
This loan product is offered to members based on their repayment capacity, with 20% of the applied loan amount automatically credited to their share deposits.
MAISHA BORA VENTURES
Maisha Bora Ventures is a subsidiary of Maisha Bora Sacco where the Sacco holds 41% of the shareholding.
CONTACT US
Our contacts;
Main Branch
Maisha Bora Sacco Society Limited
Unilever Kenya Ltd, Commercial Street, Industrial Area
P. O. Box 72713-00200
Nairobi, Kenya
CBD Branch
Maisha Bora Sacco Society Limited
KTDA Plaza, Ronald Ngala Street, Nairobi CBD
P. O. Box 72713-00200
Nairobi, Kenya
- Mobile: +254 709 446 000
- Email: info@maishaborasacco.com
- Website: https://www.maishaborasacco.com/
- X: https://x.com/maishabora_ke
- Facebook: https://www.facebook.com/maishaborake/
- Linkedin: https://www.linkedin.com/company/maishaborasaccoltd/