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 (*470# / M-Bora App), up to 90% of
deposits. Mobile loans: Thibiti Loan, Instant Loan, M-Cash,
Development Loan on Mobile.(1 -84 months) - Short-Term Loans – Emergency & Salary Advance (3 – 24 months)
- Long-Term Loans – X5 of deposits up to 84 months
- Boma Imara mortgage - X7 deposits repayment up to 180 months.
- Asset Financing- Auto, Shamba – (48 - 84 months).
- Non-FOSA loans accessible after 3 months from the time of joining the Sacco
- FOSA loans and services are accessible without any waiting period subject to set terms and conditions
- No waiting period for members transferring directly from another Sacco
- An active member with deposits and;
- Whose current guarantees do not exceed 3 times of the deposits
- Is not a defaulter
- Attend Sacco meetings and interact with other members. Share contacts and places of work
- Introduce friends, colleagues and relatives
- Create/join a member cell
- Non-withdrawable deposits
- Fixed deposits-Mip / Junior account
- Qualifying guarantors
- Immovable property with clean ownership title e.g. title deeds, certificates of lease
- Movable property subject to set terms and conditions e.g. motor vehicle log books
- Quoted equities subject to terms and conditions
- Maisha Bora Ventures shares
- Title deeds issued by Maisha Bora Ventures
- Due loan that remain unpaid after the last day of the month incurs a penalty of 5% on the principle installment (s) not received
1st month of default – you receive a notification through an sms and email
2nd month of default – you & guarantors receive a notification through an sms and email
3rd month of default – you & guarantors receive a notification through an sms and email
3rd month of default – you receive a notification for listing with the credit reference bureau - After the 3rd month of default;
The loan is recovered from your deposits and the balance from guarantors deposits
Your name is forwarded to the credit reference bureau for listing which mean you will be unable to get credit in the Republic
We start the recovery of the pledged collateral
Recovery instructions are given to our lawyers, debt collectors and auctioneers
- Cooperative bank, enterprise road branch a/c 01120000568600
- Equity bank, enterprise road branch a/c 0800292523510
- All Cooperative & Equity bank agents
- Mpesa paybill number 600110 a/c Number(Member Number)
- FOSA banking at the Sacco office
- Msacco
In all cases please indicate your member and mobile number and send the banking slip to accounts@maishaborasacco.com or Whatsapp number 0708 292247
All loans must be secured by either guarantors or acceptable securities.
Yes, a member can guarantee other members up to 3 times their deposits
without limiting their ability to borrow. Liability is limited to the guaranteed
amount.
Yes, you can consolidate your Sacco loan and other financial institutions
loans to one loan.
After 3 months of consistent savings, you can access most loans. Some
mobile loans are instant for active members.
The maximum loan amount depends on your savings, creditworthiness, and
the specific loan product.
Yes, Members may hold up to three loans of the same product concurrently,
provided repayment capacity is sufficient.
All Sacco loans are covered by the Loan Guard, which clears the
outstanding balance in case of death or permanent disability of the
borrower.
Yes. Once you have repaid at least 3 months instalment, you can apply and
offset the existing loan or maintain up to 3 separate loans of the same product.
You can either boost by paying directly to the deposits or applying for the
Sacco's boosting facility
Yes, We run credit checks to ensure members borrow responsibly and protect
guarantors.
Yes, and there are no penalties for early repayment.
All eligibility factors remaining constant, one can apply for a loan
immediately after clearing another one
Late repayment attracts a small penalty and may affect your ability to
borrow again until arrears are cleared.
Yes, through FOSA Special Collateral Loan, members can merge all loans
(except Auto/Shamba loans).
Yes, a member can self-guarantee upto 90% of their share deposits and less
any guarantor liability
We support the recovered guarantor by.
- Listing the defaulter on CRB.
- Following up with the defaulter to refund the collected amount.
- Issuing an introductory letter for legal processes that are initiated
by the guarantor.
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 is a loan that is not pegged on shares (deposits) but on one’s repayment ability.( The loan has to be fully guaranteed).
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;
Maisha Bora Sacco Society Limited
Unilever Kenya Ltd, Commercial Street, Industrial Area
P. O. Box 72713-00200
Nairobi, Kenya
- Mobile: +254 709 446 000
- Email: info@maishaborasacco.com
- Website: https://www.maishaborasacco.com/