COM_FAQFTW_FAQS
- 1. How do I join Maisha Bora Sacco?
- Go to https://portal.maishaborasacco.com/ and click on the link “JOIN TODAY” on the left upper end of the screen. Complete the online membership form and submit.
- Pay the joining fee & share capital using our paybill number 600110 with your ID number as account number. You can also deposit fund at the bank or at the FOSA.
Alternatively;
- You can fill the hardcopy membership form available at our office and on our website www.maishaborasacco.com under downloads menu.
- Attach copy of your ID, a passport photo, and an income record (pay slip or bank statement)
- Return the form to our customer care desk and make a deposit of the joining fee of Ksh 2,000/- and minimum share capital of Ksh 1,000/-
- 2. Is membership open to the general public?
- Yes. Maisha Bora Sacco has an open common bond and therefore members of the public are eligible to join.
- 3. When does a member become eligible for a loan?
- After a period of 1 to 3 months depending on the membership category.
- Upon acquiring a minimum share capital of Ksh 1,000.
- The waiting period has been waived for members transferring directly from another Sacco.
- 4. What is membership structure?
Code
Description
Share
capital
Ent
fee
Monthly payment
Savings
Capital
GFE
A1
Regular
20,000
2,000
1,000
-
100
A2-1
Corporate
20,000
5,000
3,000
-
A2-2
Chama
20,000
5,000
3,000
-
100*
A3
Capital investor
20,000
2,000
-
-
-
B1
15,000
2,000
500
500
100
B2
10,000
2,000
500
500
100
B3
5,000
2,000
500
500
100
B4
1,000
2,000
500
500
100
*all member categories listed above have access to all our service.
- 5. What are the applicable terms for development loans?
-
- You can borrow up to 3 times your deposits.
- Interest rate of 1% on the reducing balance.
- Repayment period of 72 months.
- A member can have more than 1 loan concurrently subject to eligibility.
- 6. How can I access my loan after disbursement?
-
- Loans disbursed to FOSA can be accessed in cash, Atm or through your Mpesa account.
- Bank transfer
- Cheque
- 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.
- 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.
- 8.What’s a FOSA loan?
- This is a loan that is not pegged on shares (deposits) but on one’s repayment ability.
- 9. Does the Sacco buy bank loans?
- Yes. You can apply for the KTN Loan (KaribuTena Nyumbani) which is repayable over 72 months.
- 10. Can one clear a loan in full before repayment period is over?
- Yes, that is allowed and does not attract early clearance charge.
- 11. Can I offset my loans from my deposits?
-
- A member is only allowed to offset deposits against loans when s/he 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.
- 12. Can I transfer my deposits from another Sacco?
- One can transfer his deposits from another Sacco to Maisha Bora Sacco.
- A member who transfers directly from another Sacco is immediately eligible to all benefits of a full member.
- 13. Can I continue with my membership as an individual member after leaving the organization I work for?
• Yes.
- 14.What do I need when applying for a loan?
-
- Fully completed loan form.
- Qualifying guarantors who must be active members (or collateral).
- Most current & certified three months’ pay slips or bank statements.
- A copy of ID/passport and KRA PIN Certificate.
- 15. What is Maisha Bora Ventures Ltd?
-
- This is a limited company which is the investment vehicle for Maisha Bora Sacco members, non-Sacco members and other interested investors.
- Maisha Bora Sacco owns 51% of Maisha Bora Ventures.
- Fill in a shareholder application form available at our Sacco office.
- Make a deposit for a minimum of 5 shares at Ksh 1,000/- per share. This means the minimum investment required to become a shareholder is Ksh 5,000/- only.
- 17. How can I access my online statement online?
- Access online statement on: https://portal.maishaborasacco.com/
- 18.What is M-Sacco?
- M-Sacco is an online service that enables members to transact on their FOSA account via mobile phone, i.e.withdrawals, funds transfer, mini statement, balance inquiries etc.
- 19. How do I register for M-Sacco?
- Download M-Sacco registration form from our website under downloads.
- Fill the form and send back to support@maishaborasacco.com and remember to attach your ID
- 20. Are my funds safe at Maisha Bora Sacco?
- Absolutely! We are licensed and regulated by SASRA which means we have to abide by specific prudential guidelines and governance principles. Read more on https://www.sasra.go.ke/index.php/regulation/licensed-saccos
- 21. What are the acceptable security options for a loan?
- Non-withdrawable deposits
- Fixed deposits
- Qualifying guarantors
- Title deeds
- Logbooks
- Quoted securities subject to terms & conditions
- Maisha Bora Ventures shares
- Title deeds issued by Miasha Bora Ventures
- 22. Who is eligible to be a guarantor?
Any active member in good standing is allowed to be a guarantor. A member whose current guarantees do not exceed 4 times of the deposits and is not a defaulter can be a guarantor.
- 23. What is (GFE) Group Funeral Expense and what are the benefits of the same?
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.100 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;
When a member dies the family is given Kshs 110,000
Spouse kshs 40,000/=
Children kshs 40,000/=
Parents Kshs 40,000/=
- 24. How can I find you?
Our contacts;
Maisha Bora Sacco Society Limited
Unilever Kenya Ltd, Commercial Street, Industrial Area
P. O. Box 72713-00200
Nairobi, KenyaTel: 020 65566 14/18
Mobile: +254 709 446 000 / +254 708 292 248Email: info@maishaborasacco.com
Website: https://www.maishaborasacco.com/
- 25.How to remit funds to the Sacco
- M-pesa Paybill number 600110
1. Go to your M-PESA Menu on your phone: /Lipa na M-PESA/Pay Bill
2. Account number to use: ID number for new member & Sacco member number for existing member
2. 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
- All Cooperative and Equity bank agents
- Check-off- employer to deduct at payroll source and remit funds by a cheque or RTGS
- FOSA - FOSA banking at the Sacco office
To keep your account updated;
- Indicate your member number/phone number
- Send the banking slip (including for coop/equity agents), bank transfer (PesaLink, S/Order) to: accounts@maishaborasacco.com or Whatsapp to 0708 292247
- 26.What is m-CASH Mobile loan?
m-CASH is our mobile loan product that allows members to borrow multiple loan up to a maximum limit of Kshs. 35,000 instantly. The facility fee is 5% with interest rate of 0% and the repayment period is 30 days.
- 27. How to access m-CASH loan?
First Register on Msacco and follow these steps to apply for m-CASH loan:
- Dial USSD code *346#
- Enter your Msacco pin number
- Select Loans (Option 4)
- Select Request Loan (Option 1)
- Select m-CASH Loan (Option 1)
- Enter the amount you want
- You will receive a notification
- Once the loan is approved. It will be deposited to your FOSA savings account.