Frequently Asked Questions
MEMBERSHIP
- You can fill the hardcopy membership form available at our office and on our website maishaborasacco.com under the downloads menu.
- Attach a copy of your ID, a passport photo, a copy of KRA pin certificate.
- 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/- or;
- You can scan and send the documents to our email info@maishaborasacco.com
Yes. Maisha Bora Sacco has an open common bond and therefore members of the public are eligible to join.
- A copy of your National ID
- Passport photo
- A copy of your KRA pin certificate.
- You can activate the account by depositing a minimum amount of Ksh 1,700 into your shares.
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.
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.
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.
DEPOSITS
SAVINGS
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.
A settlement account is a receiving account that holds the funds awaiting distribution as per account responsibilities. (loan, shares, deposits)
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/
Absolutely! We are licensed and regulated by SASRA which means we abide by specific prudential guidelines and best governance principles.
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
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 minimum contribution is ksh 1,600; Ksh 100 caters for the benevolent, Ksh1,500 share deposits.
- The Maximum share capital is kshs 1,000,000/=. As per the dividend issued in 2020, share capital earned 15% while savings earned 9.5%.
- 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 20,000/= 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.
- 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 M-Sacco registration form from our website under downloads.
- Fill the form and send back to info@maishaborasacco.com and remember to attach your ID.
LOANS
- 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
- The 1st installment of loans disbursed up to 10th of the month is due at the end of the same month
- The 1st installment of loans disbursed after 10th of the month is due at the end of the following month
- Interest on loans disbursed up to 10th of the month is charged for the full month and due the same month
- Interest on loans disbursed after 10th of the month is charged on a prorated basis and due the following month
- 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
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
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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.
- 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 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.
- Yes, that is allowed and does not attract early clearance charge.
This is a loan that is not pegged on shares (deposits) but on one’s repayment ability.( The loan has to be fully guaranteed).
- 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
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/