General Credit Policies & Procedures
- Only duly completed loan application forms will be accepted for appraisal.
- For the group loan, all the members of the group must sign the loan form.
- The loan shall be advanced to a maximum of 3 times of the appli-cant’s member deposits except special emergency loan.
- The loan processing fee will be charged at 2% of the approved amount but a minimum of Kshs. 200.
- All loans shall attract an insurance charge at 2% to cover the borrower.
- Each member will service one normal/development loan at a given time.
- Interests on all loans will be charged on a reducing balance basis.
- Where motor vehicle log book or title deed have been provided to secure a loan, they will be subject to a search process, valuation and perfection through the appointed SACCO experts and the loan applicant shall bear the costs. Only 85% of the forced value will be considered to secure the loan.
SACCO Governance/Management Structure Annual Genaral Meeting.
- The Supreme authority of the sacco is vested to the Annual General Meeting which is attended by Delegates/representatives.
- The Sacco management ensures that representation in the AGM equitable done by members electing representatives to attend Society’s General Meetings.
- Delegates shall be drawn from various zones which will be synonymous to counties or membership.
I. Management Committee
The management committee shall be elected from the membership during the Annual General Meeting.
II. SACCO Manager
The SACCO Manager is employed by the management committee to run day to day SACCO Operations.
Share Capital
- The nominal value of each share is Kshs.20/= and every member holds at least 250 shares in the Society.
- No member shall hold more than one-fifth (20%) of the total shares of the Sacco Society.
- A member can pay the share capital in full or at installments of Ksh.500. In the latter, the first Ksh. 5,000 contributed will be deemed to be share capital.
- The share capital cannot be pledged as collateral/ security for loans neither can it be used to borrow.
- Shares are not refundable to a member on cessation of membership but it is transferable to another member.
- Those who wish to buy more shares are advised to register their interest with the office. All transfers of shares must be registered with the SACCO, and no transfer shall be valid unless so registered.
- Shares that are retained will continue to earn dividends as declared in the Annual Delegates Meeting.