What is Burial Benevolent and how do I benefit from it?

What is Burial Benevolent and how do I benefit from it?

The BBF is an insurance scheme for members which cover the member, their spouse and four children upto the age of 20 years. In the event of death the contributor or the spouse is paid Kshs. 50,000 and the child…

Can I transfer my Deposits to another member?

Yes. A member exiting can transfer all deposits to another member. All a member needs to do is to instruct the society in writing to transfer his/her deposits to another member giving full details of the transfer i.e., the amounts and membership…

After withdrawing from the Society, am I allowed to rejoin?

Yes one can re-join the soonest he/she is ready upon payment of a rejoining fee.

How can i withdraw from the Sacco?

Exiting members are required to put their withdrawal requests in writing Withdrawal is subject to clearance of all Sacco liabilities. Seek alternative guarantors for all loans guaranteed by you. A waiting period of sixty days is required in case of…

Where else has the Sacco invested its funds?

The SACCO has invested in Co-operative bank shares, CIC Shares, KUSCCO shares but in a small scale. The major investment is in member’s loans.

How Long will my Loan take before disbursement?

Cash advance and Emergency are quickly processed and disbursed within 48 hours Special emergency is disbursed within one week. Normal, Booster and Midterm loans are disbursed within 3 weeks

When Does a Member eligible for a Loan?

A member becomes eligible after a minimum membership period of 3(three) months and on fulfilling all requirements of a specific loan product.

What Are Deposits?

“Deposits” means accumulated sum of money contributed by the member on weekly/monthly to his/her Member Personal Account. Deposits are refundable once a member’s resignation has matured. Deposits earn interest at the end of the year. The minimum monthly contribution is…

What is a Share?

A share represents a unit of ownership with a SACCO. This amount is not a monthly deduction but a one off separation from deposits. All Sacco Societies are now required by law to have minimum share capital and for Faidisha…

What are the benefits of being a member of Faidisha Sacco?

Attractive dividends on shares and interest on deposits Saving enables one to put aside reserves for his/her future and qualify for bigger loans. High savings need fewer/no guarantors to secure loans.