- This is monthly savings made to the society by its members and is used for loan eligibility.
- Earns interest yearly depending on financial performance of the Society.
- Used for guarantorship of loans to other members.
- It is withdrawable on complete termination of membership or upon death.
- What is share capital?
- Money invested in a Sacco by its shareholders.
- Long term source of finance as it represents a unit of ownership.
- Used as a cushion against loss that may be incurred by the Sacco in future.
- Not used for loan eligibility.
- Not withdrawable but transferable in the event of ceasation of a member.
Earns dividends as declared by the Annual Delegate Meeting
- What is Burial Benevolent Fund (BBF) Fund?
This is a fund which insures members’ loans and savings in count of death. In the event of death of a member, the deposits are paid twice to the beneficiary, all loans are cleared and burial expenses paid to the tune of Ksh.30, 000/= for a member, Ksh.15, 000/= for a declared
- Can I continue with my membership after retirement?
Yes, by placing a standing order for both deposits and loan and you will enjoy various segmented products and services.
- Can I pay extra amounts outside payroll?
Yes, you can by placing a standing order or direct payments through FOSA facility.
- Can I transfer my deposits from another Sacco to Asili Sacco?
Yes, you can transfer your deposits from another Sacco so long as the cheque is written in the name of Asili Sacco and will be treated as an existing member upon joining the Sacco and will be immediately be eligible for a loan.
spouse (only one).
- How can I withdraw from the Sacco?
- Give a written notice of 60 days (normal withdrawal)
- Give a written notice of 7 days (swift withdrawal) but will be charged 10% of your deposits.
- Withdrawal is subject to clearance of all Sacco liabilities
- Who owns Asili Sacco?
Asili Sacco is owned by members.
- What is the assurance of Sacco’s going concern?
- Sacco is licensed and regulated
- Managed by board of directors and management as per cooperative Society’s Act, Rules and Sacco By-laws.
- Implementation of good Corporate Governance Charter, Code of Ethics and signing code of confidentiality.
- Yearly Annual Delegate Meetings where reports and accounts are represented to delegates.
10.Can a member capitalize interest/ dividends to shares or deposits?
Yes, after completion of dividend capitalization form.
11.Can I qualify for dividend / interest if my loan is not running?
No, all dividend /interest of loan defaulters will be utilized on defaulted loans and the member gets a receipt.
- Credit questions
- When can I qualify for a loan?
After three (3) months of saving with the Sacco, the member is entitled to a loan.
- What security is needed for loan qualification?
- Guarantors (active members) and not loan defaulters
- Members salary
- Monthly deposits
- Collaterals – chattel mortgages.
- How long will my loan application take before disbursement?
- Short term loans (within 12 months) – two hours.
- Instant loan – 1 day
- Okoa loan – within 15 days
- Long term loans (beyond 12 months) – within 30 days.
- How are loans disbursements?
Through Fosa Ordinary Savings Account
- How do I receive my loan?
- ATM up to Ksh. 40,000/= daily
- POS up to Ksh. 200,000/= daily
- Msacco up to Ksh. 30,000/= daily
- FOSA counter withdrawal.
- No Mpesa facility.
Only after you have registered with the above facilities
- Can I offset deposits against my loan?
A member can offset his deposits against loan if he/she is ceasing to be a member but not when active. The member must pay off the loan balance immediately if any
- Who is eligible to access Asili Sacco credit facilities?
Members admitted in accordance with the membership policy.
- Does interest charged by the Sacco fluctuate during the term of the loan?
No, it doesn’t. Any amendments on interest will affect new loan applications only.
- Can a member clear a loan in full before repayment is over?
Yes, that is allowed
- Can a member alter loan repayment period during the repayment of the loan?
On loanees request, the repayment period may be altered at any stage of repaying the loan, provided that the request is within the limits of a particular loan term and is endorsed by all guarantors if extension.
- Which background checks should a member do before guaranteeing any other member?
- Loan amount
- Repayment period
- Applicants source of income
- Applicants terms of employment
- Applicants retirement date
- Applicants contact details and location
- Any other details relating to the applicants character.
- Can a member qualify for another loan before clearance of existing loan?
Yes, as long as the society or external party clears for him/her the existing loan at a fee and is recovered upfront.
- Can a member be assisted before his normal loan matures in case of an emergency?
Yes, a member can discount his loan before maturity up to the maximum of a half the loan at a fee and the remaining half will be disbursed when the loan matures.
- What are the requirements of opening Fosa Ordinary Savings Account?
- National ID Card
- 2 passport size photo
- Opening balance of Ksh. 1000/=
- What are benefits of operating Fosa Ordinary Savings Account?
- Offers banking facilities like any other financial institution.
- Payment of all loans, refunds, dividends etc.
- Contributes overall performance of the Sacco.
- Can access funds at your own convenience via ATM/POS/Msacco
- How can I acquire a Sacco link ATM Card?
Download application form from the web, complete and forward to the office. Sacco link ATM card is available to all members with Fosa accounts and at an affordable charge.
- What should I do if the Sacco link ATM card or pin is lost?
Report to the head office for card deactivation and police, and apply for replacement