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SOCIETY REQUIREMENTS

No

ITEM

REQUIREMENT

1.

MEMBERSHIP

· Entrance fees-kshs 1,000/= non- refundable

· Rejoining after withdrawal kshs.1000/=

· Minimum contribution-kshs.2000/=

· Sharecapital-shs.20,000/=

· Eligible for a loan after 3 months

· Can join even after retirement as a cash member or still retain his PF NUMBER paying through pension and enjoy segmented products and services.

· Monthly BBF Contribution of kshs. 500/= for salaried and business members to include life insurance cover for the members

2.

DELEGATES QUALIFICATION

· Minimum monthly deposit contributions of kshs.2,500/=

· Minimum total deposits of kshs.300,000/=

· Must be 18yrs and above

· O’ level certificate of education or its equivalent

· Not delinquent, sound mind and have leadership qualities and zero tolerance on corruption

· Once elected, you can serve for one term of 3yrs but are eligible for re-election

· Fulfill Sec 6 of Kenya Constitution

3.

BOARD QUALIFICATION

· Minimum monthly deposit contributions of kshs.3,000/=

· Minimum deposits of kshs.500,000/=

· O’ level certificate of education

· Must apply through the nomination committee and must comply with bylaws number 38

· Not delinquent, sound mind and have leadership qualities

4

LOANS

· Form duly completed i.e. telephone , contact address, current pay slip not a photocopy

· Any changes in the loan form must be countersigned for.

· Signed with consistent signature

· Guarantors informed of their liability and must assent their signatures

· Must be stamped and signed by employer.

· Must be signed by branch/county official.

· Loan form must be completed by one person.

· Loans must be payable on monthly basis. A default of 3 months will be listed with CRB (Credit Reference Bureau).

- This will affect your access to credit facilities from other financial institutions for the next 5 years.

· All loans shall be disbursed through Fosa accounts.

· N:B No member shall have fosa pride and pride reloaded at the same time

· Normal loans are disbursed after 30 days and emergency loans after 2 hours unless otherwise.

· 1/3 rule on basic salary/income applies on all loans applications

· N.B: A member can qualify for a maximum of 2 short term loans and 1 long term loan and all should be running on the payslip.

· Member should tick or specify loan to be cleared by Fosa.

· Member to obtain a statement from the society for any loan clearance by other financial institutions. Members should not use the pay slip balance.

· Sufficient guarantors must be provided for all loan applications.

· The member’s loan form must be witnessed.

· Remember the declaration part is mandatory i.e. the member’s consent on any form is vital.

5

GUARANTORS

· Guarantor s deposits must equal the amount applied.

· In case of any loan default guarantors are jointly and severally liable .Guarantors will be notified and fed after three months default. For the business members, their cases will be forwarded to the society’s prequalified auctioneers as per the credit policy.

6

SHARE CAPITAL

· Every member must contribute kshs. 20,000/= as share capital.

· New members should top up their shares to kshs.20,000/=

· Can only be transferable and not withdraw able

· Earn dividend as determined from time to time.

· Share capital is not used for loan eligibility.

· Can increase share capital through dividend capitalization

7

WITHDRAWAL

Normal withdrawal

· Fill the withdrawal form

· Produce alternative guarantors (where applicable).

· Processed within 60 working days

· Repayable amount credited in the member’s Fosa account

Swift Withdrawal

· Fill withdrawal form

· Produce alternative guarantor in case of an outstanding loan

· Deduction of 10 % of deposits

· Processed within 7working days

· Repayable amount credited in the member’s Fosa account

8.

NOMINEES FORMS

· Every member is required to fill a nominee form.

· Incase of more than one nominee then indicate their proportions.

· The nominees can be changed from time to time depending on the wish of the member when she/he is still alive.

9.

DECEASED CLAIMS

Requirements on death claims

· Chief’s letter indicating all beneficiaries

· Fill in a withdrawal form

· Copy of Death Certificate certified by CIC

· Affidavit/marriage certificate

· Claimed within six (6) months. Failure to which claims cannot be made due to time lapse.

· Paid to next of kin indicated in the file

10.

BBF

i) Requirements on BBF claims-member

· Burial permit or mortuary admission sheet.

· Notification of death by delegate

· Beneficiary to complete a BBF claim form

· Entitled to kshs. 30,000/= for burial expenses

ii) Requirements on BBF claims-spouse

· Burial permit or mortuary admission sheet.

· Notification of death by delegate and beneficiary

· Must be in our records

· Marriage certificate/affidavit

· Copy of death certificate to be certified with CIC and be delivered to the office within six (6) months.

· Eligible for one wife/husband.

· Entitled to kshs.15,000/= for burial expenses

11.

LOAN CLEARANCE BY BANK

· Any bankers cheque presented by the member for loan clearance, will take a grace period of 4 days.

· Upon cheque clearance by our bank, the members stoppage and clearance letter will be issued.

12.

CASH MEMBER/BUSINESS MEN/WOMEN

REQUIREMENTS FOR LOAN APPLICATION

· Members qualify 1.5 times their savings on their first loan but can be varied according to their contribution history.

· Must have a chattel mortgage endorsed by our lawyer at a cost of kshs.2000/= if no guarantors on payroll provided.

· Attach his /her bank statement for the last 6 months.

· Loan repayment and deposit contribution can be done through a standing order or direct banking through FOSA

13.

SOCIETY LAWS

· The society is governed by the constitution, Society’s Act of 2004, Society’s rules, SASRA rules and regulations and society bylaws.

· Any society dispute can be resolved through the tribunal

14.

FOSA LOANS

Requirements

· Members with Fosa loans should not maintain the net salary at Zero.

· Overdraft facility is NOT allowed in Fosa.

· Members with Fosa loans must not change their pay points until their loans have been fully recovered. If this happens, then the loans will be fed in their payslips

· Members with Fosa loans running should not interfere with their pay slips by taking imprests from their employers.

15.

DOWNLOADING FORMS FROM ASILI WEBSITE

· Go to computer with internet

· Open a browser i.e. Mozilla, internet explorer

· In the search bar type www.asilisacco.coop

· On the right you will see a download section

· Select the type of form in need

· Select it and a prompt will appear asking you to open

· Select open and the form opens

· Then print the form and fill it

· Finally scan and send the duly filled form to asilisacco@yahoo.com