FAQ

• This is monthly savings made to the society by its members and is used for loan eligibility.
• Earns interest yearly depending on fthe inancial performance of the Society.
• Used for gguarantorsof loans to other members.
• It is withdrawable on complete termination of membership or upon death.

• • 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 cessation of a member.

  Earns dividends as declared by the Annual Delegate Meeting

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. 50, 000/= for a member, Ksh. 25, 000/= for a declared spouse and Ksh. 20,000 for a child below 25 years.

Yes, by placing a standing order for both deposits and loan and you will enjoy various segmented products and services.

Yes, you can by placing a standing order or direct payments through FOSA facility.

Or make direct payment through the playbill number 638018, Account number YOUR ID NUMBER.

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 immediately be eligible for a loan.

spouse (only one).

• Give a written notice of 60 days (normal withdrawal)
• Withdrawal is subject to clearance of all Sacco liabilities

Asili Sacco is owned by members.

• Sacco is licensed and regulated
• Managed by the 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.

Yes, after completion of dividend capitalization form.

No, all dividend /interest of loan defaulters will be utilized on defaulted loans and the member gets a receipt.

After three (3) months of saving with the Sacco, the member is entitled to a loan.

• Guarantors (active members) and not loan defaulters
• Members salary
• Monthly deposits
• Collaterals – chattel mortgages.

Through Fosa Ordinary Savings Account

• ATM up to Ksh. 40,000/= daily
• POS up to Ksh. 200,000/= daily
• EZY CASH up to Ksh. 30,000/= daily
• FOSA counter withdrawal.
• No Mpesa facility.

Only after you have registered with the above facilities

A member can offset his deposits against a 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

Members admitted in accordance with the membership policy.

No, it doesn’t. Any amendments on interest will affect new loan applications only.

Yes, that is allowed

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.

• 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.

Yes, as long as the society or external party clears for him/her the existing loan at a fee and is recovered upfront.

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.

• National ID Card
• 2 passport size photo
• Opening balance of Ksh. 1000/=

• • 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

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.

Report to the head office for card deactivation and police, and apply for replacement