COM_FAQFTW_FAQS

1. How do I join Maisha Bora Sacco?
  •           Go to https://portal.maishaborasacco.com/ and click on the link “JOIN TODAY” on the left upper end of the screen. Complete the online membership form and submit.
  •            Pay the joining fee & share capital using our pay bill number 600110 with your ID number as the account number. You can also deposit funds at the bank or at the FOSA.

Alternatively;

  •         You can fill the hardcopy membership form available at our office and on our website www.maishaborasacco.com under the downloads menu.
  •         Attach a copy of your ID, a passport photo, a copy of KRA pin certificate and an income record (payslip, mpesa statement or bank statement)
  •          Return the form to our customer care desk and make a deposit of the joining fee of Ksh 2,000/- and minimum share capital of Ksh 1,000/- 
Back to top
2. Is membership open to the general public?
  •         Yes. Maisha Bora Sacco has an open common bond and therefore members of the public are eligible to join. 
Back to top
3. When does a member become eligible for a loan?
  •        After a period of 1 to 3 months depending on the membership category.
  •      Upon acquiring a minimum share capital of Ksh 1,000.
  •         The waiting period has been waived for members transferring directly from another Sacco.
Back to top
4. What is membership structure?

Code

Description

Share

capital

Ent

fee

Monthly payment

 

Savings

Capital

GFE

A1

Regular  

    20,000

   2,000

     1,000

            -  

   100

A2-1

Corporate

    20,000

   5,000

     3,000

            -  

 

A2-2

Chama

    20,000

   5,000

     3,000

            -  

 100*

A3

Capital investor

    20,000

   2,000

            -  

            -  

      -  

B1

 

    15,000

   2,000

        500

         500

   100

B2

 

    10,000

   2,000

        500

         500

   100

B3

 

      5,000

   2,000

        500

         500

   100

B4

 

      1,000

   2,000

        500

         500

   100

*all member categories listed above have access to all our service.

Back to top
5. What are the applicable terms for development loans?

  •          You can borrow up to 3 times your deposits.
  •          Interest rate of 1% on the reducing balance.
  •          Repayment period of 72 months.
  •          A member can have more than 1 loan concurrently subject to eligibility. 
Back to top
6. How can I access my loan after disbursement?

  •          Loans disbursed to FOSA can be accessed in cash, Atm or through your Mpesa account.
  •          Bank transfer
  •          Cheque
Back to top
7.What is the difference between Share capital and non-withdraw able deposits?
  •         Share capital: The amount representing a member’s portion in the equity of the society as a co-owner.It is not refundable but can be sold to an existing member upon exit. Share capital is not eligible to secure loans or to guarantee. It earns an annual dividend depending on trading results.
  •          Non-withdrawable deposits: Refundable member deposits used to secure loans and to guarantee. Members are required to make a minimum monthly contribution of Ksh 1,000/- to deposits to maintain their active member status. Deposits earn annual interest depending on trading results.
Back to top
8.What’s a FOSA loan?
  •          This is a loan that is not pegged on shares (deposits) but on one’s repayment ability.
Back to top
9. Does the Sacco buy bank loans?
  •         Yes. You can apply for the KTN Loan (KaribuTena Nyumbani) which is repayable over 72 months.

 

Back to top
10. Can one clear a loan in full before repayment period is over?
  • Yes, that is allowed and does not attract early clearance charge.
Back to top
11. Can I offset my loans from my deposits?

  •         A member is only allowed to offset deposits against loans when s/he ceases to be a member.
  •          Any outstanding loan balance should be cleared immediately.
  •          A member must 1st get other guarantors to replace his guarantees before requesting for offset.
Back to top
12. Can I transfer my deposits from another Sacco?
  •          One can transfer his deposits from another Sacco to Maisha Bora Sacco.
  •          A member who transfers directly from another Sacco is immediately eligible to all benefits of a full member. 
Back to top
13. Can I continue with my membership as an individual member after leaving the organization I work for?

•   Yes.

Back to top
14.What do I need when applying for a loan?

  •           Fully completed loan form.
  •          Qualifying guarantors who must be active members (or collateral).
  •          Most current & certified three months’ pay slips or bank statements.
  •          A copy of ID/passport and KRA PIN Certificate.
Back to top
15. What is Maisha Bora Ventures Ltd?

  •          This is a limited company which is the investment vehicle for Maisha Bora Sacco members, non-Sacco members and other interested investors.
  •          Maisha Bora Sacco owns 51% of Maisha Bora Ventures.
Back to top
16. How do I become a shareholder of Maisha Bora Ventures Ltd?
  •          Fill in a shareholder application form available at our Sacco office.
  •          Make a deposit for a minimum of 5 shares at Ksh 1,000/- per share. This means the minimum investment required to become a shareholder is Ksh 5,000/- only. 
Back to top
17. How can I access my online statement online?
Back to top
18.What is M-Sacco?
  •          M-Sacco is an online service that enables members to transact on their FOSA account via mobile phone, i.e.withdrawals, funds transfer, mini statement, balance inquiries, borrowing mobile loan, etc. 
Back to top
19. How do I register for M-Sacco?
  •          Download M-Sacco registration form from our website under downloads.
  •          Fill the form and send back to support@maishaborasacco.com  and remember to attach your ID and 6 months m-pesa statement. 

Back to top
20. Are my funds safe at Maisha Bora Sacco?
Back to top
21. What are the acceptable security options for a loan?
  • Non-withdrawable deposits
  • Fixed deposits
  • Qualifying guarantors
  • Title deeds
  • Logbooks
  • Quoted securities subject to terms & conditions
  • Maisha Bora Ventures shares
  • Title deeds issued by Miasha Bora Ventures
Back to top
22. Who is eligible to be a guarantor?

Any active member in good standing is allowed to be a guarantor. A member whose current guarantees do not exceed 4 times of the deposits and is not a defaulter can be a guarantor.

Back to top
23. What is (GFE) Group Funeral Expense and what are the benefits of the same?

GFE is a social welfare fund that was established to accord members and their immediate families a decent send-off upon demise. All members are required to pay kshs.100 every month as GFE. A member is required to list his/her immediate family in the application form prior.GFE covers up to 7 family members.

Entitlements are as follows;

When a member dies the family is given Kshs 115,000

Spouse kshs 45,000/=

Children kshs 45,000/=

Parents Kshs 40,000/=

Back to top
24. How can I find you?

Our contacts;

Maisha Bora Sacco Society Limited 
Unilever Kenya Ltd, Commercial Street, Industrial Area 
P. O. Box 72713-00200 
Nairobi, Kenya 

Tel: 020 65566 14/18 
Mobile: +254 709 446 000 

Email: info@maishaborasacco.com  

Website: https://www.maishaborasacco.com/

Back to top
25.How to remit funds to the Sacco
  1. How to remit funds to the Sacco

    1. 1.M-Pesa Paybill number 600110. Use your Member Number as account number i.e 00******

     

    2a.       Direct deposit / EFT / RTGS

     

    Bank

    Co-operative Bank

    Equity Bank

    Bank Branch

    Enterprise

    Enterprise

    Bank Account Number

    01120000568600

    0800292523510

    Bank Account Name

    Maisha Bora Sacco Ltd

    Maisha Bora Sacco Ltd

    Bank & branch Code (for local payments only)

    11056

    68 (080)

    Bank Swift Code: (for cross border payments only)

    kcookena

    EQBLKENA

     

    2b.     How to deposit through Equitel and Eazzy banking App 

     

    1.              Equitel: Equitel Menu>My Money>EazzyPay>Account to pay from>Enter Paybill number as business number>Enter member as Account number

     

    1.             Eazzy Banking App: Eazzy Banking App >Click on (+) sign> EazzyPay>Enter Paybill (600110)> Enter member number as bill account number

     

    1. Cheques payable to Maisha Bora Sacco Ltd

     

    1. All Cooperative and Equity bank agents

    NB: For Equity bank agent POS follow these steps: Third party Deposit> Bill payment> Bill payment> Enter Paybill followed by space then member number i.e. 600110 123456

     

    1. Check-off - employer to deduct at payroll source and remit funds by a cheque or RTGS  

     

    1. FOSA - FOSA banking at the Sacco office

      

    To keep your account updated;

     

    1. Indicate your member number/phone number on the banking slip/ bank agent slip / bank transfer
    2. Send the banking slip (including for coop/equity agents), bank transfer (PesaLink, S/Order) to: accounts@maishaborasacco.com  or Whatsapp to 0708 292247

     

    How to pay mobile loans

    1. Mcash Loan: To repay your mCASH loan, send funds to Mpesa Paybill number 600110 A/C: 0010****MC (your member number with MC at the end). Do not put space or dot after MC
    2. Instant On mobile: To repay your instant loan, send funds to Mpesa Paybill number 600110 A/C: 0010****INS (your member number with INS at the end). Do not put space or dot after INS
    3. Thibiti Loan: To repay your thibiti loan, send funds to Mpesa Paybill number 600110 A/C: 0010****TBT (your member number with TBT at the end). Do not put space or dot after TBT

    How to pay loan through *346# (USSD)

    1. Dial *346# Insert PIN>Loan Repayment>Loan to pay>Payment method (MPESA or FOSA)>Enter amount. 

Back to top
26.What is m-CASH Mobile loan?

m-CASH is our mobile loan product that allows members to borrow multiple loan up to a maximum limit of Kshs. 35,000 instantly. The facility fee is 5% with interest rate of 0% and the repayment period is 30 days. 

Back to top
27. How to access mobile loan?

First Register on Msacco and follow these steps to apply for m-CASH loan:

  • Dial USSD code *346#
  • Enter your Msacco pin number
  • Select Loans (Option 2)
  • Select Request Loan (Option 1)
  • Select which mobile loan you will would like to apply: https://maishaborasacco.com/our-products/mobile-loans-products
  • Enter the amount you want
  • You will receive a notification
  • Once the loan is approved. It will be deposited to your FOSA savings account.
Back to top
Working Hours : Mon - Fri 8.30am to 4.30pm; Last Saturday of the month 9.00am to 12.30 pm. Closed on Weekends & Public Holidays