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What is the minimum monthly contribution?
- The minimum monthly contribution is determined by the SACCO’s approved policy.
Can I change my contribution amount?
- Yes, provided you maintain the minimum required contribution of Kes 1000 p.m.
How do I deposit money?
- Deposits can be made through approved channels such as M-PESA, bank transfer, or check-off.
Are my savings withdrawable anytime?
- Withdrawal terms depend on the type of savings account held.
Do savings earn interest or dividends?
- Yes. Eligible deposits may earn interest, while shares may earn dividends as declared annually.
What happens if I miss my monthly contribution?
- Your account may become irregular and could affect your eligibility for certain services.
What is the difference between Shares, Deposits and Savings?
Shares:
- A share is the amount representing a member’s portion in the equity of the society as a co-owner.
- The nominal value of each share shall be Kshs.100/= and every member shall hold at least fifty (50) shares in the Society, but no member shall hold more than one-fifth of the total shares.
- No member other than the Cooperative Society shall hold more than one-fifth (1/5) of the total shares. Shares are not used to determine the eligibility of a borrower or a guarantor; shares are not used as a loan multiplier. Shares are not withdrawable but are transferable.
Deposits
- All withdrawable deposits shall attract interest at a rate prescribed in the terms and conditions of the deposit.
- They are not withdrawn in part or in full as long as a person is a member of the Sacco.
- These deposits may be used to determine the eligibility of a borrower or a guarantor.
- A member may be refunded the amount saved in his non-withdrawable deposit account within 60(sixty) days after giving a written notification.
- Non-withdrawable deposits shall attract interest at a rate to be determined by the Society.
Savings
In addition to shares and deposits a member may invest in a saving account. The Sacco provides the following FOSA (savings) products:
- Children Accounts
- Fixed Deposit Accounts
- Christmas / Holiday Accounts
- Joint Accounts
- Group Accounts
- Akiba Kuu Account
Who is eligible to be a guarantor?
- Any active member in good standing is allowed to be a guarantor provided that one has not over guaranteed. A guarantor must be willing and able to repay the loan guaranteed if the person who took the loan fails to pay.
What is the role of a guarantor?
- Guarantors are jointly (together) and severally (individually) liable for the repayment of a loan in the event of the borrower’s default.
What are the rights of a guarantor?
- The right to obtain a copy of the letter of guarantee or contract of guarantee and any other documents in relation to the loan transaction.
- The right to the information on the outstanding balance of the account of the borrower with the Society subject to the borrower’s consent.
- The right to call upon the borrower to pay off the loan to release him from all his liabilities under the guarantee. This right can be exercised at any time and even before the Society has called upon the borrower to pay the debt.
- The right to be indemnified by the borrower for any payment made to the Society. This means that he can sue the borrower for the amount that he has paid to the Sacco.
What does a borrower need to know about the loan she/he is guaranteeing?
- Loan amount
- Repayment period
- Applicant’s source of income
- Applicant’s term of employment
- Applicant’s retirement date
- Any other details relating to the applicant’s character
Must I have guarantors when applying for a Loan?
- Yes, indeed. Loans granted by the society must be fully guaranteed by members of the society. Guarantors and applicants’ shares MUST be equal to or more than the loan applied for. In special cases when loan is less/equal to shares one could guarantee him/herself.
What are the acceptable Securities for a loan?
- Guarantors
- Deposits in the SACCO
- Land title deeds
- Bank guarantees
- Corporate guarantee
- Vehicle Log book
Are my savings insured?
- Member deposits are protected in accordance with applicable regulatory provisions.
What happens to my loan if I pass away?
- Outstanding loan balances are handled in accordance with the SACCO’s loan protection arrangements. Insurer will clear the loans and family/next of kin are contacted to access the BOSA deposits and shares.
Does the SACCO offer insurance products?
- Yes, subject to the insurance products and partnerships available.
How do I nominate beneficiaries?
- Complete and submit a beneficiary nomination form and keep it updated whenever necessary.
Who is a nominee?
- A nominee is the person designated by a member to receive the proceeds of any payable funds upon the death of the member
- All members are required to provide details of nominee(s) upon registering as members.\
- One can change and/or update his/her nominee information as when and need arises.
How is the SACCO managed?
- The SACCO is governed by elected leaders (Board, supervisory committee and delegates) and managed by a professional management team.
When are Annual Delegates Meetings (ADMs) held?
- ADMs are held annually as scheduled by the SACCO, mostly every February of subsequent year.
Can members vote or elect leaders?
- Yes. Eligible members participate in elections as provided in the SACCO by-laws.
How can I access annual financial reports?
- Annual reports are available through official SACCO communication channels.
How do I withdraw my savings?
- Submit a withdrawal request in accordance with the applicable account terms and conditions.
Is there a notice period for withdrawal?
- Yes. Notice requirements depend on the type of savings account. For membership withdrawal, 60 days’ notice is given before a member exits the SACCO and BOSA deposits refunded.
Are there charges for withdrawal?
- Applicable charges are outlined in the SACCO’s tariff guide.
How do I close my account?
- Complete an account closure request form and settle any outstanding obligations
How long does it take to receive my money after exit?
- Payment is processed within the timelines provided under the SACCO’s exit policy.
What do I need to do when leaving / resigning from the society?
- A member needs to inform the society in writing of his intention to withdraw. This is done by filling a withdrawal form which are readily available at our offices.
- A member needs to inform all loanees he/she has guaranteed so that they seek alternative guarantor(s). Refunds will only be paid to the member after all loanees have replaced the withdrawing member as guarantor. If the member has guaranteed any other outstanding loan, he/she will fill a substitute guarantors form available at our offices. The same form is signed by all the other two parties (outgoing and incoming guarantor(s)
How do I lodge a complaint?
- Complaints can be submitted through branches, email- complaints@ndegechaisacco.com, phone, or the Customer Care Desk.
How long does it take to resolve issues?
- Resolution timelines depend on the nature and complexity of the issue.
Who do I contact for urgent assistance?
- Contact the Customer Care team through the official hotline 0709522700 or nearest branch.
Can I track the status of my complaint?
- Yes. Customer Care can provide updates on your complaint status.
What if I am not satisfied with the resolution?
- You may escalate the matter through the SACCO’s formal complaint resolution process.
When are dividends paid?
- Dividends are paid after approval at the Annual General Meeting or Annual Delegates Meeting.
How are dividends calculated?
- Dividends are calculated based on a member’s shareholding and the approved dividend rate.
What is the difference between interest and dividends?
- Interest is earned on deposits, while dividends are paid on share capital.
Can dividends be reinvested?
- Yes, subject to member instructions and SACCO policy.
Can a member use dividends or interest rebates to clear loans?
- Yes by communicating the same in writing.
Can a member capitalize interest rebates or dividends to boost one’s shares?
- Yes, that is allowed. All that one needs to do is to instruct in writing.
Do you have a mobile app or USSD service?
- Yes. Members can access services through available digital banking channels.
How do I register for mobile banking?
- Visit any branch or contact Customer Care for registration assistance.
What are the transaction charges?
- Charges vary by transaction type and are outlined in the SACCO’s tariff guide.
What should I do if I forget my PIN or password?
- Use the password reset option or contact Customer Care for assistance.
Can I access my account outside Kenya?
- Yes, subject to network availability and service access requirements.
Are transactions secure?
- Yes. Transactions are protected through secure systems and authentication measures.
What disbursement channels do you offer?
- EFT (Electronic Funds Transfer)
- RTGS (Real Time Gross Settlement)
- Cash withdrawal from the teller/over the counter at any of our Touchpoints/branches.
- M-PESA
- ATM
- M-Banking(M-Ndege Service)- *882# OR *882*40# or M-Ndege app.
When does a member qualify for a loan?
- You must meet the SACCO’s membership period of 3 months’ regular savings and on fulfilling all requirements of a specific loan product; must have BOSA deposits and credit assessment requirements. Members who transfer their deposits from another Sacco are exempted from the waiting period.
Who is eligible to access Ndege Chai Sacco loan facilities?
- Members admitted in accordance with the Membership Policy.
How much can I borrow?
- The amount depends on your savings, repayment capacity and the applicable loan product limits.
How is a loan application made?
- A loan application must be done in writing on prescribed forms which must be fully filled. The applicant must attach all relevant documents such 3 months-latest pay slips, copy of national ID. Alteration will not be allowed.
What do I need when applying for a Loan?
- A fully completed loan application form.
- Attach 3 most recent pay slips.
- A copy of an acceptable form of identification (National ID/Valid Passport).
- Guarantors should be active members and have contributed for at least 3 months. Guarantors and applicant’s shares MUST be equal to or more than the loan applied for. One must have been an active member for at least three consecutive months.
What loan products are offered by Ndege Chai Sacco Society Ltd?
- Normal/Development Loan – Maximum 60 months – Interest 13% p.a-reducing balance
- Additional Loan – Maximum 60 months – Interest rate 13% p.a-reducing balance
- Emergency Loan – Maximum 12 months – Interest rate 13% p.a-reducing balance
- Salary Advance – One (1) month – Interest rate 6.5% p.a.
- Jipange Loan –
- Maximum 4 months – Interest rate 4% per month
- Maximum amount – Amount depends on net salary
- Minimum amount – Amount depends on net salary
- Is applied online
-
- Is a FOSA (salary-based) product
Please Note:
- All our loans are formulated on a reducing balance and every loanee meets 1.5% of the insurance cost of their loan.
- Normal and additional loans will be paid within 30 days
- Emergency Loan is processed from one day to a maximum of a week
- Jipange loan is processed within few minutes of online application.
FOSA salary advance (online application) will be processed under 5 minutes by dialing *882# or *882*40# or via M-Ndege app.
What is the loan interest rate?
- Interest rates vary by loan product (NL, AL, EL is 13% pa.; JL is 4% p.m. and advance is 6.5% p.m.) and are communicated before approval.
How long does loan processing take?
- Processing timelines depend on the loan type and completeness of documentation
Do I need guarantors?
- All loan products require guarantors in line with the SACCO’s lending policy. Additional collateral such as car logbook and charged title deed are accepted.
Can I top up an existing loan?
- Yes, subject to meeting the SACCO’s top-up eligibility requirements
What happens if I default on my loan?
- Loan recovery procedures will be initiated in accordance with the loan agreement and SACCO policy.
Are there penalties for early repayment?
- Early repayment is generally allowed, subject to the product terms and conditions.
What are the other services offered by the Sacco?
- ATM Service-we are connected to Co-operative Bank’s Sacco Link Network. Members can access their cash at any Co-operative Bank ATM countrywide and any Visa Branded merchant outlets anytime 24/7.
- M-PESA-We receive and send cash through our M-PESA outlets. Members can also deposit their FOSA accounts, make loan repayments and savings using the pay bill option of the M-PESA using Ndege Chai business number 637 637.
- Safe Custody of valuables;
- Banker’s Cheques;
- M-Banking;
- Point-of-Sale(POS) services;
- Cheque clearance;
- Financial advice;
- Salary Processing;
- Dividends’ Re-investment;
- Offsetting Loans;
- SMS Banking;
- Asset Finance (Car Loan).
Who decides on what interest to charge?
- Interests on loans are reviewed from time to time by the BOD on recommendation of Management.
Does interest charged by the Sacco fluctuate during the term of the loan?
- Any amendments on interest will affect new applications only.
Can one clear a loan in full before repayment is over?
- Yes, that is allowed and does not attract early clearance charge.
Can I apply for more than one Loan?
- A member is allowed to take any loan products from different categories on offer as long as all lending conditions are met.
Can I offset my deposits against my Loan?
- A member is only allowed to offset his/her deposits against his/her loans if he/she is ceasing to be a member. He/ She must then pay off the balance immediately if any. Offsets are only done when a member has asked those he/she has guaranteed to seek for guarantor replacements.
If a member clears a loan before its completion date will he/she be required to pay interest for future periods?
- No interest or penalty is charged for clearing a loan earlier than the contracted period.
How do I become a member of the SACCO?
- Complete a membership application form and meet the required membership criteria (being above 18 years and in legitimate income generating economic activity).
What documents are required to open an account?
- A valid National ID/Passport, KRA PIN, passport photo and any other supporting documents as required.
Is there a minimum contribution to join?
- Yes. Members are required to meet the prescribed minimum share capital of 6,650/= and BOSA deposits contribution of Kes 1000 per month requirements.
Can I open an account online?
- Yes, where digital on boarding services are available.
How long does it take to activate my membership?
- Membership is activated once all requirements and payments have been successfully verified.
Can a minor or group register as a member?
- Yes, subject to the SACCO’s membership policy and applicable regulations.
How do I open a FOSA account?
- All our members automatically get a FOSA account upon joining our membership.
Who can qualify for an ATM card?
- Any member operating a FOSA Account qualifies for an AT M card.
How can I acquire a Ndege Chai Sacco ATM/ Visa Card?
- Our ATM Cards can be obtained by all members after making an application at any of our satellite offices/ branches.
OUR Customer Care Commitment
We are committed to providing responsive, reliable and member-focused service. For any enquiries, assistance or feedback, please contact our Customer Care Team through our official service channels.
Contact Us
- Address: Ndege Chai House. P.O. BOX 857-20200 KERICHO.
- Telephone 0522030121/0522030952/0208031759
- Call Centre Phone Number 0709 522 700
- WhatsApp +254143010597;
- Tiktok: @ndege.chai.sacco;
- Instagram: @ndegechaisacco;
- Facebook: Ndege Chai SACCO Society Ltd.
- Emails: info@ndegechaisacco.com; customercare@ndegechaisacco.com.