FAQ's

Who is legible to join the Sacco?

• All professionals
• Registered corporates and groups
• Spouses and children of Mhasibu Sacco members

How do I join Mhasibu Sacco?

• Membership can submit application digitally via this link https://members.mhasibusacco.com/application/register
• Download the membership application via the website and send it to marketing@mhasibusacco.com

What are the requirements needed to join Mhasibu Sacco?

Individual Membership for all professionals

• Applicant’s ID Copy and Passport photograph
• Nominee ID COPY or Birth Certificate if a minor
• Proof of profession/Higher academic qualifications
• Payment of registration fee of KES 1,000

Mhasibu Junior Account for children under 18 years

• Applicant’s birth certificate/Notification
• Passport Photo
• Nominee(s) Id copy
• Registration fee of KES. 500

Registered companies and corporates

• Complete filled group/corporate membership application form with the following support documents.
• Minutes listing all members with members’ signatures/directors authorizing the officials to join the Sacco.
• Group constitution/Articles of Association.
• Group/Company registration certificate.
• Copies of National I.D. for group officials/Directors for companies.
• Passport photograph for group officials/Directors for companies.
• KRA PIN for each group official/company director.
• KRA PIN for registered companies.
• CR 12 Form for registered companies
• Contacts (Address, Residence, Mobile, Email) for officials/directors.
• Evidence of physical address for the company/group

What is the minimum monthly contribution?

Individual Membership

• Share capital of KES 10,000
• Deposits contribution KES 3,000 per month

Registered companies and corporates

• Payment of an entrance fee of KES. 5,000.
• Payment of share capital of KES 20,000 for the group/corporate

Mhasibu Junior Account

• Minimum contribution of Ksh.500 per month
•  

How do I access my member statement?

Digital channels to offer Services by Mhasibu Sacco

• Portal
• M-HASIBU PRO
• USSD Code *657#

What products and services does Mhasibu Sacco offer?

• Mobile loans (Rahisi and Mobi)
• Long term loans
• Short term loans
• Mortgage
• Plot Buying
• Motor vehicle loans

What is the difference between Share Capital and Share Deposits?

Share Capital

• Minimum contribution is KES 10,000 per member
• It earns Dividends
• Considered as a loan multi-plier but not security
• Not withdrawable but transferrable to another member

Deposit Contribution

• The minimum contribution is KES 3,000
• Interest is earned on Deposits
• Considered as a loan multiplier (5 Times)
• Member can access a self-guaranteed loan of up to 95% of the total Deposits
• It is withdrawable upon a notice period of 60 days.

When am I eligible to take a loan?

• A member is eligible for a loan after 6 months of members

How much loan can I access?

• A member can access up to 5 times their total deposits plus share capital for the following categories

Can a member make lumpsum deposits and take a loan immediately?

Yes except for the following categories

• Members with default history /inconsistent repayment for the past one year
• Members applying for long term loans (Equity release and mortgage)

Can I offset my loan against my deposit?

• This is only applicable where a member is withdrawing

What is the interest charged on your loans?

• The applicable charge on loans includes
• Loan insurance charge of 0.5% of the approved amount
• Processing fee of 1% of the approved amount
• 5% of outstanding balance for all loan repurchase

Can Mhasibu SACCO buy off loans advanced to members by other financial institutions?

Yes

Can I apply for more than one loans?

Yes, you can if the outstanding loan is lower than 5 times your totals deposits plus share capital

After clearing a loan, how long am I supposed to wait before applying for another one?

Immediately

What is the maximum loan limit I am entitled to?

• A member is entitled to a maximum loan equivalent to 4X times your total shares capital plus deposits (Current offer is 5X). the current upper limit is 50 million.

Do I need a guarantor if my loan application is equivalent to my deposits?

• No, you do not need a guarantor, where the applied amount does not exceed your deposits, or your deposits are not attached to any loan.

How many guarantors do I need?

• The Sacco has no minimum or maximum guarantors. It all depends on the loan amount applied. Ideally, a member’s deposits and guarantor’s deposits must be equal to or more than loan amount subject to risk exposure.

How many people can I to guarantee?

• A member can guarantee their own loan and six other loans with their total deposits

Am I entitled to dividends?

• Yes, Sacco pays dividends and interests Interest on deposits and dividends on share capital annually to members with balances on share capital and Deposits during the financial year

Who is eligible to be a guarantor?

• A member who is in good standing and has capacity to guarantee

Can I still access a loan If I have guaranteed other loans

• Yes, you can

What is the procedure of withdrawing from Sacco?

• Formally Submit your withdrawal request to Sacco through a signed letter giving Sacco sixty days’ notice in line with Sacco by laws. The letter should be accompanied by your ID copy.

Can I partially withdraw my deposits?

• No, a member cannot partially withdraw part of their deposits or offset part of the deposits against an outstanding loan unless they cease to be a member.

Is there an option to withdraw my deposits from Sacco without giving 60 days’ notice?

• Yes, the instant option of 7 days’ notice is available in lieu of withdrawal notice of 60 days at a charge of 10% of the deposits balance.

Can I withdraw my deposits when I have guaranteed another member?

• No, a member cannot withdraw their deposits pledged as loan security to another member’s loan unless that loan is cleared, or guarantor ship substitution is done.

Mhasibu Sacco membership is divided int 3 constituencies

The following shall form the list of Constituencies

Audit and Accounting consultancy firms.

• Employees of Advisory taxation, Accounting, auditing, and consultancy firms.
• Employees of accounting regulatory bodies i.e. ICPAK

Industry and Commerce, Company Secretaries

• Employees working in private sector.
• Registered members of ICPSK
• Professionals in self-employment / business

Public sector, Training institutions and other professionals

• Employees working with NGOS.
• Employees working in Public Sector
• Members of other Professional bodies.
• Accountants in Training Colleges & KASNEB students.
• Employees of institutions accredited by KASNEB, ACCA and National Examination Council.
• KASNEB and ACCA students.
• Students pursuing bachelor’s degree in accounting or finance option and other fields.

What is the meaning of the different Loan status

• Watch category is where the loan is in arrears of between 1 day and 30days.
• Substandard category where the loan is in arrears of between two and six months
• Doubtful where the loan is in arrears of between seven and 12 months
• Loss is where a loan account is in arrears of more than 365 days or 13 months and above.
• Non-performing is where the loan is in arrears of more than one day

What services can I access through the online platform?

• Rahisi Loan up to 1M, Mobi loan up to 250K
• Your personal information
• Deposits, loans and shares statements
• Details of members you have guaranteed /Guarantors

How can I make my payments to Mhasibu Sacco?

Below are the available modes of payment

• M-pesa pay bill
• Cheque payment
• Direct debits
• Check off payments Direct deductions through the payroll
• Through the bank as below:
  • NCBA | Mama Ngina Street Branch | Account Number: 6435220015 | swift code: CBAFKENX
  • Equity bank | Kenyatta Avenue Branch | Account Number: 1290271968015 | swift code: EQBLKENA
  • Co-operative bank | University way Branch | Account Number: 01120040136100 | swift code: KCOOKENA