Frequently Asked Questions

Membership is open to all Kenyans and the diaspora:

• Individuals
• Registered corporates and groups
• Children under 18, through the Mhasibu Junior account

Apply online at members.mhasibusacco.com. Mhasibu is a paperless Sacco — you can complete your application from your phone or computer. You are also welcome to visit us at Absa Towers, 8th Floor, Loita Street, Nairobi.

Individual membership

• Copy of your ID and a passport photo
• Nominee’s ID copy, or birth certificate if the nominee is a minor
• Registration fee of KES 1,000

Mhasibu Junior (children under 18)

• Child’s birth certificate or birth notification
• Passport photo
• Nominee(s) ID copy
• Registration fee of KES 500

Registered companies and groups

• Completed group/corporate membership application
• Minutes listing all members, signed, authorising membership
• Group constitution or Articles of Association
• Group/company registration certificate
• ID copies, passport photos and KRA PINs of officials/directors
• KRA PIN and CR12 for registered companies
• Contacts of officials/directors and evidence of the group’s physical address

Individuals: share capital of KES 10,000 and deposit contributions of KES 3,000 per month.

Corporates: entrance fee of KES 5,000 and share capital of KES 20,000.

Mhasibu Junior: a minimum of KES 500 per month.

Yes. The Sacco pays interest on deposits and dividends on share capital annually.

A member is eligible for a loan after 6 months of membership.

Your loan limit depends on the loan product and your status as a member, subject to the Sacco’s terms and conditions. Each loan’s limit is shown on its product page, or talk to us for your personal limit.

Yes, except for:

• Members with a default history or inconsistent repayment in the past year
• Members applying for long-term loans such as Equity Release and Mortgage

• Loan insurance: 0.5% of the approved amount
• Processing fee: 1% of the approved amount
• Loan repurchase (buy-off): 5% of the outstanding balance

Interest rates for each loan are shown on its product page.

Yes.

Yes, as long as your total outstanding loans stay within your loan limit.

You can apply immediately.

Only when you are withdrawing from the Sacco.

• Non-performing: in arrears for more than one day
• Watch: in arrears for 1–30 days
• Substandard: in arrears for 2–6 months
• Doubtful: in arrears for 7–12 months
• Loss: in arrears for more than 12 months

No. You do not need a guarantor if the amount you apply for does not exceed your deposits, and your deposits are not attached to another loan.

There is no minimum or maximum. It depends on the loan amount.

Your deposits can guarantee up to 5 loans, including your own.

A member in good standing with the capacity to guarantee.

Yes.

Submit a signed withdrawal request to the Sacco, giving 60 days’ notice in line with the Sacco by-laws.

No. You cannot withdraw part of your deposits, or offset part of them against a loan, unless you cease to be a member.

Yes. An instant option with 7 days’ notice is available, at a charge of 10% of your deposit balance.

No. Deposits pledged as security for another member’s loan cannot be withdrawn until that loan is cleared.

On the Members Portal, the M-Hasibu Pro App, or by dialling *657#.

• Apply for a Rahisi Loan (up to KES 1 million) or a Mobi Loan (up to KES 250,000)
• View and update your personal information
• Get deposit, loan and share statements
• See who you have guaranteed, and your guarantors

Through M-Pesa Paybill 540700, cheque, direct debit, check-off, payroll deduction or bank transfer:

Savings, short-term and long-term loans, FOSA services and digital banking. See them all on our Products page.