These terms govern membership of Mhasibu Regulated DT Sacco Society Limited (“the Society” or “the SACCO”) and the use of our website, Members Portal, the M-Hasibu Pro App and USSD service (*657#). They should be read together with the Society’s By-laws, the Sacco Societies Act and our Data Privacy Policy. Where there is a conflict, the By-laws prevail.
1. Membership
- Membership is open to individuals, registered groups and corporates, and children through the Mhasibu Junior account, who meet the requirements set out in the By-laws.
- Applicants must provide true and complete information and pay the applicable registration fee and share capital.
- Members must keep their contact details, nominees and other personal information up to date.
2. Withdrawal from membership
- A member may withdraw by giving the Society 60 days’ written notice, or through the instant 7-day option at the applicable charge.
- No member may withdraw before clearing all loan balances, and deposits pledged as security for another member’s loan cannot be refunded until that loan is cleared.
- The registration (entrance) fee may be retained by the Society.
3. Expulsion and suspension
Subject to the Act and the By-laws, a member may be expelled or suspended by the General Meeting where the member:
- Acts in a manner detrimental to the interests of the Society, including knowingly making untrue statements to the Board, the Supervisory Committee or a General Meeting;
- Fails to fulfil any of their obligations to the Society as required by law or the By-laws; or
- Is convicted of a criminal offence involving dishonesty or fraud, or is imprisoned for three months or more.
4. Digital banking (Portal, M-Hasibu Pro App and USSD)
- PIN and password: you must keep your PIN and password secret at all times and change any default PIN before first use. Mhasibu staff will never ask for your PIN.
- Instructions: any transaction made with your valid PIN or login is treated as authorised by you, and you are responsible for it. Completed payments cannot be reversed.
- Lost phone or SIM card: notify the Society immediately so that your digital access can be blocked until the SIM card is replaced. The Society is not liable for transactions made before it is notified.
- Forgotten PIN: contact the Society to request a reset.
- Joint and corporate accounts: accounts that require more than one signatory may not be enabled for mobile banking.
- Suspension: the Society may suspend or stop a digital service at any time, for example for security or technical reasons, until the issue is resolved.
- Charges: applicable charges are communicated to members and published by the Society.
5. Email instructions
Where a member has opted to give instructions by email, the Society may act on instructions received from the member’s registered email address without further written confirmation. The member indemnifies the Society against losses arising from acting in good faith on such instructions, except where the loss results from the Society’s negligence.
6. Use of this website
- Information on this website is provided for general guidance. Product terms, rates and limits may change; the terms in your loan or account agreement apply.
- All content, logos and trademarks on this website belong to the Society and may not be reproduced without permission.
- You must not misuse the website, attempt unauthorised access, or interfere with its security.
- Links to third-party websites are provided for convenience; the Society is not responsible for their content.
7. Events beyond our control
Neither party is liable for failure or delay in performing its obligations to the extent caused by matters beyond its reasonable control, including network or system failures, war, civil unrest, strikes or acts of government. Notice will be given as soon as possible.
8. Changes to these terms
The Society may amend these terms at any time. Changes take effect once published on this website or communicated to members.
9. Governing law
These terms are governed by the laws of the Republic of Kenya.
10. Contact
Questions about these terms: info@mhasibusacco.com or 020 514 1900.