Frequently Asked Questions
You can learn more about Jamii Sacco Society from our frequently asked questions
1. Jamii Sacco
Jamii Sacco was established in 1972 by the Civil Servants of the Department of Social Services. It has established its Headquarter Offices at Mariakani South ’B’, Nairobi. The property is valued at over Kshs 50 million, and it houses the staff and all the Society's assets. Any extra space is rented out to tenants to earn extra income.
Jamii Sacco Society is owned by the Members.
This fund ensures that member savings and loans are insured in the event of death or permanent total disability. In the event of the death of a member or total permanent disability, the deposits are doubled, and the outstanding loans are cleared by the insurance. The fund also pays for the member's funeral expenses, currently up to Kshs 50,000, and covers only one nominated next of kin in the event of death for a similar amount.
The SACCO is licensed by SASRA as a Deposit Taking SACCO as per the Co-operatives act CAP 490 and SASRA regulations of 2008. The Board and Management have implemented the use of good corporate governance and code of ethics, resulting in the SACCO's stability. AGMs are held yearly, where the SACCO's performance is presented to members. This can be accessed from the SACCO website.
2. Membership
Any person can join Jamii Sacco from all segments of the market, including:
- Public Service employees from the National and County Governments.
- Other Government Ministries and Parastatals
- Employees of Jamii Sacco Society
- Government Institutions/Parastatals such as: KNLS, W.E.F.
- Kenyans in Diaspora.
- Employees in Private Companies and NGO’s Self-Employed Individuals
- Self-Help Registered Groups and Community-Based Organizations.
- Fill in membership forms that can either be downloaded from our website or can be obtained from our offices, or from the delegates at every county.
- Attach copies of the National Identity Card and a passport-size Photograph, KRA PIN certificate.
- Entrance fee Kshs 1,000
- Minimum Monthly Contributions, currently Kshs 3,000 and Kshs 300 being Jamii Benevolent Fund.
- Share Capital of Kshs 20,000, initial deposit of Kshs 1,000, and Kshs 500 for installments.
- Incentive of Kshs 500 is paid referee of the new member.
- Attractive dividends on shares and Interest on deposits
- Competitive Interest Rates on special deposit account and other Savings Accounts
- High savings will qualify for bigger Loans
- High savings need less guarantors to secure personal loans
- Access to Short and Long Term loans with competitive Interest Rates
- Access to a variety of savings accounts tailor made to your needs such as: Holiday Account, Children’s Accounts, and Retirement Accounts
Yes, what you need to do is place a standing order for both deposit and loan repayment.
- Give a written notice of 60 days
- Withdrawal is subject to clearance of all Sacco liabilities
3. Share Capital, Deposits, and Contributions
It’s the money invested in a Sacco by its shareholders. It’s a long-term source of finance. It represents a unit of ownership. All Sacco societies are required by law to have a minimum share capital. In Jamii Sacco, the minimum share capital is Kshs 20,000, i.e., 1,000 shares with a par value of Kshs 20 each. This fund is used to cushion against any loss that may be incurred by Sacco in the future. For that reason, this money cannot be withdrawn but is only transferable in the event the member ceases membership.
- Attract dividends at the end of every year
- The member owns part of the institution
These are monthly savings made to the Sacco by its members and are non-withdrawable except in complete termination of membership or upon death.
What are the benefits? One can transfer his/her deposits from another Sacco to Jamii SACCO. A member who does so is treated as an existing member upon joining the Sacco and can apply for a loan immediately.
A member is only allowed to offset his deposits against his loans if he is ceasing to be a member. He must then pay off the loan balance immediately if any. Offsets are only done when a member has asked those he has guaranteed to seek for guarantor replacements.
- Through the Check-off system, through deduction by the employer.
- Bank Standing Order/Direct debit
- Cash Payment through the FOSA or the Society’s Bank Account at the Co-operative Bank of Kenya.
- M-pesa Pay bill number 532200
You can pay extra contributions/loan repayments using Jamii M-cash/M-pesa Paybill/Bank deposits.
Yes, all a member needs to do is to instruct the society in writing to transfer the deposits to another person, but only upon termination of membership.
4. Loans
After 6 months of saving with the Sacco the member is entitled to a variety of loan products e.g. Normal, School Fees, and Emergency loans which are granted 3 times of the member's deposits/savings, while loans like project loan is granted 4 times, while Jiinue loan is 5 times of the deposits. Mshahara loan is for members whose salaries pass through the FOSA.
The securities required include: Guarantors (who should be members of the Sacco), Plot Title deeds (Urban Plots), Car log books, and other securities, including regular remittances such as: Monthly Savings Pension, Fixed Deposit Accounts, and various Savings Accounts.
Apart from Normal, Jiinue, which are processed within 48 hours, the other products such as School Fees, Emergency, Education, and Instant Loans are disbursed within 24 hours upon submitting the loan application forms. The loan disbursment options are through Electronic Funds Transfer (EFT), M-PESA, Bankers Cheques, and RTGS may be issued. All members are encouraged to use FOSA accounts to access their funds easily and with flexibility.
Yes, you can boost your deposits and apply for a loan immediately; this applies to existing members only.
5. Front-Office Savings (FOSA)
- This is a withdrawable savings account, and members can access loans or any other payment from the Sacco through the same.
- Minimum operating balance is Kshs 1,000.
- Facility for banking
- Facility for payment of all loans, refunds, dividends, etc.
- Facility for Savings and Advances generates extra revenues for the Sacco
- Contributes to the overall performance of the Sacco.
- Can access funds beyond working hours by using Mobile Banking and the SACCO link ATM card.
Sacco link ATM card is available to all our members who have FOSA accounts at an affordable charge. You can withdraw cash 24 hours through the Co-operative Bank Auto Branch ATM Network countrywide or any Visa-branded ATM.
6. Membership Termination
Membership withdrawal is voluntary, and one needs to inform the Sacco in writing of his/her intention to withdraw. This is done by providing a written and signed letter and filled withdrawal forms available at our offices. The written notice should be given 60 days before withdrawal. The process takes 30 days after the letter has been acknowledged and only when the requirements have been met, i.e. member must have cleared all his/her liabilities with the Sacco and has replaced all the members he/she has guaranteed.
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