Terms & Conditions

1. Membership

Membership is open to individuals aged 18 or older and to registered groups and organisations acting through authorised officials. Applications are reviewed by SACCO staff and may be Approved, Deferred or Declined. Approval is never automatic.

2. Savings

Members contribute monthly according to their category. Kenyan Resident members contribute from KES 200 per month; Gulf / Diaspora members from AUD 200 to AUD 2,000. Missed Gulf / Diaspora monthly deposits attract a flat AUD 50 penalty. Financial records are immutable — corrections are made by reversing entries, never by deletion.

3. Loans

• Individual members may borrow up to 3× their accumulated savings, after a one-month savings lock-in.
• Business / group loans range from KES 20,000 to KES 100,000.
• Interest rates and terms are published and set by the members' Constitution.
• A mandatory 2% processing fee applies to every approved loan, separate from interest and any penalty.
• Eligibility does not guarantee disbursement — liquidity is re-checked at the time of disbursement.

4. Repayment & default

Loans are repaid on the schedule in the loan agreement. A 5-day grace period applies after each due date; after that, a one-time 5% penalty is charged on the overdue scheduled amount. Recovery may proceed against savings, guarantor commitments, agreed security and other lawful mechanisms.

5. Liquidity & governance

Outstanding loans may not exceed 70% of total available capital; at least 30% is retained as a liquidity reserve. A Treasurer manages the dedicated SACCO account. Interest, processing-fee income and penalties are recorded as SACCO income, and distributable profits are allocated in proportion to qualifying savings.

6. Changes to these terms

The Constitution anticipates amendment. Material changes to savings rules, lending rates, fees or eligibility are made through the SACCO's governance process and communicated to members.