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1. Membership queries

  1. What are membership requirements?
    • Members of ICPAK and their employees.
    • Fully qualified accountants who are not members of ICPAK.
    • Accountancy training institutions and accountants in training.
    • Members’ spouses and children under age of 18 years.
    • Registered KASNEB students.
  2. How do I become a member?
    You need to fill in a membership application form and pay a membership fee of Kshs. 1,100. Then submit the fully completed form to Sacco office for registration.
  3. Who is a member?
    One will enjoy the rights and priviledges of a member after paying the registration fee KES 1,100 and the minimum share capital contribution of 10,000
  4. Is my spouse/children eligible to join the Sacco?
    Yes, both the spouse and children of already registered member are eligible to join the Sacco even if they are not accountant or don’t meet the other joining criteria.
  5. Do I need to pay registration fees to patronize another product say the holiday and Mhasibu housing plots?
    No, once you paid your initial membership registration fees, you are free to patronize any Sacco or Sacco subsidiary product with an additional fee.

2. Deposit Queries

  1. What is minimum contribution?
    The minimum contribution is Ksh 1,600 per month.
  2. What is the difference between deposits and shares?
    • Deposits are withdraw-able members’ savings while shares or share capital is the permanent member contribution toward the Sacco capital and forms part of Sacco equity. Shares cannot be withdrawn even on exit from the Sacco but can be transferred to another willing member.
    • Each member must have a minimum of Ksh 5,000 in share capital unlike deposits which have no minimum amount.
    • Deposits earn interest while share or share capital earn dividends
    • Deposits can be used as loan security while share cannot be used loan security.

3. Loan Queries

  1. When do I qualify to take a loan?
    You qualify to take a loan after six month of consistent contribution to the Sacco.
  2. What is the maximum loan I my entitled to?
    You are entitled to maximum loan equal to four times your total savings (shares capital plus deposits * four)
    Lump sum deposit
  3. Do I have to wait for six month to get a loan after making a lump sum deposits?
    No, the Sacco has introduced a 10% commission of lump sum deposit utilized on entitlement for those who want to borrow immediately based on lump sum deposits.
  4. Can I have more than one loan at the same?
    Yes, you can have several concurrent loans so longs they don’t exceed your maximum loan entitlement of four time and you have ability to pay for all of them.
  5. What do I require to take a loan?
    A duly filled loan application form supported by;
    • ID/ passport Copy
    • Payslipped - 3 month certified pay slips or 6 month bank statement
    • Guarantors ID or passports
    • PIN Certificate
    • Utility bill For business members:
    • A statement of income and expenditure
    • Certified 12 months bank statement
    • Business registration certificate
  6. What is the maximum loan repayment period?
    The maximum loan repayment period is 60 months for the Gold Loan
  7. Why is the reason of rejecting my loan?
    • A loan can be rejected on the following grounds;
    • Inconsistency in deposit contributions
    • Inadequate guarantors
    • insufficient income
    • The form is not duly completed
    • Key documents like ID, certified pay slips, PIN, direct debit/standing order instructions etc have not been attached
    • The member deposits are insufficient to support an additional loan.
  8. Can i reduce my loan installment due cash flow constraints?
    No, you cannot adjust or reduce loan installment unless you had previously overpaid your installments as this will result in your loan going in arrears leading to closure after three months arrears.
  9. How long does it take before a loan is processed?
    Normal loans, repurchase loan, refinance loan and asset loans are processed within three week, so loans you application has been submitted by 10th of the month and all requirement have been met.

Emergency loan as processed within 3 working days if all requirements are met.
School fees and short term loans are processed within six hours so long all requirements are met.

4. Guarantorship and Loan Security Queries

  1. Do I need a guarantor if my loan application is equivalent to my deposits?
    No, you don’t need a guarantor long as the loan applied does not exceed your deposits.
  2. How many guarantors do I need?
    The Sacco has no minimum or maximum guarantors. It all depends on you and the loan amount applied for. Ideally ones deposits and guarantor’s deposits must be equal to or more than loan amount subject to risk exposure.
  3. What other collaterals or loan security can I use?
    The Sacco allows use of other loan securities namely;
    • Log books (50% of valuation)\
    • Vehicles asset financing loan (75% or 90% of car valuation for used and new cars respectively)
    • Stocks listed in NSE (50% of valuation)
    • Title deeds for Mhasibu Housing plots (75% of Market valuation)
    • MICL Shares (100% of cost)
    • Life insurance policies with a surrender value
    • Unit trust deposits
  4. How many people can I to guarantee?
    A member can guarantee him/her self and three other loans or three other member loans.
  5. How many members I have guaranteed?
    Nowadays you can confirm how many people you have guaranteed at any time anywhere using the mhasibu online user account.
  6. What services can I access though online platform?
    • Your personal information
    • Deposits, loans and shares statements
    • Details of members you have guaranteed and whether they service their loans properly.
    • Co-guarantors contacts critical in event of loan default by a member you have guaranteed.
    • Your dividend advice slip
    • Loan calculator

5. Modes of payment queries

  1. How can I make my payments to the Sacco?
    The Sacco offers the following modes of payments;
    • Mpesa - Click to See procedure.
    • Standing orders – please indicate your membership number on instruction form
    • Deposit slips- make payments to our bank accounts then present the banking slips
    • Cheque payment done at Sacco offices
      NB: Please note that Sacco does not accept cash payments
  2. What are your bank details?

    a. COMMERCIAL BANK OF AFRICAMama Ngina Street Branch | Account Number : 6435220015

    b. EQUITY BANK | Kenyatta Avenue Branch | Account Number : 1290271968015

    c. COOPERATIVE BANK | University Way Branch | Account Number : 01120040136100

6. Dividend queries?

  1. Am I entitled to dividend?
    Yes, the Sacco pays dividend (Interest on deposit and dividend on share capital) every year to all the members who had balances in deposits or share capital for the financial year ended. Deposit earns interest on deposit on pro rata basis which means you don’t have to hold dividend for full year to earn interest. On the hand any balance on share capital as at close of financial year is entitled to dividend at rate to be recommended by the management committee.
  2. What do I need to do to get my dividend?
    You need to ensure that the Sacco has your current bank details since all dividend payment are paid via EFTs bank transfers.
  3. When are the dividend paid?
    The Sacco pays for dividend after approval by the Annual General Meeting which is done each year in April. The dividends are usually paid a two weeks after.
  4. How are dividend computed?
    • Dividend is made up to two components that interest on deposits and dividend on share capital.
    • Interest on deposit is computed on pro rata and compound basis at a rate to be recommended by management committee and approved by Annual General Meeting (AGM). The Sacco has uploaded a template on the website to assist members who would wish to confirm/ compute their interest on deposits.
    • Dividend on share capital is computed based on closing balance at the end financial year at a rate recommended by management committee and approved by the Annual General Meeting.

7. Withdrawal from the Sacco queries?

  1. What is the procedure of withdrawing from the Sacco?
    You need to apply for withdrawal from the Sacco in a formal signed letter giving the Sacco sixty days notice in line with Sacco by laws. The letter should be accompanied by your ID copy.
  2. Can I partially withdraw my deposits?
    No, no member will be allowed to partially withdraw part of his /her deposits or offset part of the deposits against an outstanding loan unless he/she ceases to be a member.
  3. Can I withdraw my deposits from the Sacco Instantly?
    Yes you can withdraw your deposits instantly but the Sacco will charge you a commission 10% of current deposit amount in lieu of withdrawal notice of 60 days.
  4. Can I withdraw my deposits when I have guaranteed another member?
    A member cannot with his /her deposits that have been pledged towards another member loan unless that member has cleared that loan on has submitted a substitute guarantor to replace you.

8. Mhasibu Housing Company Limited (MHCL) and Plot Queries?

  1. Is Mhasibu Housing Company Limited (MHCL) and Mhasibu Sacco the same thing?
    No, MHCL is fully owned subsidiary of Mhasibu Sacco which operates independently from the Sacco. MHCL is involved in mobilizing Sacco members and other stakeholders who are interested in acquiring prime plots among other things. On the hand Mhasibu Sacco is primarily involved in offering saving and credit products to its members.
  2. Where are MHCL offices?
    MHCL offices are currently located together with those of the Mhasibu Sacco at View Park Towers 6th floor along Uhuru Highway, but the two organisations remain independent.
  3. Do I have to register to buy a plot through MHCL?
    No, Sacco member automatically qualify to participate in MHCL plots at a discount and without any registration fees.
  4. Can use Mhasibu Housing Company plot to guarantee a loan in the Sacco?
    Yes, once the title deed is out and one is willing to have the charge on the title registered. Please note that at the time of paying for MHCL plot, you cannot use the same plot as loan security until the title deed is ready
  5. Where can I get more information about Mhasibu Housing Company Limited (MHCL)?
    Please visit MHCL website http://www.mhasibuhousing.co.ke/, for more information on its activities and projects.

end faq