Frequently Asked Questions

Any person can join Bandari Sacco upon meeting the relevant criteria required. All people from the common bond can join both BOSA and FOSA memberships while those outside the bond can join the FOSA membership. Every applicant is required to submit a duly completed application form together with required identification documents.

Consistent saving for a minimum of six(6) months qualifies for credit in the Society.

It takes One to Four working days depending on the recipient bank.

Shares represents a members worth in the society and cannot be used as collateral. They are however negotiable upon a members withdrawal. Non-withdrawable deposits are used members to guarantee loans and are refundable during membership withdrawal. At the end of year – shares earn dividends while deposits earn interest.

Coop ATMs,  Mobile Banking, Visa Branded ATMs, Coop Kwa Jirani, Co-op Bank Branches

Each loan product has different evaluation criteria and represents an independent contract.

Follow the following steps:-

  • Open a Savings account.
  • Register for M-banking services.
  • Follow the guideline given during M-banking service registration.

All money paid outside payroll for boosting deposits must stay in the society for at least six months to qualify for any loan from the Sacco.

Yes - A member can transfer his deposits from another SACCO to Bandari SACCO.

Yes – for as long as you stay up to date with your monthly contributions. What you need to do is place a standing orders or direct debits

  • Visit the SACCO for Advice.
  • Seek alternative guarantors for all loans guaranteed by you.
  • File a notice of withdraw - A waiting period of sixty days is required in case of any refunds.

A member is only allowed to offset his deposits against his loans if he is withdrawing his membership.

Loans are given three times (Ordinary members) or four times (Preferential members of the member non-withdrawable deposits.

A member is allowed to take all the loan products on offer so long as long as they able to qualify.

Ans.: All loans granted by the society except FOSA- One Month advance must be guaranteed sufficiently by at least three active members

FOSA deposits are regulated and monitored by The Sacco Societies Regulatory Authority (SASRA) which operates in the same way as the Central Bank of Kenya (CBK) with the commercial banks. The SACCO submits monthly reports and is audited regularly to ensure compliance and safety of member deposits. The Board and Management are Managing the Sacco as per the Co-operative societies ACT, Rules and Sacco by –Laws. The Sacco has implemented the use of Corporate Governance and Code of Ethics hence stability is guaranteed. The Sacco also holds ADM’S yearly where reports and accounts are presented to the members

Members wishing to deposit money can either deposit directly over the counter at our FOSA, through  MPESA Till Number 146320 with or Do electronic funds transfer or place a standing order to our bank account

ACCOUNT NUMBER 01120043003601

  • Fully completed loan application form
  • Sufficient number of guarantors (depends on loan type).
  • Employee pay slips (past 3 months).
  • A copy National ID.
  • Proof of active membership for at least six months

Deposits are refunded after 60 days after filling the required withdrawal forms

Yes, one can continue being member as long as they continue remitting SACCO deductions. Remittance can be done for both deposit and loan repayment by placing a standing order at the bank, making monthly cash deposits or Check off from the new employer.

Partial withdrawal of the deposits is not allowed

Yes one can re-join the soonest he/she is ready upon payment of a rejoining fee.

Statements are issued on a yearly basis and on request. Members can also request statement via their mobile phones to their email account upon subscribing to the SMS banking service.

Yes. After Successful registration for M-banking, you will be granted a pin through which you can access mobile banking services by dialing *346# on your mobile phone.