FAQs

A cooperative is an autonomous association of persons united voluntarily to meet their common economic and social needs through a jointly-owned and democratically-controlled enterprise.

It is a financial association owned, managed and run by its members who share a common bond and whose aim is to empower members through savings, credit and investment opportunities.  SACCOs are recognized as vehicles of socio-economic development. 

Common bond refers to the unifying factor i.e. that which brings people together.  For AICB SACCO for example, the unifying factor is our children and their financial empowerment.

It is a unit of ownership in a SACCO. Shares are not refundable upon resignation but are transferrable to another member. Shares are not considered in the computation of loans. They are however considered in the computation of dividends and members are therefore encouraged to increase their shares in order to reap more dividends.

This is the accumulated sum of money contributed by the member on monthly basis to his/her personal SACCO Account. They are refundable on resignation a per SACCO policies. 

Requirements for admission to the Program are as follows:

• Duly completed and signed Application For Membership Form (Adult)
• Duly completed and signed Appointment of Nominee Form (Adult)
• Duly completed and signed Application For Membership Form (Minor, where applicable)
• Duly completed and signed Appointment of Nominee Form (Minor, where applicable)
• ID Copy of Sponsor
• Copy of Birth Certificate or valid passport of Minor
• 2 passport size photos of Minor
• 2 passport size photos of Sponsor
• Requisite fees.

You may download these from our website

Deliver or send the form to our offices at Discovery Centre, Amani Drive B, Utawala for due consideration and processing. 

Dividend refers to a share of the after-tax profit of a company, distributed to its shareholders according to the number and class of shares held by them.

Dividends are declared during the Annual General Meeting and are paid out at the rate recommended by the Management Committee. They are computed based on the appropriate member account status as the end of the previous year and in line with Company policy.   

Yes, the Sacco pays dividends to members who had balances in deposits or share capital for the financial year ended. Deposits earn interest on pro rata basis.

The Sacco pays dividend after approval by the Annual General Meeting which is done annually.

Dividend is made up of two components i.e. interest on deposits and dividend on share capital.  Interest on deposits is computed on pro-rata and compound basis at a rate recommended by Management Committee and approved by the Annual General Meeting (AGM).  Dividend on share capital is computed based on closing balance at the end of the financial year also at a rate recommended by Management Committee and approved by the Annual General Meeting.

Benefits accruing include but are not limited to:

• Non discriminatory access to financial services for members
• More affordable credit
• Eligibility for dividends at the end of the financial year, subject to profitability
• A voice in the running of the SACCO.  SACCOs embrace democratic member control.

No.  Part withdrawal of deposits in main scheme is not allowed.  You can only withdraw your contributions on resignation from the SACCO. You can however withdraw part of your shares in the other value add schemes.

The SACCO endeavors to identify and execute various safety measures to mitigate against risk to member contributions.  These include but are not limited to; operational policies and procedures, defined management and operation structures, requirement for full guarantee and insurance of loans, financial audits and statutory reporting, shared investment risks and Supervisory Committee that monitors operations etc

You must be a registered member of AICB SACCO, have realized regular contributions as per SACCO requirements for at least 6 months.  You additionally need a duly executed loan application form i.e. with supporting documents (i.e. Copy of ID, PIN Card and Payslip) and having secured requisite guarantors.  Your account balances must be able to support the loan requested as per applicable loan policy. 

All loans granted by the society must be guaranteed in full, irrespective on number of guarantors.   Guarantors’ and applicants shares MUST be equal to or more than the loan applied for. In special cases when loan is less/equal to shares one could self guarantee but he/she must state same in writing for due consideration and approval.  An adult cannot use the minor’s funds as a guarantee.

A member is allowed to take all the loan products on offer provided that all lending conditions are duly met.

Loans are disbursed within the shortest time possible and subject to availability of funds especially.  The Credit Committee meets at the end of every month to review and approve long term loans.

A member will be required to complete and submit the official Withdrawal Form to the SACCO management expressing interest to withdraw from SACCO.  A notice of sixty days (60) is required in case there is a refund due to the member.  A member must also inform everyone he/she has guaranteed to seek alternative guarantors. It is only after the persons guaranteed replace the member as guarantor that a refund can be effected. 

You will get your refund within sixty 60 days subject to availability of funds.  A member may however be refunded on request before expiry of the period at a fee i.e. instant resignation.

Not unless you have resigned.  A member must also inform and ask everyone he/she has guaranteed to seek alternative guarantors. It is only after the persons guaranteed replace the member as guarantor that the offset can be executed. Any balances after an offset so made must also be paid immediately.

Yes he/she can continue to be a member provided that he/she continues to remit relevant contributions and to abide by SACCO policies and regulations.

Yes you can, provided that you pay rejoining fees and deliver on any related requirements by the Management Committee.