Back Office Service Activity
Access Loans upto
4X
your Deposit
Back Office Services Activity (BOSA) enables a member to make deposits and access credit services. The deposits are non-withdrawable (refunded when a member withdraws from the sacco) and allows members to borrow against their savings, at very competitive interest rates.
BOSA
BOSA saving products
Member Deposits
This is the monthly contribution made by a member against which they can access loans, guarantee loan and earn interest at the end of the year.
- Minimum monthly contribution is a per Gold membership category
- To Earn interest on deposits, member MUST pay contributions consistently
- Ability to guarantee and be guaranteed
- Ability to access loans in multiples of 4 times on one’s deposits
Share Capital
This is a unit of ownership of the SACCO and members earn dividends on the same annually when declared. The Share Capital is not withdrawable and cannot be used to guarantee loans or used as multiplier to access loan but can be sold or transferred to an existing member upon one’s withdrawal from the SACCO. The minimum share capital is Kshs. 30,000.00 or 3000 shares of Kshs100.00 each by December 2026.
Reasons why a member should have a Share Capital account:
- To drive the SACCO business
- To meet the SASRA requirements that is the Institutional Capital
- It’s a long-term investment with annual return
Benevolent Fund
This is a premium paid by each member in order to take care of funeral arrangements in case of demise of Member and Spouse. The amount to be paid is ksh.240 per month for Member and Spouse.
- In case of a member’s demise, the family is given Ksh.100,000 for Burial Expenses, all loans are offset then next of Kin is refunded Two (2) times of member savings
- In case of Spouse demise, the family is given ksh.70,000 for Burial Expenses
- If a Member is totally incapacitated, Sacco shall pay 30% of outstanding loans.
- Ability to access loans in multiples of 4 times on one’s deposits
Claim Procedure:
- Fill claim form and attach Original & a copy of burial permit, ID of Member and deceased then claims will be paid within 48hrs.
- To facilitate final dues, member must provide original Death Certificate.
The Loan Procedure
01
A member becomes eligible after three months of consistent contribution. Minimum deposit of 12,000
02
Members are required to fill in a loan form and select the loan they are applying for
03
Enough guarantors are required if loan applied together with any other existing loans is above the deposits
04
Once the loan reaches Nyati office, the member is informed via SMS and the form proceeds for guarantor booking
05
Loans can be differed if the form is faulty, guarantors are not eligible, it is not signed, or member does not qualify for loan
06
No form is returned to the member, the member is required to fill in a new form or guarantor additional form
07
Members should ensure they know the responsibilities they carry as guarantors
08
While granting loans, the members Gross Salary or income is considered, and the SACCO is expected to utilize a maximum of 2/3rd of the net income thereby leaving the member with a take home pay of not less than 1/3rd.
09
Not listed in CRB
Guarantorship
- For long term loans Less than kshs400,000: Minimum 3 guarantors (Aggregate of deposits covering loan amount)
- For all loans above Kshs400,000: Minimum 4 (Aggregate of deposits covering loan amount)
- Self-guaranteed loans max of 90% of deposits for members who have not guaranteed other loans
- A member can guarantee up to 6 loans
