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FAQ's

    What are the Benefits of being a Member of Nafaka Sacco Society?
  • Access to variety of savings accounts tailor made to your needs such as: Holiday Account, Children’s accounts, business Accounts

    Attractive dividends on shares and Interest on deposits.

    Competitive Interest Rates on Fixed deposit account

    High savings will qualify for bigger Loans

    Access to Short and Long Term loans with competitive Interest Rates

    What are the Benefits of Savings in Nafaka Sacco society limited?
  • Saving provide security for future financial needs

    Earn interest on the savings accumulated by the member

    High savings will qualify for higher loans

    Savings in the Sacco are highly Liquid and enable a member to use them conveniently

    High savings will result in high dividends

    High savings will strengthen the society’s lending capacity

    Savings will act as an insurance in case death whereby the nominee is paid twice the accumulated shares and outstanding loans written off

    High savings guarantees a member a comfortable retirement

    What is benevolent Fund?
  • The Benevolent Fund intended as a source of last resort, is to be used when a family has been deceased. It is intended to be a means of assistance during the time a member has died. Its objectives are -

    Take over risk management program in the society to cover the expenses of the deceased

    Assist the family of a deceased member by contributing towards funeral expenses.

    Assist the society to pay higher dividends since the death expenses will be taken over by the Benevolent Fund

    Who Can Join Nafaka Sacco Society?
  • Any person can join Nafaka Sacco society limited from all the segments of the market including:

    Employees of National cereals and produce board

    Employees of Nafaka Sacco Society limited

    Employees working in registered companies or institutions

    Employees in Private Companies and NGO’s

    Group of persons with microenterprise businesses

    Self –Employed Individuals

    Self-Help Registered Groups and Community Based Organizations

    Business persons within the area of operation

    How do I become a member of Nafaka Sacco Society?
  • Fill in membership forms that can either be downloaded from our website or can be obtained from our offices or from the delegates at every county.

    Attach a Copy of the National Identity Card and send a passport size photograph to whatsup number 0737479373.

    Pay entrance fee of Kshs. 500

    Minimum Monthly Contributions of Kshs. 1000, Benevolent fund of Kshs. 300& Insurance of Kshs. 250 on monthly basis.

    Buy shares of Kshs. 30,000 or contribute Kshs. 500 per month for the shares

    What is Nafaka Sacco Insurance Fund?
  • This Fund ensures that member savings and loans are insured in event of death or permanent total disability.

    In the event of death of a member or total permanent disability, the deposits are doubled and the outstanding Loans are cleared by the insurance.

    The Fund pays for the members Funeral expenses currently up to Kshs 50,000 for nuclear family and Kshs 25,000.00 for the parents.

    Why are loans and deposits insured?
  • To ensure the beneficiaries don’t have the burden of paying the loans of the departed member

    Loans and deposits are paid by the insurance company

    To ensure that guarantors don’t pay for the loans of the deceased member

    To ensure continuity of members by allowing the nominees to join the Sacco

    What are the Benefits of operating a FOSA?
  • Facility for banking in-house or at the convenience of a member using mobile phone

    Facility for payment of all loans, refunds, dividends etc

    Facility for Savings and Advances

    Generates extra revenues for the Sacco

    Can access funds beyond working hours by use of Mobile Banking and the SACCO link ATM card.

    What are Deposits?
  • This are monthly savings made to the Sacco by its members and is non –withdrawable except in termination of membership or upon death.

    The deposits earn an interest at the end of the year. The higher the deposits the higher the interest paid to a member.

    How much do I need to save to acquire a loan with Nafaka Sacco?
  • After 6 months of saving with the Sacco a member is entitled to a variety of loan products eg Normal loan, School Fees loan, Refinancing and Emergency

    The deposits earn an interest at the end of the year. The higher the deposits the higher the interest paid to a member.

    Loans are granted 3 Three (3) of the member Deposits. (The monthly contributions whose minimum is Kshs. 1,000.00

    For the salaried members, a member qualifies for a FOSA loan or Advance after three months.

    For the salaried members, a member qualifies for a FOSA loan or Advance after three months.

    The member must have contributed at least an eighth of the loan applied as deposits. The salary of the member must be processed through the FOSA account.

    Can I transfer my deposits to another member?
  • Yes, all a member needs to do is to instruct the society in writing to transfer the deposits to another person

    Can I offset my deposits against my loan?
  • A member is only allowed to offset his deposits against his loans if he is ceasing to be a member.

    He must then pay off the loan balance immediately if any.

    Offsets are only done when a member has asked those he has guaranteed to seek for alternative guarantors

    What channels can I use to repay for my deposits, savings, Loan and shares?
  • Facility for banking in-house or at the convenience of a member using mobile phone

    Through Check off system –deduction by the employer.

    Cash Payment through the FOSA or Society’s Bank Account at Co-operative Bank of Kenya.

    Used our USSD *850# and follow the prompts.

    Bank Standing Order

    How can I withdraw from the SACCO?
  • Give a written notice of 60 days

    Withdrawal is subject to clearance of all Sacco liabilities

    What is the assurance of the SACCO’s stability and what measures has Nafaka Sacco put in place to ensure it remains stable?
  • The SACCO is licensed to operate by government (Sacco Societies Regulatory Authority) as a Deposit Taking SACCO.

    The deposits earn an interest at the end of the year. The higher the deposits the higher the interest paid to a member.

    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 good Corporate Governance and Code of ethics hence stability is guaranteed.

    The Sacco holds AGM’S yearly where reports and accounts are presented to the members.

    Can I use mobile phone to withdraw cash from my FOSA account?
  • Yes. Register for mobile banking by downloading the application form, fill and return to the SACCO for processing. After registration dial *850# and select what you want to do.

    What services can I get from mobile banking?
  • Balance enquiry

    Cash withdraw

    Cash deposit

    Loan repayment

    Salary Advance application

    Pay deposits/shares

    Change PIN

    Can I Deposit directly from Mpesa to Sacco?
  • Yes! Follow the procedure below;

    Balance enquiry

    Dial *850#

    Select Option 3 Deposit via M-pesa

    Select the destination e.g. FOSA, BOSA,MICRO-FINANCE,LOAN

    Select the account number that you want to deposit into

    Put Amount that you want to deposit and press OK

    You will get a pop-up indicating (Wait for m-pesa to complete this transaction. Thank you for using Nafaka M-Banking)

    After a few seconds M-pesa PIN prompt will pop-up. Put m-pesa PIN to complete the transaction.

    You will get M-pesa SMS indicating you have you have deposited to account number that you selected and amount deposited.

    You will get another SMS from Nafaka confirming deposit successful.

    Is there any another method of depositing cash to Nafaka?
  • Yes. You can use our paybill number 920100; Account number put your ID number. You will receive a confirmation SMS from the SACCO stating deposit successful.

    Other ways are:

    deposit over the counter at Nafaka Sacco

    Deposit in Cooperative Bank into Nafaka Sacco account and submit the slip to Nafaka.

    Does the SACCO has ATM card?
  • Yes. We have collaborated with Coop Bank to enable our members withdraw cash from any coop bank ATM machine and any other Visa enabled ATM machine.

    How do I apply for ATM card?
  • To apply for ATM card, download ATM card application form from the website, fill and return to the SACCO for processing. Once the card is ready, you will get an SMS from Nafaka Sacco informing you to collect the card.

    How can I get my accounts statements?
  • Members can view their statements using our member’s portal by using the following procedure;

    Visit https://webportal.nafakasacco.co.ke

    Put your member number e.g. 09999 and your password

    Enter the Captcha test as displayed then click login

    If you forgot password or a new member, put the Captcha text then click Reset password.

    Enter your Member number and ID Number and click submit Request.An sms will be sent into your phone with a new password.

    Login with the new password and then change password.

    What services will i get by using members portal?
  • Webportal allows members to do the following:

    View Deposits , shares , loans guaranteed

    View FOSA account statements and balances

    Funds transfer

    Request/Block ATM card

    Place a standing order

    View running loans

    Can I transfer cash from my Savings account to my other account?
  • Yes. The ways to do it are;

    Dial *850# and select Funds transfer. Select destination account, put amount and confirm.

    Use webportal to transfer funds

    Use our mobile App

Contact Info

P.O. BOX: 30586- 00100, Nairobi. NCPB Nairobi Grain silos Complex, Donholm,Nairobi, Kenya. Off Outering Road. TELEPHONE: 0728102039 / 0737479373

EMAIL: info@nafakasacco.co.ke or nafakasacco@yahoo.com

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Nafaka Sacco Society Limited.    All rights reserved 2020