Location: Head Office: Azima Sacco Building, Wabera St. Thika Town.

Frequently Asked Questions

Frequently Asked Questions

  • How are Dividends Paid?
    Dividends are declared during the Annual General Meeting and are calculated based on the shares of the member as the end of the previous year i.e. 31st December.
The rates at which dividends are pegged depend on the profit made by the society as per the registered accounts. The dividends attract 5% withholding tax
  • Why Open Many FOSAs
    FOSAs are intended to reach the members; they offer services otherwise offered by the headquarters in Thika. This is in turn cheap to the member as much and results in efficiency on the services provided by the society. FOSAs, decongest the work from the headquarter; this is because they bear part of the burden to be carried out by the society through the aspect of decentralization
  • Dormant Accounts
    An Account becomes dormant if a member has not contributed towards their deposits within 3 months for BOSA Accounts .
  • Is FOSA Open on Saturday?
    Yes , We are open on Saturday , from 8.30 am to 1.00 p .m
  • What are the Benefits of Savings?
    Saving provide security for future financial needs Savings accumulates funds for use now and after retirement High savings will qualify for higher loans High savings need less guarantors 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


  • How will I know the account is open?
    An SMS notification with your member number shall be sent to your phone within 48 Hours.
  • Is there a joining fee?
    Yes, one-off fee of Kes.600
  • Is there a Minimum monthly contribution?
    Yes, the Minimum Monthly Contribution is Kes.3,000.
  • What is Share Capital?
    The share capital is the core capital of the Sacco. Each and every member is mandated to purchase minimum shareholding of 400 shares each share is 100/= equal to Kes 40,000/=
  • How long do I need to Purchase the Share Capital?
    A member should meet the minimum shareholding within 12 months from date of joining and should contribute a minimum of Kes.3,400 per month
  • Is the Share Capital Refundable?
    The share capital is non-refundable and is only transferable to an existing Sacco member or sold to a Sacco member when you cease being a member. A member may opt to keep the shares as an investment and continue earning dividends
  • Once I become a member, can I Introduce my friends to join the Sacco?
    Yes, you may introduce your friends, colleagues and family to join the Sacco
  • Do I get a return on both my Monthly contribution & Shares?
    The returns are earned at the end of every financial year according to Sacco’s performance.
  • Do I incur any withholding tax on interest and dividend earned?
    Yes, 5% withholding Tax except for persons with disabilities with a tax exempt certificate
  • Will I continue being a member if I change my employer?
    Yes you can continue with your membership and continue monthly savings while servicing any existing loans
  • How do I make my monthly Deposits and Shares contribution?
    Through Bank standing order, M-Pesa Paybill or Employer Check off.
  • I have a Chama / Investment Group, are they eligible to join the Sacco?
    Yes and patronize FOSA services. They can also borrow up to 5 times savings. They also MUST be registered & one of the chama members must also be a member of the Sacco.
  • How do I benefit being a member of the Sacco?
    Save and access affordable loans at only 1% p.m., negotiated discounts through our vendors, Projects by the Sacco, affordable mortgage interest rates among many other benefits.
  • How else do I benefit?
    You get Rebates on Savings and Dividends on your Shares annually.
  • Enter Title
    Enter Text

Loan Eligibility

  • For how long should I save in order to qualify for a loan?
    You need to save consistently for at least 6 months in BOSA to qualify for long term loans & 3 months for short term loans.
  • What is BOSA?
    Back Office Services Activity. Funds in BOSA are NOT withdrawable unless you take a loan or Withdraw from the Sacco to access your funds
  • Can I top up my savings to qualify for a bigger loan?
    Yes. If you deposit a lump sum larger than your current savings, you will need to wait for at least 3 Months in order to qualify for a loan. To borrow immediately , you will be charged a certain fee that the credit officer shall disclose to you.
  • Does the Sacco buy Loans from other Financial Institutions?
    Yes we do, all you need is seek advice from our credit officers by presenting Latest Certified Loan Statement/s from the Financial Institution.
  • How long do you take to process a Loan?
    This varies on the type of loan a member is borrowing: The processing period for a long term loan is within 5 working days while that of short term loan is within 24hrs.
  • How do you differentiate a Short term from a Long Term Loan?
    A Short term loan is a loan that you service within a period of 12 Months and does not exceed Kes1M. A long Term loan exceeds Kes.1M and repayment period is over 12 Months.
  • What type of security do I need when applying for a Sacco loan?
    You need to have a Guarantor if borrowing over and above your savings. Currently, the Sacco has also opened up to other forms of security e.g. Tittle Deeds, Logbooks.
  • What does it mean to be on Check – Off Arrangement?
    This means that your employer remits deductions to the Sacco directly and has signed a memorandum of understanding with the Sacco to remit by every 5th of the month.
  • How many Guarantors do I need to guarantee my loan?
    You may have one or more guarantors although the loan MUST be fully Guaranteed.
  • What is the Savings ratio to loan borrowing?
    The ratio is 1:3 , meaning your total Sacco loans should not exceed 3 times of your savings.
  • Can I pay my loan in lumpsum and would I be charged extra?
    Yes you can pay your loan in lumpsum repayment/s anytime. We do not penalize you for fast tracking your loan repayment
  • If I guarantee someone am I eligible to borrow a loan?
    Yes you can borrow a loan as the maximum you can guarantee is up to 5 times your total savings.
  • What is my Liability as a Guarantor.
    Your liability as a guarantor reduces as the loanee pays the loan.
  • If interested in a Household item/s can I pay cash instead of a loan?
    Yes, you deposit the cash into your FOSA account then we process an LPO as you enjoy the discounted rates from our selected vendors.
  • Who are your Selected Vendors?
    Safaricom Ltd- Phones, Furniture – Victoria Courts & Odds & Ends, Salute I World – Authorized Apple Dealer, Ryce East Africa, among others available on our website. Financing available.
  • Can I change my next of kin?
    Yes you can by filling in a next of kin update form.
  • What is the process of terminating membership from the Sacco from the Sacco?
    The notice period is 60 days to enable the Sacco align your account i.e. If you had guaranteed someone, they will need to find replacements in order to release you.

Send Your Message To Us

    Our Objective

    Provide high quality financial services to members so that they can achieve financial independence.

    Our Vision

    To be the leading Sacco in providing competitive financial products and services in Kenya.