1. What are the requirements of joining?
Duly fill the application forms.
Attach a copy of ID, payslip for salaried and Kra Pin.
Registration fee of Kshs. 1,000/=
2. What is the minimum monthly contribution?
Minimum monthly contribution for civil servants is Kshs. 2,300/=
Minimum monthly contribution for Cash members is Kshs. 1,800/=
Minimum monthly contribution for groups is Kshs. 1,600/=
3. What is the difference between deposits and shares?
shares capital/mandatory in institution capital of the Sacco every member must have.
4. Is share capital refundable?
It is non-refundable and is only transferable to member when you cease being a member.
5. Do I get any returns on deposits and shares?
Shares capital earns you dividends while deposits earn interest annually.
1. When am I eligible for a loan?
One qualifies for a loan after saving for three months and MUST be an active member.
2. What do I need when applying for a loan?
Fully completed loan application forms with guarantors ID attached.
Guarantors deposits must be equal or more than the loan applied.
Attached current payslip for salaried. Attached bank statement for cash members.
3. What is a 1/3 and 2/3 rule?
Its against the labour law to deduct more that 2/3 of one salary.
You must net 1/3 of your basic salary.
4. What is maximum loan I am entitled?
Five times for permanent and pensionable but within the payslip terms.
Four times for cash members but within the ability to repay(T&C)
5. Do I have grace period for loan repayment?
No grace period loans are paid within the same month.
1. How do I download the M-cosmo App?
You download the app from play/google store
2. What pin do I use?
You must be registered on *882# you will use the same pin in the app.
3. How do I retrieve the activation code?
Dial *882#, enter your pin select my account- select mobile App.
Select Activate mobile app and select yes wait for an sms with the mobile app activation code.