asked questions

The Diaspora Sacco is very similar to a credit union, as they both operate within the same principles. They are both member owned and members share a common bond. They both provideing credit at very competitive rates that are better than commercial banking institutions among many other benefits. The Kenya USA Diaspora Sacco works like a credit union, except that it is governed and operated under the laws of Kenya as stipulated in the Co-operatives Act Society movement of Kenya.

The E-Sacco is an online system that provides access to information for our members, regardless of their geographic location in the USA. The system provides online member account statements and updates, while offering convenience, accountability and tracking of all member activities, among other functions.

In the near future, the system will provide online money payment and transfer for our members to be able to conveniently remit money to their Sacco account from their checking accounts and debit/ credit cards.

You should be a member of the Sacco and contribute money consistently to your Sacco account before qualifying for a loan. The more money you have saved in your Sacco account, the higher the loan you can qualify for.

Members will be able to use their US information and income sources to pre-qualify for the loan. You may use your Form W-2, Form 1099, US bank statements, IRS tax returns, credit checks and other documentation that proves your ability to repay the loan.

The collateral to be used must be domiciled in Kenya.

For a normal, premium, personal, emergency, education, land purchase, house purchase, construction and other loans, you can qualify for upto four times (4x) your current total Main Savings in the Sacco.

The interest rate on the loan is between 1.00% - 1.25% per month, depending on the type of loan you've taken. The interest rates are charged on reducing balance.

Repayment period: 1 to 3 years depending on the type of loan. No penalty is charged if you opt to repay the loan faster.

Yes. You will still pay all the interest that was assessed on the loan. However, there is no penalty charged if you opt to repay your loan faster.

You can apply for a loan after 6 months of consistent contribution to your Main Savings account.

Yes you can. However, you will need to initiate the transfer yourself.

First, you download the respective form from the page on this website that shows the type of loan and complete it. After meeting the conditions of applying for a loan, a member submits a completed application form to the Sacco board for approval. This is the team that bears the responsibility for all loans approved through a loan policy prescribed by the Society by-laws.

No. The interest rate is fixed for the duration of the loan.

Depending on the type of loan, it may take anywhere between one week to two months to process a loan. Ensure you submit all required documents with your loan application to enhance the loan processing period.

The Sacco was born out of the needs of Kenyans living in the USA, and the circumstances that Kenyans in the USA encounter everyday such as:

  1. Most Kenya financial institutions have stringent financial requirements that become cost prohibitive and make qualifications difficult
  2. Friends and relatives who often fail us by not executing our agreed upon instructions
  3. Limited control and accountability of our money when it gets to Kenya

Presently, membership is only allowed on an individual basis. But the Sacco is in the process of working out the modalities to accept group membership. However, the Sacco is currently accepting membership from all Kenyans in the Diaspora such as UK, Canada, Middle East, Australia, Uganda etc

No, because each member joins individually, currently groups are not recognized within the Sacco, but will very soon.

No. The Kenya USA Diaspora Sacco Society has no affiliation with any other SACCO. It is established under the Co- operative Societies Act, CAP 490 Laws of Kenya, meaning that its operations are regulated by the Kenyan Government for the benefit of its members residing in the USA.

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