Frequently asked questions

Kenya USA Diaspora Savings and Credit Cooperative Society Ltd (Kenya USA Diaspora Sacco) was registered in Kenya on January 26th 2012 under the Co-operative Societies Act, Cap 490 Laws of Kenya, with the objective of providing investment opportunities as well as a mechanism for Kenyans living in the United States of America, to save and borrow money at a low cost, in order to meet their socio-economic needs. Kenya USA Diaspora Sacco operates wholly under the Kenyan law, and is not governed by the laws of the United States of America.

You must meet the following requirements:

  1. Be a Kenyan over 18 years old, in gainful employment and residing in the United States of America (USA)
  2. Have a valid Kenyan Passport or a Kenyan National ID
  3. Provide a colored passport size photograph
  4. Provide information for a designated next of Kin (nominee) who resides in the United States or in Kenya
  5. Pay a one-time non-refundable membership fee of Kenya Shillings (KES) 10,000
  6. Purchase a minimum of five (5) shares @ (KES) 1,000 each upon joining the Sacco. Owning shares makes you a bona-fide member of the Sacco.
  7. Contribute a minimum of (KES) 10,000 to your Sacco Main Savings Account everytime. The more you contribute, the higher the amount you can borrow through the Sacco.
  8. If you wish to take a loan after the required 6 months of regular contribution and depending on the type of loan, you will be eligible to borrow upto four times (4x) the amount you have in your Sacco Main Savings Account.

Yes. As a member, all you need to do is instruct the society in writing to transfer your deposits to another member, giving full details of the transfer such as the cash amounts and the SACCO membership number for the recipients. There's a fee associated with this transfer.

A share is the amount represented by a member’s portion, or equity or ownership in the Sacco. In our Kenya USA Diaspora Sacco, each member must hold a minimum of 5 shares at a price of KES 1,000 each, to be a co-owner. However, no member shall hold more than one-fifth of the total shares of the society.

Absolutely Yes! Once you buy shares in the Sacco, the Sacco invests in various growth projects that qualify members to earn dividends at the end of the year.

A share of the surplus of the society, which is divided amongst its members, based on the Sacco's profitability and a member’s shareholding percentage.

The total amount of money that has been deposited into the account and is determined as of the end of the year.

By buying shares regularly in the Sacco. Your share capital is then ivnvested by the Sacco for growth purposes.

Shares form a part of the funds invested by a member into the SACCO, as a co-owner. They are not withdrawable.

The following steps will be followed:

Full Withdrawal
  1. A member must inform the society by writing to the committee of his or her intention to withdraw.
  2. The member will be required to give the Sacco 60 days notice.
  3. A refund will always be given less any monies and loans owed to the society and its affiliated partners.
  4. A conditional or early refund may be considered subject to board approval if the member agrees to pay an early withdrawal commission of 10% on net savings due, in addition to a processing fees. In this case the funds will be disbursed within 2 working days after approval.
  5. A processing fee of 1% on net savings due, but not less than 1,000 Kenya shillings will be charged.
*Please note that only the Main Savings net balances will be refunded by the Sacco. The Share Capital is not refundable but it is transferable to a willing member of the Sacco.

Partial Withdrawal

The Sacco may consider partial withdrawal of Main Saving on rare circumstances such as emergencies under the following terms and conditions:
  1. Make a formal application to the Sacco clearly stating the reason(s) and the amount required.
  2. The partial withdrawal amount cannot exceed 50% of member total Main Savings.
  3. The member must be willing to pay an instant withdrawal commission of 10% on amount to be withdrawn in lieu of 60 days notice period.
  4. No processing fee will be charged on partial withdrawal.

Yes. The member should notify the Sacco in writing about their re-location. They must also continue to make contributions into their account. If you have a loan, your guarantors must be notified as well, and they must be in agreement.

Enables you to save money and accumulate savings for your future needs, earn lucrative returns on your savings, access cheap and easy borrowing for your development goals, ability to purchase well-priced and legit property in Kenya without leaving USA etc.

These are just a few of the privileges of being a Sacco member. Find out more ways in which you benefit here.

The Board and Management are running the SACCO as per the Co-operative Societies Act and its by-Laws. The Management committee is bound by the Integrity clause of the new constitution of Kenya, and the co-operative regulators in the Ministry of Co-operatives monitor activities of all SACCOS. Furthermore, the SACCO will hold Annual General Meetings yearly where reports and audited accounts will be presented to the members.

Contact Us

Email us or call us at
1- 678-398-7728