1. How do I join Good Faith Sacco and what are the requirements?
By visiting any of our Offices or sign up online by filling our membership form attached with your National ID Card and KRA copies for membership.
BOSA account registration goes for Ksh. 1600/= while FOSA is zero rated charge on account opening.
2. What is the difference between BOSA and FOSA account?
BOSA account (non-withdrawable deposits) are members savings contributed regularly serving as collateral or security to access loans.
FOSA account (withdrawable savings) are designed for daily transactions like cash deposits, withdrawals, salaries and ATM/mobile banking.
3. Who is eligible to join Good Faith Sacco?
Any Kenyan can join as an individual, business, group, joint or as an institution.
4. How long does one need to save in order to enjoy credit facilities?
Consistent saving for up to 6 months a minimum of Ksh. 1000/= qualifies for credit in the society.
5. What should one must have attained to apply for a loan?
A fully completed loan application form, sufficient number of guarantors/collateral (depends on the loan type), copies of National ID and KRA Pin and proof of active membership for at least 6 months.
6. Should one have a guarantor to get a loan?
Not necessarily. You can provide collateral to cover the loan. Among acceptable collateral include; Title Deeds, Car Logbooks.
7. Can one apply for more than one loan?
A member can access any loan product as long as he/she qualifies for the product and has the ability to service the loan.
8. How do I withdraw from the Sacco?
One should issue a signed written notice which takes 60 days before processing.
9. What is Share Capital?
For one to qualify as a full Sacco member, one can buy shares in the Sacco of up to Ksh. 16,500/= whereby each share goes for Ksh 20
10. What are Dividends & Interest Rebates?
Dividends are gained from members share capital investment while interest rebates are gained from members BOSA deposits which are usually computed on pro-rata basis of the previous years contributions and financial performance and they are paid after approval during the Annual General Meeting.
11. Can one apply for a Sacco delegate position?
Every BOSA member can apply for a Sacco delegate position by filling nomination forms whereby they are elected during Annual General Meetings.
12. How safe are members deposits held by the Sacco?
Members deposits are regulated and monitored by The Sacco Societies Regulatory Authority (SASRA). The Sacco submits quarterly and annual reports and is audited regularly to ensure compliance and safety of members deposits.
The Sacco has implements Sacco Bylaws hence stability is guaranteed. The Sacco also holds AGMs yearly where reports and audited accounts are presented to the members.