Frequently Asked Questions

When was Kewisco formed?

Kewisco Sacco was incorporated in 1992 by 23 staffs of Kenya Wildlife Services; We now have 3,200 members as at 2014 August drawn from organization approved by society’s management. We have grown to a capita base of 33.8M, members’ deposits of 510 M, Assets of Kshs. 664.9 M and loans to members of 520.85M.

The affiliated member organization includes Kenya Tourism Board (KTB), African Conservation Centre (ACC), Rhino Ark, Kenya Tourism Federation (KTF), Kazuri 2000 Limited, The David Sheldrick Wildlife Trust, Kenya Society for the Protection &care of animals (KSPCA), African Network for animal Welfare (ANAW), ARICHEM, Birdlife International, ALS,KASAS, Gravity Solutions e.t.c.

When do I qualify to get a loan from the Sacco

A member qualifies to get a loan from the Sacco after three months of been an active member (continuous contribution for three months).

What is 1/3 rule?

According to the laws of Kenya, every employee should take home at least 1/3 of his basic salary. This is after deduction of all statutory obligations and other deductions i.e the net salary/take home should be at least 1/3 of the basic salary.

How many loans do I qualify to have at any one time?

Members do qualify to have as many loans as his payslip can afford subject to the 1/3 rule and the total loans should be a maximum of three times his deposit at any one time.

Is it a must to have guarantors’ when taking up a loan?

When a member is seeking for a loan which is more than his deposits, it’s mandatory to have guarantors to guarantee the borrower the amount above his deposits and other loans.

How many people should one guarantee?

You can guarantee as many members so long as the guaranteed amount doesn’t exceed your total deposits.

When was Kewisco formed?

Kewisco Sacco was incorporated in 1992 by 23 staffs of Kenya Wildlife Services; We now have 3,200 members as at 2014 August drawn from organization approved by society’s management. We have grown to a capita base of 33.8M, members’ deposits of 510 M, Assets of Kshs. 664.9 M and loans to members of 520.85M.

The affiliated member organization includes Kenya Tourism Board (KTB), African Conservation Centre (ACC), Rhino Ark, Kenya Tourism Federation (KTF), Kazuri 2000 Limited, The David Sheldrick Wildlife Trust, Kenya Society for the Protection &care of animals (KSPCA), African Network for animal Welfare (ANAW), ARICHEM, Birdlife International, ALS,KASAS, Gravity Solutions e.t.c.

When do I qualify to get a loan from the Sacco

A member qualifies to get a loan from the Sacco after three months of been an active member (continuous contribution for three months).

How much do I qualify to get as a loan?

A member qualifies to get a loan three times of their deposits subject to the 1/3 rule.

What is 1/3 rule?

According to the laws of Kenya, every employee should take home at least 1/3 of his basic salary. This is after deduction of all statutory obligations and other deductions i.e the net salary/take home should be at least 1/3 of the basic salary.

How many loans do I qualify to have at any one time?

Members do qualify to have as many loans as his payslip can afford subject to the 1/3 rule and the total loans should be a maximum of three times his deposit at any one time.

Is it a must to have guarantors’ when taking up a loan?

 When a member is seeking for a loan which is more than his deposits, it’s mandatory to have guarantors to guarantee the borrower the amount above his deposits and other loans.

How many guarantors should one have for any loan that is to be borrowed from the Sacco?

You can have as many guarantors to the loan so long as they guarantee the amount above your net deposits.

How many people should one guarantee?

You can guarantee as many members so long as the guaranteed amount doesn’t exceed your total deposits.

What are the risks of guaranteeing another member a loan?

The risks of guaranteeing other members  loans is that in event that member fails to pay his loan i.e defaults, the guarantor is liable to pay the loan in full in the proportion of the guarantee.

What is consolidation?

Consolidation is merging together of existing loan or loans to one big loan with an extended period .This results to a member improving his net pay and having some net money which he can use to meet some of his financial obligations/development.

Is they any cost of consolidating a loan?

Yes. There is a consolidation charge of 5 % of the net loan being cleared by the new loan and the normal processing fees of 0.5% applies to the new loan being advanced.

What is the time taken to get back my deposits when I want to exit from the Sacco?

As per the Sacco by laws, a member needs to give a written notice to the Sacco of his intention to exit from being a member of the Sacco. He will be refunded his deposits after 60 days from the date the notice was received in the office. However, when one has an urgent need of the money, one can access the funds after two weeks and at a charge of 5% (this is subject to management approval).the member should have no other Sacco obligations.

Can I use my deposits to offset my loans?

Deposits can only be used to offset one loans only;

  • When member defaults paying his loans.
  • When a member requests and wants to exit from the Sacco membership but the deposits have to be more than the loan balance.

What is share capital? is it refundable and can I get a loan against it?

Share capital is the money that shareholders invest in order to start or expand the business. it is not refundable after a member ceases to be an active member but is transferable to an existing member who shall continue enjoying the dividends on it.

One cannot be issued a loan based on the share capital amount but earns dividends in most cases at a rate higher than the deposits.

Can I continue being a member after leaving my current employer?

Yes, you can continue being a member even after leaving your current employment. You need to continue contributing towards your monthly deposits and servicing your loans. However subsequent loans will be Two times your deposits, if you are not contributing through checkoff and you shall be required to get guarantors who are under active checkoff.

Can I continue being an active member and make contribution even after leaving my current employer?

Yes, you can continue remitting your monthly obligations through any of the following ways;

  • a standing order directly to our account
  • paybill no 902250
  • Deposit cash in any of our accounts either at co-operative or standard chartered bank (account number given on request).
  • Check off from new employer.

What the time taken to process loans?

The time taken to process a loan depends on the loan type for;

  • Emergency, School fees, E.S.S, Instant loans –not more than one hour, subject to amount applied.
  • Development Loan, Super Saver Loan-At Most one month subject to availability of funds.

What documents do I require when applying for a loan?

  • Current payslip certified by the employer
  • Three months current payslip(in case you are not on payroll/checkoff)
  • Copy of ID
  • Original hardcopy fully filled loan application form signed by employer(if on checkoff)
  • Guarantors

What is the purpose of Sink Fund

Sink fund amount is used by the Sacco to insure all members loans and as a welfare to the member and his immediate family.

When a member passes on and has a loan, The loan is paid by the Insurance and the next of kin is refunded all his deposits and the guarantors are set free, On top of that the Bereaved family is given Kshs. 50,000.00 for funeral expenses.

When a member losses a member of his immediate family He is given Kshs. 30,000.00 in case of a spouse and Kshs. 20,000.00 for a child to a maximum of four children.