Frequently Asked Questions


Yes, one is required to purchase a minimum of 50 shares each at Kshs.500/= (Five Hundred Kenya Shillings)

It takes 3 months of regular normal deposit contribution and upon completion of paying the minimum share capital.

This is the amount saved by a member with the aim of borrowing against it.

These are funds that the Sacco raises through the sale of shares to shareholders.

These represent a Part/fraction of what the shareholder owns in the Sacco.

This is the amount paid over and above the par value

This is the price at which a company’s shares were initially offered for sale.

No, but they are transferable to another member. If left with the Sacco without transferring, then you continue being a shareholder earning dividends every time the same is declared.

884400, the account number is your Sacco membership number


Loan is subject to three times the value of Normal deposit held

NO, outstanding loans should have been cleared before a new loan is granted in a particular loan type.

YES, a loan insurance fee of 1.5% on loan applied, Kshs. 150/= CRB Referencing report fee and any other fee depending with the loan collateral used. This will be deducted upfront on the loan applied.

A Member should have been regular contributor for a period of not less than THREE (3) months with a minimum Normal deposit contribution of KES. 2,000/= (Per Month), Fully paid the shares capital, has NOT defaulted in any other loans, fully completed and signed application form,

Were a member has taken a loan(s) above Ksh 500,000/= (cumulatively) he/she contributes Normal deposits of 0.5% of the loan amount advanced (Per Month).

A guarantor must be a member(s) of the society, with free Normal deposits and should NOT be defaulters.

Mobile loans are instant, short term loan take between 12hrs to 24 hrs. For long term loan takes 30 days and Where the loan being taken uses a collateral (Log book or Title deed), the 30 days’ loan processing period starts from the time the collateral is fully charged by our lawyer.

Bulk clearance or Normal clearance of all loans is acceptable & one becomes eligible for loan immediately.

Lump Sum Normal deposit contribution for the purpose of securing loan from the society can be considered only if such money remains in the society for at least three (3) months or charged upfront fee of 10% upon consideration by the Sacco.

Yes, and the following is its terms and conditions:

  • You can purchase a brand new car or a used car that is up to 8 years old from the date of manufacturing
  • The car will guarantee you 60% of the valuation
  • The car will be comprehensively insured with an insurance company accepted on our list of providers through Uokoaji Housing Insurance agency.
  • The car will be registered in joint ownership of UOKOAJI SACCO LTD and yourself.
  • For safety and security, the car will be fitted with a tracking device by Secutec Company LTD for the period of the loan

Yes, and the following is its terms and conditions:

  • You can purchase a land / plot at any part of the country.
  • From your convenience you have an option of up to (5) Five years’ maximum to repay the loan
  • The land / plot will guarantee you 100% on the mortgage valued
  • The land / plot Title will be registered in your name
  • For security, the land / plot title deed will be Charged / Cautioned for the period of the loan

Guarantors should ensure that the amount in words and figures applied for tally before they sign the form and in an event where the loanee default should follow up on him/her to repay the loan.

Is the failure to pay interest or principal on a loan when due

90 days (3 Months) when a debtor is unable to meet the legal obligation of debt repayment, and it also refers to cases in which one party/Underpays on his/her obligation cumulatively.

If you default, you will lose the security attached to the loan that includes but not limited to Normal Deposits and collateral. An example of that is a car loan. If you default on the loan UOKOAJI SACCO gave you to purchase a vehicle, the society can repossess that vehicle and turn around and sell it at an auction as a way to recover the amount of the loan.

NO, however there are exceptional cases where the society can consider granting a loan on default under the following circumstances unforeseen act of God / accidents.

YES, under CRB Regulations 2013, mandates banks microfinance & Sacco’s to share both negative and positive information of a borrower. This is known us full file information sharing.

The bureau is required to keep non-performing loans until the end of five (5) years.

The society uses E-mail, telephone calls and postal address and thus the member should notify the Society of any change.

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