Diaspora

Diaspora2024-09-24T12:42:56+00:00

Nation DT Sacco stands out among it’s peers because of the competitive returns on deposits and shares. A member can borrow up to 6 times their deposit; with a maximum loan of Kes50 million.

At Nation Sacco, we believe in transforming people’s lives. We can assist you acquire property back at home in terms of residential homes, commercial properties, and for investment purposes. Talk to us today, should you have any inquiries on how to begin this exciting journey with us.

Governing Laws

  • The Sacco Societies Act, 2008.
  • The Sacco Societies (Deposit – Taking Business) Regulations, 2010
  • The Co-operative Societies Act, 2004.
  • The Co-operative Societies Rules, 2004.
  • The Sacco By-laws.
  • The Common law on director’s duties and responsibilities.
  • Statues governing business operations (such as employment, safety, taxation etc.)

Basic Requirements

  • Filling in a membership application form.

  • Attaching an identification document such as Copy of ID or Passport.

  • Filling in a next of kin form.

  • Payment of entrance fees.

Members joining from other Saccos who transfers their deposits to us will be treated as continuing members and will enjoy same privileges as the existing members.

Frequently Asked Questions

How safe are my deposits in the Sacco?2024-07-18T14:38:58+00:00

We are a deposit taking Sacco that is regulated by the Sacco Societies Regulatory Authority (SASRA) which closely monitors the financial operations of Sacco’s. It ensures the member’s funds are safe.

FOSA account holders are issued SACCO Link VISA electron cards. Are they different from other Visa cards?2024-07-18T14:38:00+00:00

VISA cards enables FOSA account holders to access cash in their account any time and from any visa branded outlets. They can also be used to shopping and payment of utility bills at all VISA compliant points.

What is Salary Processing?2024-07-18T14:37:46+00:00

This is the payment of member’s net pay/salary through the FOSA account. Your employer will remit your net pay into our account which you will access directly from your FOSA account.

I cannot qualify for any more loans because of the 1/3 rule limits. What are my options?2024-07-18T14:36:04+00:00

Loans recovered through the payslip are subject to 1/3rule limit. However, you can access more credit facilities from FOSA if your salary is paid through FOSA.

When I leave my current employer, can I still remain a member of Nation Sacco?2024-07-18T14:29:53+00:00

Yes. We put you in a class of members we refer to as “Special members”. You will be required to adhere to the Sacco by-laws and regulations. You will keep your account with the Sacco active in regard to monthly share contribution and loan repayment. You will be entitled to same privileges as regular Sacco members within employment.

For how many loans can a member be guarantor?2024-07-18T06:24:29+00:00

A person can guarantee a maximum of seven loans subject to the loans held by the Guarantor.

Who is eligible to be a guarantor?2024-07-18T06:23:43+00:00

Guarantors are Sacco members who are in permanent employment. Non-permanent staff can guarantee but to the extent of their deposits.

If I have a loan, am I entitled to dividends at the end of the year?2024-07-18T06:23:09+00:00

Yes. Dividends are as a result of interest earned/received from loans issued to members. Once they are declared by the board and approved by the AGM, they are distributed to all the persons who were members in good standing with the society as at the close of that financial year, i.e. their contribution and loans are up to date.

Go to Top