Home INFOMATIVE NSSF Sacco Reviews: How to Join NSSF Sacco, Loans, Savings Products, Dividends...

NSSF Sacco Reviews: How to Join NSSF Sacco, Loans, Savings Products, Dividends and Customer Care Contacts

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NSSF Sacco pays the highest dividends. Their yearly dividends are 13.5% to 17% per year for the shares you own in the Sacco. Below are details about the Sacco:

Non-withdrawable Deposits

  • Normal Deposits – On a minimum monthly contribution of Kshs. 3,000, these deposits qualify one to be a member of the Sacco. They enable a member to qualify for the Development Loan, Emergency Loan, Fanisi Loan, Refinacing Loan, Supersavers Loan and School Fees Loan.
  • Karo Deposits – This a contributory scheme whose minimum monthly contribution is Kshs. 1,000. It enables a member to qualify for the Karo Loan product whose multiplier is 4 times the Karo Deposits saved.
  • Flex Deposits – This is a contributory and flexible scheme whose monthly minimum contribution is Kshs. 1,000. It enables a member to qualify for the Special Flex Loan whose multiplier is 3 times the Special Flex deposits saved.

Withdrawable deposit

  1. Jumbo Deposits
    These are members’ cash savings held in the FOSA accounts in the Sacco as it also acts as a current account where services such as EFT funds transfers, Salary processing, Banker’s cheques, Agency Banking, Mobile Banking are available. The account has a minimum deposit of Kshs. 1,100 for operation
  2. Tausi Deposits
    Minimum monthly savings will be sustained at Kshs. 500 through check-off or standing order.This account will be used to apply for Tausi Loan at a multiplier of 4 times the Tausi savings in the account.Minimum period for one to qualify for Tausi Loan is that one must have saved for 6 months. Interest will be credited to the account on monthly basis at the rate of 3% p.a.
  3. Fixed Deposits
    Fixed Deposit accounts are available with the minimum amount to fix from Kshs. 50,000. Duration to maturity of the fixed funds vary from 91days,182 days and 365 days. Interest rates are negotiable and competitive according to the amount of funds to be fixed and runs up to 11% p.a.
  4. Junior Akiba Deposits
    This account will enable one to accumulate savings for a child/children under the age 18.The account will be operated by the child’s sponsor. Minimum savings is capped at Kshs. 300 through check-off or standing order. Interest will be credited to the account on monthly basis at the rate of 6% p.a.
  5. Mustard Asset Deposits
    For restful time when out of gainful employment, plant a mustard seed today. The account gives an additional facility to save for your retirement at a minimum of Kshs. 500 per month contribution through check-off. Interest rate will be at 10% p.a.

Emergency Loan

Loan Features:

  1. The maximum amount is Kshs 200,000.00.
  2. Maximum repayment period is 18 months.
  3. Interest will be at 15% per annun on reducing balance.
  4. The loan shall be assessed three times the member’s deposit in the Society.
  5. A minimum of 6 guarantors is required to qualify for the loan.

Special flex loan

Loan Features:

  1. Special Flex Loans will be issued to members who participate in the Special Flex Savings scheme.
  2. Maximum special flex loan is three times a members deposits in the special flex scheme subject to ability to repay.
  3. Minimum monthly special flex deposits contribution is at KES. 1,000.
  4. Maximum repayment period is at 48 months.
  5. Interest will be at 15% per annum on reducing balance.
  6. Savings under the scheme shall not participate in the normal loan granting.
  7. Minimum of six guarantors is required.

Supersaver’s Loan

Loan Features:

  1. Members who are eligible for this loan are those who have Member’s Deposits above KES.1,500,000.
  2. The Loan shall be assessed four times the Member’s Deposit in the Society.
  3. Maximum repayment period is 96 months.
  4. Interest is charged at 13.2% per annum.
  5. Interest is on reducing balance.
  6. Minimum of 6 guarantors is required.

This table will be applicable upon loan qualification.

Loan Range (KES. ) Monthly Deposits
Below 1,000,000 5,000
1,000,001 – 1,500,000 5,500
1,500,001 – 2,000,000 6,000
Above 2,000,000 7,000

Refinancing Loan

A refinancing loan can help a member replace an existing debt under different terms. The features for this loan are as follows;

  1. The loan has a repayment period of 36 months.
  2. To qualify for this loan, a member should have member deposits.
  3. Interest rate of 1.34% per month on reducing balance.
  4. A minimum of 6 guarantors is required to qualify for the loan.

Nawiri Loan

Loan Features:

  1. The Loan shall be assessed three times Member’s Deposits in the Society.
  2. Maximum Loan repayment period is 108 months.
  3. The interest rate is 14% per annum on reducing balance.
  4. Eligible to members with Normal Deposits of KES. 1,000,000 and above.
  5. Minimum of 6 guarantors is required for this product.
  6. The Loan amount determines the shares to be contributed as per the schedule below:-
Loan Amount
(KES. )		 Minimum Deposits
Contribution (KES. )
Less than 500,000 5,000
  500,001 – 1,000,000 6,000
1,000,001 – 1,500,000 7,000
1,500,001 – 2,000,000 8,000
 2,000,001 – 2,500,000 9,000
Above  2,500,001 10,000

School Fees Loan

Loan Features:

  1. The maximum amount is Kshs 200,000.
  2. Interest will be at 15% per annum on reducing balance.
  3. Maximum repayment period is 24 months.
  4. Minimum of 6 guarantors is required for this product.
  5. The Loan shall be assessed three times the members deposit in the Society.

Karo Loan

Loan Features:

  1. Karo Loans will be accessed by members who participate in the KARO Savings Scheme.
  2. Maximum repayment period is 36 months.
  3. Interest will be at 13.2% per annum on reducing balance.
  4. The Loan shall be assessed four times the members KARO savings.
  5. Minimum monthly KARO Shares contribution shall be Kshs. 1,000
  6. Minimum of six guarantors is required.

Fanisi Loan

Loan Features:

  1. The Loan shall be assessed three times member’s deposits in the Society.
  2. Maximum Loan repayment period is 84 months.
  3. The interest rate is 14% per annum on reducing balance.
  4. Eligible to members with Normal Deposits of KES. 500,000 and above.
  5. Minimum of 6 guarantors is required for this product.
  6. A member who is granted a Fanisi Loan must commit to continue saving the set minimum monthly deposits depending on the amount of loan granted as tabled below while meeting the loan obligation.
Loan Amount
(KES. )		 Minimum Deposits
Contribution (KES. )
400,000 3,500
400,001 – 1,000,000 4,000
1,000,001 – 1,500,000 5,000
1,500,001 – 2,000,000 6,000
Above  2,000,001 7,000

Development Loan

Loan Features:

  1. The loan shall be assessed three times a member’s deposits in the Society.
  2. Maximum repayment period for the loan is 48 months.
  3. Interest will be charged at 12% per annum on reducing balance.
  4. Minimum of 6 guarantors is required at loan application.

Daraja Loan

The Daraja Loan is a loan product for members under Daraja category and deposit a minimum of KES. 1,000 per month.

Loan Features:-

a.) Member must be actively contributing deposits for six months.

b.) Member should be earning KES. 30,000 and below to qualify.

c.) Interest rate of 1.2% per month on reducing balance.

d.) A minimum of 6 guarantors is required to qualify for the loan.

e.) The loan has a flexible maximum repayment period of 24 months.

f.) Assesed at two times your Deposits. (Daraja category)

FOSA Jumbo Savings Account

  1. The account creates an avenue for a member to access several services in FOSA e.g. E.F.T, Salary Processing, Dividends Payments, Sacco Loans, Banker’s Cheques e.t.c
  2. Savings account shall be maintained at a minimum balance of Kshs. 1,000.00
  3. Funds are accessible through Mobile Banking M-Pesa platform, Co-op Agency, Co-operative Bank ATMs and Visa branded ATMs.
  4. Minimum balance to earn a competitive interest rate is at Kshs. 3,000.00
  5. The account is similar to a current account in a Bank but this earns interest annually.

Tausi Savings Account

  1. Minimum monthly savings is at Kshs. 500.00.
  2. This account will be used to advance Tausi Loan at a Multiplier of 6 times the Tausi Savings amount.
  3. A competitive interest rate is paid on annual basis.

Junior Akiba

  1. The account will enable one accumulate savings for a child/children under the age of 18.
  2. The account will be operated by the child’s sponsor.
  3. Minimum savings is at Kshs. 300 through checkoff, Mobile Banking MPesa platform, standing orders and also over the counter withdrawals.
  4. A competitive interest rate is payable on annual basis.

Mustard Savings Account

  1. To secure your future when out of gainful employment, plant a mustard seed today.
  2. The account gives an additional facility to save for your retirement at a minimum of Kshs. 300 per month contribution through check-off, standing order e.t.c.
  3. The account attracts a competitive interest rate payable on annual basis.

Fixed Deposit and Call Deposit Account

  1. This account allows you to maximize returns while you wait to utilize your money.
  2. With minimum opening balance of Kshs.10,000 which attracts a competitive interest rate at a mimimum of 6% p.a. payable on monthly basis.

Pamoja Savings Account

This account is for Chama and Registered groups

    Features/Benefits:

  1. At least one member of the group should be a member of NSSF SACCO.
  2. Minutes of the group meeting authorizing the officials to open the chama account in the SACCO.
  3. The group name should be registered following the government registration process.
  4. Minimum interest earning balance is Kshs. 20,000, earned annually.
  5. The account has no monthly charges.

Johari Holiday Savings account

  1. The account has no monthly charges.
  2. It has no minimum balance.
  3. Purpose of the account is to save for a holiday trip organized by the Sacco annually at subsidized rates.

Jumbo Loan

  1. The Loan will be granted up to a maximum of Kshs. 800,000.00 repayable at an interest rate of 13.5% per annum for 42 months.
  2. Appraisal fee of 1% of the Loan will be recovered on approval of the Loan together with insurance fee of 1% of the Loan granted.
  3. Repayment will be through check-off or salary passing through FOSA.
  4. Minimum of 6 guarantors is required.

FOSA Twiga Loan

  1. Repayment will be through check-off or salary passing through FOSA.
  2. Loan must be fully guaranteed by 6 guarantors.
  3. Maximum Loan amount is KES.1,200,000.
  4. The interest rate is at 13.5% per annum up to a maximum of 48 months.
  5. The Loan applicant on approval, must open a Twiga Savings Account and undertake to save a minimum of Kshs.1,000 or 0.5% of the Loan amount approved, whichever is higher.
  6. Appraisal Fee of 1% of the Loan will be recovered on approval together with insurance fee of 1% of the Loan granted.

Mustard Asset Loan

  1. Maximum Loan amount is Ksh.2,500,000.00 repayable in a period of 60 Months.
  2. Interest rate of the Loan is at 14.5% per annum.
  3. Minimum monthly savings will be at Kshs. 500.
  4. Minimum of six guarantors is required.
  5. The Loan purpose should either be Asset or Land purchase.

Premium Loan

  1. Maximum Loan amount is Kshs. 500,000.00 repayable in 36 months at an interest of 14.5% per annun.
  2. Appraisal fee of 1% of the Loan will be recovered on approval together with an insurance Fee of 1% of the Loan granted.
  3. Repayment will be through check-off or salary passing through the Sacco FOSA account.
  4. Minimum of six guarantors is required.

MakeOver Loan

  1. Maximum Loan amount is Kshs. 300,000 repayable in 12 months at an interest rate of 14.5% per annun.
  2. Appraisal Fee of 1% of the Loan will be recovered on approval together with an insurance fee of 1% of the Loan granted.
  3. Repayment is through check-off or Salary passing through the Sacco FOSA account.
  4. Minimum of three guarantors is required.

Salary Advance Loan

  1. The Loan shall be granted to a maximum of Kshs. 50,000 repayable within a month at an interest rate of 6% per month.
  2. Appraisal fee of 1% will be recovered on approval of the Loan together with insurance fee of 1% of the Loan granted.
  3. One guarantor is required.
  4. Repayment will be through monthly salary passing through FOSA account in the Sacco.

Tausi Loan

  • The Loan will be granted six times Tausi Savings up to a maximum of Kshs. 1,000,000.00 repayable in 36 months at an interest rate of 13.5% per annum on flat rate.
  • Appraisal fee of 1% of the Loan will be recovered on approval together with an insurance fee of 1% of the Loan granted.
  • Repayment will be through check-off or salary passing through the Sacco FOSA Account.
  • A member must have a Tausi savings Account saving a minimum of Kshs. 500 per month.
  • Minimum of six guarantors is required.         

BIMA Loan

  1. Repayment period is 11 months
  2. Minimum of three guarantors is required.
  3. Insurance fee of 1% recoverable upfront.
  4. Interest rate will be 6% per annum on reducing balance.

Mobile Advance Loan

  • A Member is eligible for mobile advance after paying up the Share Capital .
  • Maximum limit is KES.100,000.
  • Interest rate is at 6%.
  • No guarantors required.
  • The Member account must not be dormant (Must have made deposit contribution in the last 3 months)
  • A member will be eligible for up to a maximum of 10% of the total member Deposits.
  • The graduation  is done on prompt  repayment.
  • A member can be able to top up their Mobile Advance within the eligible limit.
  • The loan should be repaid within 30 days.

Barakaat Share Capital

Islamic principle:  Musharakah Sukuk

Account Features:

  1. Every member shall hold at least 50 shares of KES 100 each in category C, 100 shares of KES 100 in category B and 200 shares of 100 KES in category A.
  2. Shares can be transferred to another member but not withdrawable.
  3. Share transfer fee shall be paid by the buyer.
  4. Profits paid according to the Shariah Compliant business.

Documentation required:

  1. Membership application form.
  2. Sukuk certificate.

Barakaat Deposit Accounts

Islamic Principle:

 Mudarabah.

Account Features:

  1. Non withdrawable deposit account.
  2. Can be used as collateral for accessing finance.
  3. Contributions done on a monthly basis with a minimum of KES. 3,000.
  4. Refunded after 60 days upon withdrawal from the SACCO.
  5. Profit shared on the basis of business generated by the Shariah compliant activities.

Documentation required:

  1. Membership application form.
  2. Mudarabah Terms and Conditions.

Hazina Jumbo Savings

Islamic principle:  Qard

Account Features:

  1. Account shall operate like a current account.
  2. It shall allow salary processing.
  3. No ledger fees or monthly fees.
  4. Member can withdraw up to KES 100,000 over the counter.
  5. Accessible by mobile, internet and ATM.
  6. Statements available via internet banking channel.
  7. Does not earn interest, unless there’s profit sharing.
  8. Transactional charges apply.
  9. Minimum account balance is KES. 1,000.

Documentation required:

Hazina Jumbo Account.

  1. Opened for every member.
  2. Qard terms and conditions apply.

Hazina Fixed Earning

Islamic Principle:  Mudarabah.

Account Features:

  1. Minimum amount to invest shall be KES 100,000.
  2. Savings done for 3, 6, or 12 months, with option of renewal.
  3. Profit shared on the basis of business generated by the Shariah Compliant activities.
  4. Withholding taxes shall apply.

Documentation required:

  1. Application form indicating amount and duration.
  2. Mudarabah terms and conditions.

Amana Junior Akiba

Islamic Principle:  Amanah.

Account Features:

This account is for saving for children and is operated by the principal member.

  1. No interest is earned but profit is shared.
  2. No ledger fees or monthly charges.

Documentation required:

  1. Application form indicating name of child.
  2. Mudarabah terms and conditions.

Tawarruq Based Barakaat

This product targets members who would want to access products that are not necessarily asset-backed, for example;

  • Takeover of interest-based loans.
  • School fees.
  • Medical expenses.
  • Payment of salaries and taxes.
  • Bill encashment and discounting for corporate clients.
  • Insurance premium financing.
  • Paying debtors.

The member shall approach the SACCO for financing, and the SACCO procures through its agent a Tawarruq commodity via an international exchange platform. The agent then sells the Tawarruq commodity at cost plus a mark-up.

The customer through another agent then disposes the Tawarruq commodity through a commodity exchange platform and the proceeds of sale are credited into the customer’s account at the SACCO.

Product Features:

  • The maximum amount financed shall be up to 3 times the deposits.
  • Maximum facility repayment period is 48 months.
  • The member must be an active member of NSSF SACCO for a period of 3 months.
  • Facility security shall be guarantors.
  • Facility is subject to member’s ability to repay.
  • Pricing; 12% profit margin (Contract Terms and Conditions apply).

Documentation required:

  • Copy of Identity card and personal identification number.
  • Financing agreement application form.
  • Master Mudarabah financing agreement.
  • Tawarruq offer to sell.
  • Tawarruq payment.
  • Tawarruq acceptance.
  • Letter of offer.
  • Proof of income source; employment/business

Barakaat Emergency

The Product Features:

  • The maximum loan that can be granted shall be KES 200,000.
  • It shall have 15% administrative cost, or as shall be determined by the Board from time to time.
  • A minimum of 6 guarantors are required.
  • The maximum repayment period shall be 18 months, or as shall be determined by the Board from time to time.

Salam Based Barakaat Jumbo

The product is suited for members who would want to access products that are not asset backed.

Product Features:

  • the member must have been an active member of the SACCO for a period of 3 months.
  • The maximum amount financed shall be up to 3 times a member’s deposits.
  • The facility shall be secured by guarantors.
  • The maximum facility repayment period shall be 42 months.
  • The facility is subject to the ability to repay.
  • Repayment shall be done through salary or check-off.
  • Pricing 13.5% profit margin (Contract Terms and Conditions Apply)

Documentation required:

  • Copy of ID and KRA PIN.
  • Financing agreement application form.
  • Letter of Offer.
  • Proof of income sources – employment/business.

Loan Turn Around Time

Loan Turn Around Time

LOAN REPAYMENT
PERIOD		 TAT (Days) LOAN REPAYMENT
PERIOD		 TAT (Days)
BOSA LOANS FOSA LOANS
Fanisi Loan 84 Months 2 Days Twiga Loan 48 Months 2 Days
Supersavers Loan 96 Months 2 Days Jumbo Loan 42 Months 2 Days
Development Loan 48 Months 2 Days Tausi Loan 36 Months 2 Days
Special Flex Loan 48 Months 2 Days Mustard Asset Loan 60 Months 2 Days
Karo Loan 36 Months 2 Days Makeover Loan 12 Months 2 Days
Refinancing Loan 36 Months 2 Days Premium Advance 36 Months 1 Day
Emergency Loan 18 Months 1 Day Salary Advance 1 Months 1 Day
School fees Loan 12 Months 1 Days Mobile Advance 1 Months Immediate
BIMA Loan 11 Months 1 Day      
Nawiri Loan 108 Months 2 Day      

Last Expense

  Benefits 50,000 100,000 150,000 250,000 500,000
1 Nuclear Family premium 664 1,320 1,976 3,288 6,576
2 Individuals above 60 years old premium 842 1,530 2,295 3,825 7,650
3 Individuals up to 60 years old premium 496 992 1,488 2,480 4,961

NB-

  • Maximum entry age is 75 years.
  • TAT on claims is a maximum of 48hrs.
  • For additional family dependents  they can be added under option 2 and 3 separately.
  • Nuclear option covers up to a maximum of 6 individual, (2 parents and 4 biological children). Extra/ adopted siblings can be added under option 3.
  • Seamless registration process.

Requirements for registration:-

  • Fill in the application form
  • Copy of your ID number(principal)
  • Copy of your KRA pin (principal)
  • ID/birth cert number of your family member

Claim registration requirements :-

  • Principal ID and KRA copy.
  • Deceased ID copy.
  • Account details where funds are to be deposited ( ATM card photo)

General Insurance

Motor Insurance

Nassefu Insurance Agency provides Motor Insurance to take care of the cost of repairs in case your vehicle is involved in an accident or compensation if your vehicle is totally damaged or stolen. This is facilitated by a client paying a premium to the insurance company for a predetermined insurance package that is renewable annually.

Types of Motor Insurance Covers

1. Comprehensive Policy

  1. Assists in vehicle repair in case of an accident.
  2. Compensates you if your car is stolen or totally damaged.
  3. Pays for third party damages.
  4. Additional riders include Political Violence & Terrorism Cover, Car Hire, AA Towing Service, among others.

For more details, kindly contact the Insurance agency through +254111018100 or nassefuinsurance@nssfsacco.co.ke.

2. Third Party Policy

  1. Third Party Insurance Cover covers third party damages only.
  2. insurance cover is mandatory in Kenya
  3. Pays for third party damages but can also include theft and political terrorism or riot.

Vehicles Covered

Private Vehicles as well as Commercial vehicles are covered and this can be advised further by our sales reps in the Sacco offices.

Domestic Insurance.

This insurance package covers accidental loss or damage to residential homes and/or contents of a dwelling house including valuable items normally carried or worn. It incorporates your personal liability and that of your house hold members. 

The policy also covers the cost and expenses that you incur in the event of death of or injury or disease to your domestic servant arising out of and in the course of his or her employment as defined in the Work Injury Benefits Act.

Public Liability Insurance.

Public Liability covers is a policy that protects against claims of personal injury or property damage that a third party suffers (or claims to have suffered) as a result of your business activities.

Public liability insurance safeguards your business by providing cover against personal injury or property damage claims, including legal defense costs. This gives you the confidence to go about your work, knowing you’re protected if something goes wrong.

It is designed for professionals who interact with customers or members of the public. If you work with clients or customers, or in public spaces, it’s important to protect your business against claims of damage or injury.

Public liability insurance only covers claims made by external parties, not those made by your own employees. Public Liability protects your business against a wide range of circumstances, including:

  • Injuries caused by slips or falls on your premises to third parties.
  • Death to third parties.
  • Loss of or damage to third party property.
  • Both legal costs and any legal payouts for which the insured would be responsible if found legally liable.

Annuities

An annuity is a financial instrument issued and backed by an insurance company that provides guaranteed monthly income payments for the life of the contract, regardless of market conditions.

It can be customized based on a variety of options, including how long you think you’ll live, when you want your payments to start and whether you want to leave your income stream to a beneficiary after your death.

Annuities can be optimized for income or long-term growth, but they are not short-term investment strategies. They are for people whose objectives include long-term financial security, retirement income, diversification and principal preservation.

How Do Annuities Work?

Annuities work by converting a lump-sum premium into a stream of income that a person can’t outlive. Retirees need more than social security and investment savings to provide for their daily needs.

Annuities are designed to supply this income through a process of accumulation and annuitization or, in the case of immediate annuities, lifetime payments guaranteed by the insurance company that begin within a month of purchase — no accumulation phase necessary.

In essence, when you buy a deferred annuity, you pay a premium to the insurance company. That initial investment will grow tax-deferred throughout the accumulation phase, typically anywhere from 10 to 30 years, based on the terms of your contract. Once the annuitization, or distribution, phase begins — again, based on the terms of your contract — you will start receiving regular payments.

For more details, kindly contact the Insurance agency through +254111018100 or nassefuinsurance@nssfsacco.co.ke.

Life Insurance

Health Insurance

A medical cover gives you peace of mind in that if you or your family members fall sick at any given time, your medical bills are taken care of. This is facilitated by paying a premium to the insurance company through our agency for a predetermined insurance package that is renewable annually.

Nassefu Insurance Agency has partnered with different Insurance companies to offer comprehensive medical cover that takes care of your medical bills. The cover offers two options; inpatient and outpatient cover.

  1. Inpatient cover takes care of your medical bills upon admission to hospital.
  2. Outpatient cover takes care of your medical bills upon visit to the doctor. Optional additions include dental, optical and maternity covers.

We also provide health insurance cover for senior citizens and those in retirement.

For more details and free quotations, kindly contact the Insurance agency through +254111018100 or nassefuinsurance@nssfsacco.co.ke.

The benefits of having health Insurance include:

  1. The cover provides a financial safety net during medical emergencies.
  2. Health insurance offers you peace of mind for your health and well-being.
  3. Ambulance services in an emergency.
  4. Access to quality health services.
  5. No need for cash to pay for medical services

Life Insurance.

This is an excellence cover that provides good returns on investments and combines with insurance protection. In case the insured passes on, the beneficiaries receive the sum assured to help them meet their financial needs.

Last Expense Cover.

This is a funeral insurance cover that is designed to cater for funeral expenses during the difficult and unfortunate times of death of a loved one. It provides insurance cover for a principal, spouse, children and parents on both sides.

FAQs

1. HOW DO I APPLY FOR A LOAN THROUGH THE MEMBERS’ PORTAL?

  1. From the Sacco website, log into the portal with your username (National ID) and Password. You will first be prompted with a security check to verify you are not a robot.
  2. If you have not logged in before, kindly click on activate/reset password. The system will send you a reset password on your phone as an SMS.
  3. Log into the portal using these credentials and you will be prompted with a screen on updating or retaining your password.
  4. Change or retain the password and proceed to the portal dashboard where you will find all your Sacco activities and statement in an organized summary.
  5. Go to the menu on the left and click on “Apply for a Loan”.
  6. Choose loan type, Loan amount and click Next.
  7. Choose guarantors, either by their ID number or Phone Number and click “send”.
  8. An SMS will prompt the guarantors to log into the portal and accept or reject the guarantorship.
  9. After all guarantors have accepted, click on “Proceed to Sacco” so as to get the Loan Offer Letter that you download and sign.
  10. Scan send back to the Sacco the letter together with your ID copy and 2 months’ payslips.
  11. Wait for SMS feedback on the loan to go through appraisal and lastly to be posted in your FOSA account.

 2. CAN I TOP UP MY LOAN ONLINE?

  1. Yes. You can apply for a loan top up on the members portal by logging into the portal and follow the instructions as shown above.
  2. There will be an additional section where you can choose the loan you want to top up and click “Submit”.

3. WHAT DO I NEED WHEN APPLYING FOR A LOAN?

  1. Minimum of six guarantors who must be active members and have contributed deposits for at least three months.
  2. Most current 2 months’ pay slips certified by the applicant’s employer’s payroll officer, MUST be attached to the application.
  3. Attach copy of an acceptable form of identification (National ID/Valid Passport)
  4. Must have been an active member for at least six months.

4. CAN I APPLY FOR MORE THAN ONE LOAN?

A member is allowed to take all the loan products on offer so long as total loans repayments do not exceed two thirds of the member’s salary and three times the member’s savings. (Four times for Supersavers’ loan)

5. CAN I APPLY FOR A TOP UP OF AN EXISTING LOAN?

A member with an existing loan is allowed to apply for a new loan of the same type from which the Society will recover the balance of the existing loan and give the member difference subject to third rule on the member’s current pay slip.

6. CAN I OFFSET MY DEPOSITS AGAINST MY LOAN?

A member is only allowed to offset his deposits against his loans if he/she is ceasing to be a member of the Society. The member will then be required to pay off any loan balance if any. Additional requirements are as follows:-

  1. Offsets are also allowed when a member asks those he has guaranteed to seek for guarantor replacements.
  2. Your Share Capital Deposits remains in the Sacco and earns dividends but can only be transferred to another member at the same value.

7. IF I CLEAR A LOAN BEFORE ITS COMPLETION DATE WILL I BE REQUIRED TO PAY INTEREST FOR FUTURE PERIODS?

No, interest is only charged for the current month the loan is being cleared on period.

8. CAN I TRANSFER MY SHARE CAPITAL DEPOSITS TO ANOTHER MEMBER?

Yes, all a member needs to do is to instruct the Society by filling in a share transfer form. This is only possible upon member withdrawal from the SACCO.

9. WHAT DO I NEED TO DO WHEN WITHDRAWING FROM THE SOCIETY?

A member needs to inform the Society by filling in a withdrawal form giving the Society 60 days’ notice on the same. 

10. HOW DO I PAY FOR MY LOAN THROUGH MOBILE BANKING? (*477#)

Step 1, deposit funds to your FOSA account  through Sacco Paybill 819890 and input your Sacco Member Number in the account option. Input the amount you wish to pay for the loan. The funds will be deposited in your FOSA account.

Step 2, dial *477# and choose loan repayment, choose any loan you would like to pay off. i.e. Mobile Banking or Emergency Loan and input the amount and complete the transaction with your mobile banking PIN.

11. HOW DO I PAY FOR MY LOAN THROUGH THE MOBILE APP?

Step 1: Log into the APP and choose loan repayment icon, choose to pay by either FOSA or MPESA option, a list of your current loan with their balances will be displayed.

Step 2: Choose the loan you want to pay off and input your mobile banking PIN to complete.

 12. HOW DO I RESET OR ACTIVATE MY MEMBERS’ PORTAL ACCOUNT PASSWORD?

      The members portal is a self-service system. If you forget or want to activate your account, below are the steps:-

  1. Go to the Sacco website (www.nssfsacco.co.ke) and locate the members’ portal at the menu. (top right)
  2. Input the indicated security code when prompted.
  3. Go to log in screen with username and password, below these there is a link called “activate of reset password”, click on it.
  4. You will be asked “what do you remember about your account?”with a prompt of either ID Number, Telephone Number, Member number or Email Address.
  5. Input either of the above you remember on the pop up and select “send password” button.
  6. An SMS with a new password will be sent to your cell phone number.
  7. Go back to log in and input the Membership Number/ID Number as your Username and your new password as indicated on the SMS sent.
  8. After you login with your new password, the system will prompt you to change the password. from here, you can change the new password or choose to skip.
  9. The system will log you in and take you to the portal dashboard.

NSSF SACCO SOCIETY LTD,
Social Security House,
Block ‘C’ Ground Floor, Bishops Road.

P. O. Box 43338-00100,
Nairobi, Kenya.
Tel: +254 111 018100
       +254 20 2832939
Email:info@nssfsacco.co.ke
Website: www.nssfsacco.co.ke

DEPARTMENTAL CONTACTS:

1. Credit Department: (Loans, Deposit Contributions and Refunds): +254111018111

2. Finance Department: (Receipts and Standing Orders): +254111018106

3. Membership Enquiries: (New SACCO Membership and Registrations): +254111018119

4. Registry: (Membership Details and Next of Kin): +254111018113 

5. ICT Department: (Mobile Banking and Member’s Portal): +254111018107

Kindly note the above communication lines are available between 8.00am and 5.00pm Monday to Friday.

NSSF Sacco Paybill Number

Paybill Number:

Deposit to FOSA Account: 819890

Go to M-Pesa menu, choose “Lipa na M-Pesa”, choose “Paybill Option”, Enter SACCO Paybill Number (819890), Enter Account number (i.e. Membership Number or National ID number), Enter the amount and select ok. You will receive a confirmation message.

Repayment of Loan:

Enter amount and MBanking PIN to complete.

Deposit Money through Paybill to the FOSA account

Dial *477#

Choose repay loan on the menu

Choose Loan type to repay





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