Asili Sacco Society Limited, established in 1972, has been a cornerstone in Kenya’s cooperative movement, offering a wide range of financial products and services tailored to meet the diverse needs of its members. Understanding the various charges associated with these services is crucial for both current and prospective members to make informed financial decisions. This comprehensive guide delves into the full spectrum of Asili Sacco’s charges, providing clarity on what members can expect when engaging with the Sacco’s offerings.
Overview of Asili Sacco
Asili Sacco was initially formed to serve employees of the Ministry of Natural Resources. Over the years, it has expanded its membership base to include individuals from various sectors, reflecting its commitment to inclusivity and financial empowerment. The Sacco’s mission is to provide affordable and accessible financial services, fostering a culture of savings and prudent borrowing among its members.
Membership and Account Services
1. Membership Registration
- Registration Fee: Ksh. 1,000 for both salaried and business members. Log in or sign up to view
2. Account Maintenance
- Ordinary Savings Account:
- No opening balance required.
- Minimum operating balance: Ksh. 500.
- Holiday Savings Account:
- Minimum monthly saving: Ksh. 500.
- No monthly charges.
- Maturity period: 12 months.
- Withdrawal permitted once per year.
- Baraka Saving (Children):
- Minimum balance: Ksh. 1,000.
- Asili Super Saving:
- Minimum opening balance: Ksh. 10,000.
- Withdrawals allowed quarterly.
- Education Saving Scheme:
- Withdrawals allowed quarterly.
- Free banker’s cheque provided.
- Premature cheque clearance fee: Ksh. 500.
- Fixed Deposit Account:
- Minimum deposit: Ksh. 20,000.
- Minimum fixing period: 3 months.
- Uchumi Account:
- Minimum opening balance: Ksh. 200.
- Minimum operating balance: Ksh. 500.
- Allows for both withdrawals and deposits at any time.
- Malkias Savings Account:
- Specifically designed for ladies.
Loan Products and Associated Charges
1. Ordinary Normal Loan
- Eligibility: Members with deposits.
- Loan Amount: Up to three times the member’s deposits.
- Repayment Period: Up to 36 months.
- Processing Time: Within one month.
2. Instant Normal Loan
- Eligibility: Members with deposits.
- Loan Amount: Up to three times the member’s deposits.
- Repayment Period: Up to 36 months.
- Processing Time: Within one day.
3. Special Normal Loan
- Eligibility: Members with deposits.
- Loan Amount: Up to three times the member’s deposits.
- Repayment Period: Up to 48 months.
- Processing Time: Within one month.
4. Super Normal Loan
- Eligibility: Members with deposits.
- Loan Amount: Up to three times the member’s deposits.
- Repayment Period: Up to 60 months.
- Processing Time: Within one month.
5. Maendeleo Loan
- Eligibility: Members with deposits.
- Loan Amount: Up to three times the member’s deposits.
- Repayment Period: Up to 72 months.
- Processing Time: Within one month.
6. Jipange Asset Loan
- Eligibility: Members with deposits.
- Loan Amount: Up to three times the member’s deposits.
- Repayment Period: Up to 60 months.
- Processing Time: Within one month.
7. Super Normal 2 Loan
- Eligibility: Members with a minimum deposit of Ksh. 700,000 and a minimum monthly contribution of Ksh. 5,000.
- Loan Amount: Up to four times the member’s deposits.
- Repayment Period: Up to 60 months.
- Processing Time: Within one month.
8. Salary Advance
- Eligibility: Members whose salary has been processed through FOSA for at least three months.
- Loan Amount: Up to 80% of the net salary.
- Interest: 13% per annum, recovered upfront.
- Repayment Period: Up to 12 months.
9. Salary in Advance
- Eligibility: Members whose salary has been processed through FOSA for at least three months.
- Loan Amount: Up to 50% of the net salary.
- Interest: 5% flat rate.
- Repayment Period: Within one month.
10. Okoa Loan
- Eligibility: Members with existing loans.
- Loan Amount: Based on outstanding loans.
- Processing Fee: 1% of the loan amount.
- Repayment Period: Up to 72 months.
11. Chap Chap Loan
- Eligibility: Members who have been saving for at least three months.
- Loan Amount: Up to twice the member’s savings.
- Interest: 5% one-off.
- Repayment Period: Within one month.
- Processing Time: Within 24 hours.
Other Financial Services and Charges
Mobile Banking (Ezy-Cash) Charges
- Ezy-Cash PIN Reset: Ksh. 60
- Ezy-Cash Registration: Free
- Ezy-Cash Withdrawal Fee: Ksh. 68
- Loan Repayment via Mobile Banking: As per transaction charges
Cheque and Bank Transactions
- Bounced Cheque Fee: Ksh. 1,000
- Cheque Encashment Fee: 3% of the cheque value
- Bankers Cheque Purchase: Ksh. 180
- RTGS (Real-Time Gross Settlement) Fee: 0.1% of the transaction value
- Standing Orders: Ksh. 50 per transaction
- Bounced Standing Order Fee: Ksh. 100
Account Maintenance and Miscellaneous Charges
- Certified Member Statement (FOSA/BOSA): Ksh. 500
- ATM Card & PIN Processing: Ksh. 650
- ATM PIN Reset: Ksh. 100
- Account Closure Fee: 0.5% of the withdrawable amount
- Retrieval of Documents: Ksh. 100
- Account Activation: Ksh. 200
- Posting of Salary: Ksh. 150
Funds Transfers
- In-House Funds Transfer: Ksh. 150
- Ledger Fees: Ksh. 55 (Monthly)
Membership and Withdrawal Charges
- Premature Membership Withdrawal: 5% of deposits
- Processing Membership Withdrawal: Free (within 60 days)
- Transfer of Share Capital to Another Member: 5% of the face value of shares
Tenders and Other Services
- Tender Documents: As per instructions in the tender document
- Sacco By-laws Purchase: At actual cost to the Sacco
Why Understanding These Charges is Important
Being informed about these charges allows members to:
✔️ Make better financial decisions.
✔️ Avoid unexpected costs.
✔️ Plan their savings and loan repayments effectively.
✔️ Maximize the benefits of Asili Sacco membership.
