FOSA Products

Type	Limits	Repayment	Rates	Guarantors
Overdraft	20,000 - 300,000	10 Months	6%	2
Advance	5,000 - 100,000	5 Months	6%	2
Short Period Advance	60,000	3 Months	6%	1
Karibu	100,000	6 Months	5%	2
Jiinue	100,000	6 Months	5%	2
Utility	Nil	12 Months	2%	2
Share Booster	up to 100% of your deposit	Once upon loan approval	10%	Nil

Common Conditions

• The loans are granted based on the ability to pay
• The current pay slip (Not a run) is a requirement
• Guarantorship by diamond members is not allowed
• Top-up is acceptable except for Utility and share-booster
• Two guarantors for Fosa loans
• Overdraft: Repayable in 10 months. Minimum Kshs. 20,000 and Maximum Kshs. 150,000
• Advance: Repayable in 5 months. Maximum Kshs. 60,000 – two guarantors required for non-KU members
• Short Period: Repayable in 3 months. Maximum Kshs. 20,000
• Karibu Loan: Repayable in 6 months. Maximum Kshs. 100,000. Can be granted even in the first month of joining the SACCO if the member pays Kshs. 3,000 share capital and Kshs. 300 risk fee. Interest rate 5% per month
• Jiinue Loan: Repayable in 6 months. Maximum Kshs. 60,000. Interest rate 5% per month
• All are applied and granted within the same day
• Members can apply for top-ups on all FOSA loans and emergency with a clearing fee of 4% on the balance

More on Utility Loans

• Repayment period is 12 months
• Interest rate 2 % per month

The utility loans include:

1. Car Insurance
2. Hot point Appliances
3. AA Driving Lessons
4. Mobile phones
5. Mabati
6. Jikos & Solar products
7. Tanks

Catalogue

1. Electronics and Home Appliances
2. Tanks

Payment Methods

Cheque

All cheques are payable to Kenversity Sacco Limited. Please indicate on the cheque your Membership Number/ID number and the allocation. For example:

• To pay KES 60,000, indicate on the cheque your membership number
• Number- MNO.001- Deposit Kshs. 10,000/-
• Risk Management Fund Kshs. 300/-
• Normal Loan, KES 15,000/-
• Super Loan KES 34,800/-

Bank

• Co-operative Bank of Kenya Ltd
  Account Name: Kenversity Sacco Ltd
  Githurai Branch
  Account Number: 01120000563800
• National Bank of Kenya Ltd
  Account Name: Kenversity Sacco Ltd
  Kenyatta University Branch
  Account Number: 01009059073700
• KCB Bank Ltd
  Account Name: Kenversity Sacco Ltd
  Ruiru Branch
  Account Number:1291205462
  SWIFT Code:KCBLKENX
• M-Pesa Paybill: 577820

Cash

A member can deposit his/her monies over the counter by cash or cheque at Kenversity offices at Kahawa office.

FOSA Savings Accounts Terms and Conditions

1. Kenversity Savings Account (Kensa)

This is where your loan is channeled and withdrawal is made from this account. Requirement for opening account:

• A copy of ID
• Two passport size photos

2. Kenversity Junior Savings Account (Kenjunior)

• Enables members to save for their children under 18 years.
• Parents/guardians must be SACCO members.
• Two passport size photos of the child are required.
• Withdrawals limited to once a year.
• Free piggy bank provided.
• No ledger fees.
• Savings ≥ Ksh. 100,000 attract 5% p.a. interest.

3. Kenversity Holiday Savings Account (Kenhol)

• Intended for holiday purposes (Christmas, Easter, Islamic holidays, etc.).
• Eligible members must be 18 years and above.
• Account opening form required.
• Withdrawals limited to twice a year.
• Savings ≥ Ksh. 100,000 earn 10% interest credited to Kenhol account.

4. Kenversity Fixed Deposit Account (Kenfix)

• Allows members to save for a certain period to earn interest.
• Members choose the period of savings; account can be renewed after expiry.
• Interest rate determined by Board of Directors.
• Current Fixed Deposit Rates:

SN	Amount Invested	1 Month	3 Months	6 Months	9 Months	12 Months
1	5,000-49,999	4%	4.5%	5%	5.3%	5.5%
2	50,000-399,999	4.5%	5.5%	6%	6.3%	6.5%
3	400,000-999,999	6.5%	7%	7.5%	7.8%	8%
4	1M-2,999,999	7%	8.5%	9%	9.3%	9.5%
5	3M-4,999,999	8.5%	9%	9.3%	9.5%	10%
6	5M-9,999,999	9%	9.3%	9.5%	10%	10.1%
7	10M and above	10%	10.2%	10.4%	10.6%	10.7%

5. Kenversity Education Savings Account (Kened)

• Intended for education purposes.
• Eligible members must be 18 years and above.
• Account opening form required.
• Withdrawals limited to three times a year.
• No withdrawal fees.
• Savings ≥ Ksh. 100,000 attract 5% p.a. interest at the end of the year.

Top Ups

Members can apply for a top-up of FOSA and BOSA Loans and will be charged a clearence fee of 2% on the outstanding balance. Members can also apply for a kenversity loan to clear external Bank Loans. A clearence fee of 4% will be charged.

BOSA Products

Kenversity has endeavored to provide financial facilities to its members through various loans. These include Normal loan, Super loan, Emergency loan and School fees loan as shown below:

Normal Loan

Granted 3 times member's deposits. It is repayable in 60 months. Interest rate is 12% p.a. reducing balance. Three (3) guarantors required for Kenyatta University members on permanent employment and 5 guarantors on those on contract and other institutions. Members qualify to apply after 6 months of membership. Top Up after 6 Months of application. Granted within 30 days of application.

Super Loan

Granted 3 times member's deposits. It is repayable in 72 months. Interest rate is 15% p.a. reducing balance. Three (3) guarantors required for Kenyatta University members on permanent employment and 5 guarantors on those on contract and other institutions. Members qualify to apply after 6 months of membership. Top Up after 6 Months of application.Granted within 30 days of application.

Emergency Loan

This is a loan provided for urgent cases e.g. College fee, Medical expenses Funeral. This is a loan given 3 times of your deposits. It is repayable in 12 months. Interest rate is 18% p.a. at reducing balance. Three (3) guarantors required for Kenyatta University members on permanent employment and five (5) guarantors on those on contract and other institutions. Can be topped up. Granted within 8 hours of application.

Fahari Loan

Monthly deposits contribution shall be Ksh. 3,000, interest rate 16% per annum, at least five (5) guarantors, repayment period is 96 months, with a maximum of Ksh. 5,000,000 after being a member of the Sacco for at least 6 months. One will be eligible for top up after 12 months. Target group - Platinum A and Platinum B. Salary to be channelled through the Kenversity Sacco Ltd. Processing fee of 2% of the loan shall apply, 1/3 Rule of the Basic salary to apply. New members must retain 10% of the loan as deposits, the loan is not pegged on deposit but on salary. Members can access an amount equal to ten (10) times their deposits.

School Fees Loan

This is a loan provided to aid parents/ guardians pay school fees for their dependants. Granted 3 times member's deposits. It is repayable in 12 months (A calendar year). Interest rate is 12% p.a. at reducing balance. Three (3) guarantors required for Kenyatta University members on permanent employment and 5 guarantors on those on contract and other institutions. The appraisal of the loan is based on the school fees structure. Remember to check circular of school fees application in the month of November every year for the requirements.

Share Booster Loan

To help you get a bigger loan, we increase your deposits by up to 100% of your deposit. The boosting facility will be credited to your member account. This amount will be eligible to earn interest on deposit at the end of the year. Interest charge on boosted amount at 10% (one off).

Land and building Loan

Granted up to 5 times a members’ deposits but up to 5 million. Interest rate of 16% per annum, repayment period of 72 Months. 5 guarantors needed. Monthly deposits is Ksh. 3,000. Land and building to be secured upto 70%. Salary must pass through Kenversity. Charges 2% of the applied amount as processing fees.

Motor Vehicle Loan

Interest rate of 16% per annum, repayment period of 24 Months. Cars be secured at 50%. Down payment of 1/3 of the cost price for motor vehicle. Motor vehicle not more than 8 years old.Log book to be used to secure loan up to a maximum of 2 million.

Maendeleo Loan

Granted 4 times of deposits, a third (1/3) of the basic salary must be maintained,Minimum contribution of shares be Kshs.3000. Interest rate of 16%. Repayment period 36 Months. No top up for this loan, Atleast 5 guarantors. Processing fee 2%.

Diamond Loan

Granted 4 times member's deposits, interest rate of 13.5% per annum, repayment period of 24 Months. To be guaranteed by 2 members who are on permanent employment contract.

Boresha Loan

Granted 4 times member's deposits, interest rate of 13% per annum flat rate, repayment period of 60 Months and a processing fee of 2% of the loan amount.

Top Ups

Members can apply for top-up on all FOSA Loans, Emergency, Super, Normal Loans and will be charged a clearence fee of 2% on the outstanding balance. Members can also apply for kenversity loan to clear externals e.g. Bank Loans. A clearence fee at 4% will be charged.

Micro-Credit Products

The SACCO opened its common bond in the year 2014 to enable every members of the community to join Kenversity SACCO. The SACCO caters to the employed under check-off, employed not under check-off, groups, companies, partnership and individual business people.

Micro-Credit Products

Members who join Kenversity as a registered group or business people can now enjoy the benefits of affordable loans and attaractive interests on savings. We offer loans of upto three times your deposits at 1.25% per month on reducing balance. This laons can be granted as short term and long term loans. These Include:-

Tujijenge Tuinuke

To be granted upto Ksh. 100,000, repayable within 12 Months at an interest rate of 18% per annum on reducing balance.

Tujijenge Tuendelee

To be granted for amounts above Ksh. 100,000 upto Ksh. 300,000, repayable within 24 Months at an interest rate of 15% per annum on reducing balance.

Tujijenge Super

To be granted for amounts above Ksh. 300,001 repayable within 36 Months at an interest rate of 15% per annum on reducing balance.

Tujijenge Premier

To be granted for amounts above Ksh. 500,001 and the repayment period is 60 Months at an interest rate of 16 % per annum on reducing balance. A member can take upto 75% of their deposit as a loan under the mentioned categories without attaching any security. This will only be possible when the member has no other loan and has not guaranteed any other member.

Loan Application Details

- One needs to save for at least three months continously to qualify for a loan.
- If a member/ Group takes a loan of more than 75% of three times their deposits, the loan has to be secured. A loan can be secured by an item that the member intends to buy, or that they currently own.
- Valuation and charging shall be done on the property that the member intends to use to guarantee the loan.
- The loan shall attract an insurance fee of 3% of the total loan applied for.
- The loan shall also attract a processing fee of 2% of the total loan applied for.
- The member shall provide a bank statement/mobile money statement to ascertain his/her cash flow when assessing their ability to repay a loan.
- The SACCO has a panel of lawyers,valuers and other consultants who shall be made accessible to the member when applying for a loan.

Formats of Membership

Groups can join as either listed or non-listed.

Group Membership

Listed Group

For listed groups, every member of the group contributes deposits and evenetually qualifies for loans individually. The other members of the group guarantee the loan but the lon applicant also provides security. A group joint savings account will be opened where signtories of the group shall operate it. Every individual will also have their own savings account with a VISA branded ATM Card.

Requirement to join

1. A copy of group registration certificate
2. A copy of all member Nation ID
3. 2 Color Passport photos for each member joining
4. Group Minutes resolutions to join Kenversity SACCO
5. A copy of Constitution/Memmorandum/Articles of Association
6. A copy of KRA Pin for every member or for every signatory

Individual Membership

Individual business people can also join the SACCO and qualify for loans after three months of membership. An individual can take up to three times his/her deposits as a loan provided that all the loan requirments are met. All individual members are eligible for a VISA branded ATM Card for purposes of accessing their savings account.

Requirement to join

1. A copy of all member Nation ID
2. 2 Color Passport photos for each member joining
3. Payment of Ksh. 1,000 entrance fee
4. A copy of KRA Pin

Other Services

Real Time Gross Settlement (RTGS) payment system

Using our funds transfer system you can now transfer money from your account to another bank on a “Real Time” and on “Gross” basis. Meaning the payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed.

ATM Services

We provide ATM services via the Sacco Link Card which is for use only at Co-op Bank ATMs, other Bank Visa branded ATMS and at Visa branded merchant point of sales.

Mpesa Paybill

Paybill Number: 577820
MPESA pay bill service is a mobile banking facility that we are offering our members to enable them make payments to their respective accounts and loans through M-PESA using their mobile phones at the comfort of their homes.

Requirements:
You need to be an M-PESA registered customer as the service is available for Mpesa registered users only. Ensure that you know your Kenversity Membership Number.
Procedure:
1. Go to M-Pesa menu on your mobile phone.
2. Select Lipa na M-Pesa
3. Select Pay-Bill
4. Enter business number: 577820
5. Enter Account number - Put in the Code "DEP" for deposits followed by your Membership Number (e.g. DEP0001). For Loans, Put in the first three (3) letters of the loan type Code before your Membership Number (e.g. NOR0001). For FOSA savings, include account type Code "KNS" before your membership number (e.g. KNS0001). For the particular payment codes please check this link https://kenversitysacco.co.ke/PDFs/FORMS/KEYCODESINSTRUCTION.pdf
6. Enter the amount.
7. Enter your M-Pesa PIN
8. Confirm that you have entered the correct Paybill number/Account Number/Amount and press OK
9. You will receive a message shortly confirming that the payment has been received.

NOTE: M-pesa terms and conditions apply.

Bankers' Cheque