Frequently Asked Questions

Can I be able to withdraw my savings anytime I want?

No. Savings are not withdrawable. A member can only withdraw the loan amount borrowed any time. This is according to the Co-Operative Society Act governing BOSA Sacco’s in Kenya on which we operates under. We receive non-withdrawable savings from our members.

Member’s savings are only withdrawable when he/she has requested for account closure

How different are you from other Sacco’s?

Our Sacco is BOSA Sacco (Back Office Sacco). We don’t offer over the counter service (front office services) as other Sacco’s does.
We only receive non-withdrawable savings/deposits from members with intention of borrowing or just saving
Closure of an account takes up to 60 working day and the savings are refunded fully at no cost/charge
We don’t have physical branches all over Kenya in major towns. But we are physically present to any member who dials *847# any time and from any where
We are totally paperless in all our operations (account opening, saving, loan borrowing and withdrawal)
Our members don’t have a common bond. Any member can join as long as you have a registered SIM card

Who controls your operation (or what Act governs your operations)

Our operation is controlled by The Ministry of Industry, Investment and Trade under state department of trade. We follow and work with the provisions of the Co-Operatives Society Act and Rules made there under. Our registration number is CS/18199. A copy of the same can be sent to you on request (

Do you have offices in other towns within Kenya?

We don’t have physical branches all over Kenya in major towns. But we are physically present to any member who dials *847# any time and from any where

How do I register/ become a member?

By dialing *847#

How do I save into my account?
  1. Go To M-PESA
  2. Select Lipa Na M-PESA
  3. Select Pay Bill
  4. Enter Business No 542431
  5. Enter Phone Number As The Account No.
  6. Enter Amount
  7. Enter M-PESA PIN
  8. Confirm The Transaction
  9. OK.
Can I change my monthly contribution and other detail like next of kin?

Yes you can, by dialing *847# and choose option 8 and five respectively

Is there penalty for late monthly contribution?

No. Late monthly contribution is never charged/ attracts no charges

Can I contribute more or less my pledge per month without any penalties?

YES. You can save as much as you can and also as little as you can get/ no penalties on either case

What is the difference between digital wallet and Sacco account?

Digital wallet is the pouch where the monies deposited using the paybill number (542431) hits before they can be transferred into your Sacco account.

Sacco account is your account in which you can use to save and borrow depending on the amount you have saved in it

To transfer cash from digital wallet to Sacco account, dial *847# and select digital wallet

Do you have loans?

Yes we do. Our loan products includes;

  1. Emergency loan
  2. Jisort loan
  3. Biashara loan
  4. School fee loan
  5. Development loan
  6. Investment loan

Detail regarding all the above are readily available on our company site

What are the requirement for your loans?

Detail requirements regarding our loan are readily available on our company site

Can I use other security to secure the loan (e.g. properties, logbook etc.?)

No. We only use guarantors currently for securing our loans

How do I borrow loan?

By dialing *847# and selecting the loans option. From there, you choose the loan type you want and proceed with the application

Where do I get the guarantors/ how do I get guarantors while I know not any of your members?

We encourage you that while registering, you do so with some of your friends, family members, church members, or work mate let them know about the sacco so as when any of you request for a loan you can guarantee each other. Remember these are people I believe you know and knows you better. There are no forms to be filled for guarantorship process

How do I nominate Guarantor and guarantee a loan?
  1. Dial *847#
  2. Select Loan
  3. Select Either Nominate Guarantor
  4. Enter His/Her Mobile Phone Number
  5. Reply With “Y” If You Have To Add Another Guarantor And “N” If You Don’t Have To.
  6. Enter Your PIN No.
  7. Ok

To Guarantee Loan

  1. Dial *847#
  2. Select Loan
  3. Select Either Nominate Guarantor
  4. Confirm nomination
  5. Enter the amount you want to guarantee
  6. Enter loan transaction ID
  7. Enter Your PIN No.
  8. Ok
What is the difference between actual balance and available balance?

Actual balance is your total savings

Available balance is your actual balance minus the sum of principal on outstanding loans and cash you guaranteed on loans for other members.

If I didn’t pay the monthly contribution and borrowed a loan, when I deposit the money into my account which one is paid first, loan or savings?

We first recover any loans that are due, then your monthly contribution(savings).