Frequent Asked Questions

What are the benefits of becoming a member?

Members can access affordable capital to boost or start business because savings are mobilized and returned inn the form of loans at affordable rates. The money stays and works within the members.
Opportunity to build savings, earn interest on savings and earn dividends from shares. Interest rates on both savings and loans are generally better than rates given by banks and other financial institutions.
Members are encouraged to save, an essential aspect for economic empowerment.
As a member you benefit from education programs that are carried out every year geared towards educating members on financial management especially on prudent handling of money, how to keep track of finances, how to budget and why to keep away from hire purchases and loan sharks.
Loan are insured. Upon death of a member the estate will not have to repay any loans outstanding to the Sacco.
Provides an opportunity to gain network and share business ideas with other members.
Members are able to get discounted rates on goods and services negotiated through service providers / partners.

How does one become a member?

Fill in a membership application form that can be downloaded from our Website here and can also be accessed from our Offices or from our respective station delegate.
A copy of the National ID/Valid Passport MUST be attached to the application form.
The Membership registration fee is Ksh 1000=
Minimum monthly savings of Kshs. 4,000/=

What is the minimum share capital per member?

The minimum share capital for each member is Kshs. 30,000 which earns dividends for the member. This share capital is payable in installments or in one lump sum and is non withdraw-able but transferable upon termination of membership.

How are dividends and interest on deposits calculated?

Interest is computed based on weighted average method. The interest payable to the member is
dependent on the income the society makes as at the end of every financial year.

Can the Sacco acquire real estate on behalf of its members?

The Sacco has registered a housing society which serves to purchase land for its members at competitive rates.

What is SASRA and how is it of benefit to me as a member?

SASRA is an acronym for Sacco Societies Regulatory Authority; an institution created by the Sacco Societies Act. It is empowered with the following mandates: Licensing; Regulating; Supervising Sacco Societies; Protecting interests of Sacco members and Promoting the interests of Saccos.

Can I pay extra amounts outside payroll?

Yes, a member can pay any amounts he desires into the society’s bank account at his/her own convenience. The original deposit slip or copy of the transfer instruction in the case of electronic transfers should be delivered to the SACCO offices. Alternatively payments can be made through MPESA paybill number 574703.

Instructions to pay via MPESA are as indicated in payment modes here Click or in the Guides download section here.

How much loan can I qualify for?

The maximum loan amount a member can be given at any one time is Three times the member’s savings. A member must take home at least a third of his/her pay after all deductions.

When am I eligible for a loan?

After being a member for at least six months and having contributed a minimum of kshs.24, 000.

How many guarantors should I get for my loan?

The number of guarantors is determined by the loanee shares plus the guarantors’ deposits.

What do I need when applying for a loan?

Fully completed loan application form.
Outstanding loan by the applicant MUST be cleared before a loan of the same kind is approved.
A most current pay slip certified by the applicant’s employer’s payroll officer and a copy of applicant’s contract letter.
Must have been an active member for at least six months.

If I clear a loan before its completion date will I be required to pay interest for future periods?

No interest or penalty is charged for clearing a loan earlier than the contracted period.

How long will my loan application take before disbursement?

School Fees, Emergency and Advances are disbursed within 24 hours of submitting the application. Development and Asset Development loans are processed within one month subject to availability of funds.

What is the process to terminate one’s membership from the Sacco?

Fill in a membership withdrawal form and substitute any guarantee and give a 60 working days notice for your refund to mature. However re-instatement is allowable at a charge of ksh.2000.

What is Dudu Sacco?

Dudu Sacco Ltd. is a registered deposit-taking savings and cooperative society established in 1977 with the main objective of mobilizing savings and providing affordable financial services to members. We are based at the Duduville Campus of the International Centre of Insect Physiology and Ecology (icipe).

Can I apply for more than one loan?

A member is allowed to apply for all the loan products on offer based on three times the member’s savings so long as the take home is at least a third of his/her pay after all deductions. However, a member cannot apply for the same loan product that they are servicing unless they clear the same loan first. For instance, if a member has a running Development loan he/she is not eligible to apply for another Development until he/she clears the outstanding Development loan balance.