Mhasibu Sacco how to join, risk fund, , loans & payment & withdrawal

Sacco Information And Reviews.

[Update 29.03.2022]

Mhasibu Sacco allows its professional members to access up to 5x their deposits and repay within 60 months. The Saccos members are professional accountants and those interested in and studying in this field.

What Do We Know About Mhasibu Sacco?

This Sacco was registered in 1986 by (ICPAK) and now has around 18,000 members. As of 2020, Mhasibu assets base stands at 6 billion. It gets a 5/10 merely because there is barely any growth in the last 5 years in regards to %.

What Products does Mhasibu Sacco Offer, and what is it Best Known for?

By Choosing Mhasibu Sacco, you can either borrow or save or both.

Savings Product: Choose either the child scheme, Share capital, Holiday schemes or Zao/fixed deposit. The benefits of the savings product are no limits and borrowing against your contribution. That’s up to 4x! Ofcourse each member has to pay a risk fund of Ksh.1,200 p.a on the plus, in case of death the beneficiary received 200% of contributed deposits.

Loan Products: Mhasibu offers short term loans that are disbursed via Mpesa and long term loans that carry a 1 month grace period on your first instalment.* Otherwise, there is a plethora of customised loan products such as mortgage or plot buying. However, generally, you get to pick between Gold Loan, Swift Loan, Mobi Loan, Top-up loan or a self guaranteed loan.

The amounts and interest vary but on average, the interest stands at 14%p.a on a reducing balance and maximum loan repayment periods dance to 72 months for Gold and offset at 5% interest.

On the other hand, mobile loans ( peoples choice) are shorter with 1-month repayment and less than Ksh.100,000 as a maximum as long as you got more than Ksh.60,000 in deposits. The interest here is 5% on a straight-line basis

Eligibility and requirements at Mhasibu Sacco

Membership to Mhasibu Sacco is open o members of ICPAK, ICSK, accountants in training under KASNEB, and by extension, related family members, children and employees of institutions that offer accountancy training.

What is needed of the member cashwise:

- Minimum monthly deposits of Ksh.1,600.
- Membership registration form.
- Registration fee of Ksh.1,000.
- The minimum share per capital of Ksh.10,000( 500 shares)

Where Can You Download Mhasibu Sacco App?

The app is not available on Google Play store. Hence dial *346# to get quick access Mobi loan quick cash at an interest of 5% on a straight-line basis. This option holds a repayment period of 1 month. What about amounts? You start by getting a minimum of 5,000 and the limit grows to 50,000. The latter is the minimum deposit amount on your account to access these services.

Members have to visit the website to download the services manually. For Mpesa payment and deposit purposes, Mhasibu Paybill is 540700.

How Can You Get A Loan From Mhasibu Sacco App?

To get the Mobi loan, one is required to have been a member for at least 6 months.

For larger loans, download the loan form, fill and forward it. Refer to the products section of this article on customised Mhasibu loan products.

Sacco loan requires at least to have a guarantor, however, depending on the loan type, it might not be necessary. Such is the case for self-guaranteed Mhasibu loans.

Disbursements and Repayments at Mhasibu Sacco.

The Sacco offers various modes of payments such as Mpesa, Standing orders, deposit slips, cheques and check off.

When making payments via Mpesa, input your account number which is your membership number + transaction code found through the link on the type of deposit.

Small disbursements less than Ksh,50,000 are deposited through Mpesa while large amounts go into your bank account.

Dividends And Shares At Mhasibu Sacco.

Mhasibu Sacco pays offs its dividends via EFT. therefore make sure your banking details are up to date. Dividend interest plays around 8% with share capital at 15% Quick dive through twitter puts the Sacco as barely making it big with the share capital rates.

What Unique Does Mhasibu Sacco Have To Offer?

Unlike other Saccos where deposits can be made directly, Mhasibu, doesn’t accept cash transactions.

To leave the Sacco, one has to sell their shares or transfer them to another member.

Not unique but members are eligible for car financing of up to 90%

What is unique is the option of scanning payment documents and forwarding them via email without having to go to the branch.

Promotions And Rewards From Mhasibu Sacco

There are no promotions or rewards from Mhasibu Sacco.

How can I Contact Mhasibu Sacco?

General information regarding Mhasibu Sacco is readily available from their Website. Also, scheme through Facebook or Twitter to check on updates or get customer service assistance.

Prefer to email? [email protected] is the official mail to get in touch with these guys.

Office working hours are from Mon- Fri 8.00-5.00 p.m and you can call them through – 0205141901/02/03. For loans call 0205141921/22/23/24

The office location is at Absa Plaza, 8thFlr, Market Street next to Laico Regency.

Click here to get contacts for Mhasibu branches.