Frequently Asked Questions

To join, you will need:

• A filled-out membership form
• A copy of your identity card
• A passport-sized photograph

The minimum share capital for each member is Kshs. 20,000. This represents each member’s share of ownership in the Society and earns dividends. Please note that this share capital is non-withdrawable but can be transferred upon termination of membership.

• Deposits: These are monthly contributions made by members, with a minimum requirement of Kshs. 1,000 per month. Deposits can serve as security for loans or guarantees for other members. Members earn interest rebates on deposits annually and can access a refund upon exit from the Sacco, provided there are no outstanding loans.

• Share Capital: This is the minimum shareholding required from each member. Shares are non-refundable and cannot be withdrawn, but they can be transferred to another member. Share capital does not serve as loan security, and each member must meet the minimum requirement of Ksh. 20,000 (equivalent to 40 shares at KES 500 per share).

A well-capitalized Sacco offers:

• More funds available for growth and expansion.
• Adequate capital to protect member deposits and creditors against potential losses.
• Improved safety and soundness, promoting public confidence in the institution.

Investing in shares offers:

• Ownership of the Sacco.
• Potential dividends as income or for reinvestment to purchase more shares.
• Voting rights on important company decisions.
• Higher shares qualify for a higher multiplier; for example, a share capital of Kshs. 300,000 qualifies for a times 4 multiplier.

The benevolent fund is a scheme that covers members in the event of death. The next of kin is paid Kshs. 40,000. A contribution of Kshs. 500 is deducted from members’ deposits at the end of every year for this fund.

Members can enjoy:

• Interest earned on their deposits.
• Dividends on their share capital, typically shared based on their level of shareholding in the Sacco.
• Interest generated from loan products shared among members.

Yes, Bestrock Sacco is regulated by the SACCO Societies Regulatory Authority (SASRA). SASRA is responsible for licensing, regulating, supervising Sacco societies, protecting members’ interests, and promoting the interests of Sacco societies.

To terminate your membership:

• Provide a 60-day written notice to the society.
• Submit a letter requesting withdrawal.
• Inform all members you have guaranteed to find alternative guarantors.
• Refunds will be processed only after all guarantors have been replaced.