FAQs

• Fill an account opening form and surrender a certified copy of ID and KRA Pin.
• Pay Kshs.500 being membership registration fee.
• Buy minimum share capital of 200 shares of Ksh.20 each worth Ksh.4000.
• Commence monthly contribution to deposits.

Ammar Sacco is open to all members with a vision to grow and achieve their financial dreams. We offer unmatched opportunity to save and operate a FOSA account with the highest convenience possible; we have totally eliminated queues in our bank halls, no ledger fees, and availability of alternative channels for transacting ie ATM, Mobile banking and personal cheque books. Above that we have impressive loan products with attractive terms of payment.

Share capital means the equity or core capital of the Sacco.

The Sacco is owned by her members who have to raise the capital of the institution.

It is also a legal requirement for the Sacco to have a stipulated capital level.

The Sacco management through the Annual Delegate meeting (ADM) sets the minimum share capital a member must raise.

A member can have more than the minimum share capital.

Share capital is not withdrawable but can be transferred to another member.

Share capital earns dividend yearly as declared and approved by the ADM.

Every member of the Sacco must make regular contributions (at least monthly) to the deposits.

The deposits are member's savings hence one decides how much to save regularly.

Deposits are refundable when a member exits (withdraws) from the Sacco.

Deposits earn interest (dividends) as adopted by the ADM every year.

Deposits determine the borrowing level (as a multiplier) and the guarantee level for a member.

In the year 2012 Ammar Sacco opened the FOSA (Front Office Service Activity) which is the banking wing providing members with Current Banking.

FOSA savings account is automatically opened on joining the Sacco.

Members can apply for all services available and will get more support from our banking hall.

The members will enjoy all our FOSA services even as they take up the BOSA products.

The account must be active.

Members can qualify to apply for loan after regular contribution for three months.

A member fills the loan application form provided and attaches the required documents.

Once processed the funds are deposited in the members FOSA account from where he/she can transact or issue further instructions.

Member commences repayment of loan.

The withdrawal of a member from the Sacco is voluntary just like joining.

To exit, a member completes the provided withdrawal form and issues a notice in writing.

All liabilities due to the Sacco have to be cleared.

In case of guarantee, suitable replacements are provided.

Deposits are refunded in full and share capital can be transferred to any preferred person.

One can re-join any time.