FAQs
We answer your most frequently asked questions
What’s The Famous GFC Sacco Ltd?
The Famous GFC Savings and Credit Cooperative Society Ltd was registered in Kenya on 5th January 2015 under the Co-operative Societies Act, Cap 490 Laws of Kenya, with the objective of providing investment opportunities for like-minded Kenyans who want to save and borrow money at a low cost, in order to meet their socio-economic needs.
The Famous GFC Savings and Credit Cooperative Society Ltd operate wholly under the laws of Kenya.
How do I qualify to become a member of the SACCO?
Becoming a member:
Individual membership
- Provide a duly completed registration form
- Be a Kenyan citizen over 18 years old
- Provide a valid Kenyan National ID Kenyan or Passport
- Provide a coloured passport size photograph.
- Complete the nominee form.
- Pay one off non-refundable registration fee of Ksh.5,000
- Buy a minimum of four (4) shares of Ksh.10, 000 each.
- Maintain a minimum monthly contribution of Ksh.11,000
- Recommendation by an active member of {The Famous GFC Sacco Ltd} known to you.
Corporate Membership
- Duly completed registration form;
- A passport size photograph for each office bearer
- Business registration/Incorporation certificate from registrar of companies in Kenya
- The company KRA PIN and VAT Certificate
- Evidence of company bank account
- Yearly audited accounts
- Declaration of interest by the company shareholders in other Sacco’s or individual members within the The Famous GFC Sacco Society LTD
- Resolutions/minutes to enter the Sacco
- Pay non-refundable registration fee of Ksh.10,000
- Buy a minimum of four (4) shares of Ksh.10, 000 each
- Maintain a minimum monthly contribution of Ksh.12,000 which includes Kshs.2,000 monthly administration charge
- Recommendation by an active of {The Famous GFC Sacco Ltd} known to you
Can I transfer my shares or deposits to another member?
Yes. As a member, all you need to do is instruct the society in writing to transfer your deposits to another member, giving full details of the transfer such as the cash amounts and the SACCO membership number for the recipients. There’s a fee associated with this transfer.
What is a share?
A share is the amount represented by a member’s portion, or equity or ownership in the Sacco. To participate in the group affairs and investment opportunities, you’ll need to buy shares in the Sacco. The Famous GFC Sacco Ltd by- laws provides that each member must hold a minimum of four (4) shares of Ksh.10, 000 each.
Do shares earn dividends?
Absolutely! Once you buy shares in the Sacco, you then have the ability to invest in the Sacco group investments. Your shares will earn dividends based on the total number of fully paid shares invested in a particular project.
What is a dividend?
A share of the surplus of the society, which is divided amongst its members, based on a member’s shareholding percentage.
What is share capital?
The total amount of money deposited in the account and is determined at the end of financial year.
How do I make contributions towards my share capital?
Through regular monthly contribution to buy shares in the Sacco. Your share capital is what you then use towards group investments.
Do my shares qualify me for a loan?
Shares form a part of the funds invested by a member into the SACCO and thus cannot be used to qualify for loans.
What should I do if I want to close my account and withdraw from the Sacco?
- A member must inform the society in writing by giving sixty (60) days’ notice to the management committee of his /her intention to withdraw
- A processing fee of 1% on outstanding savings but not less than shillings 1,000 will be charged.
- A refund will always be given less any monies and loans owed to the society and its affiliated partners.
What are the benefits of being a Society member?
By becoming a member and contributing regularly to your account, you can enjoy the full benefits of this Sacco. The ability to save and qualify for a loan, buy a property, A, create wealth through group investments within the Sacco, access to various investments products determined by the members.
What measures has the board of the Society put in place to ensure member funds and the society is secure?
The Board and Management run the SACCO as per the Co-operative Societies Act and its by- Laws. The Management committee is bound by the Integrity clause of the new constitution of Kenya, and the co-operative regulators in the Ministry of Co-operatives have formed SASRA – a unit to monitor activities of all SACCOS. Furthermore, the SACCO will hold Annual General Meetings yearly where reports and audited accounts are presented to members.