A frequently asked questions

  • FAQs
    • What is K-NADS and how was it formed

      K-NAD stands for Kenya North America Diaspora Savings and Credit Co-operative society.

      On July 2016, a group of women came together and formed a forum to discuss how to open an all women Diaspora Sacco. The Idea was birthed on Facebook forum and the main reason was to come up with a formal way of investing together as Kenyan Women in the Diaspora.

    • How do I qualify to become a member

      A member is anyone who signs the application for registration and is admitted in accordance with the K-NADs Bylaws.

      To be eligible for membership:

      • Be a Kenyan over 18 years old, residing in the North America or previously resident in North America engaged in gainful employment and have returned to Kenya.
      • Be of a good moral character and sound mind.
      • Pays registration fee of 15,000ksh and makes monthly contribution of 5,000ksh every month.

    • Can a member belong to one or more Sacco

      Yes. As long as the said member shall belong to no more than one Sacco Society having similar objectives as mentioned above.

    • What is a share capital?

      Share capital is the permanent member contribution toward the Sacco capital and forms part of Sacco equityShares cannot be withdrawn even on exit from the Sacco but can be transferred to another willing member.

      As a member of a SACCO, you are allowed to borrow up to 4 times their savings, provided they give a form of security. If you wish to take a loan after the required 6 months of regular contribution and depending on the type of loan, you will be eligible to borrow up to four times (4x) the amount you have in your Sacco Main Savings Account.

    • What is a dividend and do shares earn dividends

      A dividend is a member’s share of the surplus of the society which is divided amongst its members. After the overhead costs and other expenses are paid, reserves for loss and for expansion services are put aside, the remaining Net profit from loan is returned back to the members as dividend.

    • How much loan can I apply for?What security(s) will I need for my loan applicationHow much loan can I apply for?
      • A member shall give the following securities for loans
        • The shares and deposits of a member
        • The shares and deposits for guarantor(s),
        • any other as the committee may consider necessary.

        Provident that: a guarantor has already taken a loan and has already guaranteed three loans: a guarantor is not a member of the committee or an endorser of such.

    • How much loan can I apply for?
      • As a member of a SACCO, you are allowed to borrow up to 4times their savings, provided they give a form of security. If you wish to take a loan after the required 6 months of regular contribution and depending on the type of loan, you will be eligible to borrow up to four times (4x) the amount you have in your Sacco Main Savings Account.
    • After how long can I borrow a loan?
      • You can take a loan after the required 6 months of regular contribution to your Main Saving Account (MSA) without late payments. This will depend on the type of loan, and you will be eligible to borrow up to four times (x4) the amount you have in your Sacco Main Savings Account. The more you contribute, the higher the amount you can borrow through the Sacco.
    • What is a Sacco?

      SACCO is an abbreviation for Savings and Credit Co-Operative.
      SACCOs are member owned financial institutions that offer both savings and credit services to their members. Members of these financial institutions can be both net savers and net borrowers.

    • What are the objectives of a Sacco
      • To Empower, encourage and promote developments within the members.
      • To teach wise use of their money and efficient management of their limited resources.
      • To teach members how to create an asset that helps them to have a guarantee and collateral for future loan access.
      • To make finance more accessible for members when they need it.
  • How to Deposit
    • Wave
      • Transfer by Wave

        Install the wave app into your mobile phone from Google Play Store or Apple App stores.

        https://www.wave.com/

        1. Send To Recipient Name: Type K-NAD SACCO
        2. ​Click on New Bank Recipient > ​
        3. Select Co-operative Bank >
        4. ​Type Account ​Number 01158537312300 >
        5. Re-Enter Account Number > ​
        6. Save.
        7. Enter amount ​you wish to send >
        8. Click send.
        9. After payment login to your web portal or app and send payments details instructing us on how to allocate your deposit.
    • PoaPay
      • Transfer by PoaPay

        Log on to www.poapay.com

        1. Register as a user >
        2. ​Enter K-NAD Sacco as your recipient’s contact information and Account # 01158537312300 >
        3. Enter amount you wish to send >
        4. ​Indicate your Membership Number and name > ​
        5. Send the money.

        After payment, login to your web portal or app and send payments details instructing us on how to allocate your deposit. You can also contact Poa Pay customer service on 1-205-267-6043 or email at customer_service@PoaPay.com ​ for assistance.

    • M-Pesa
      • Transfer by M-Pesa

        Using a Kenya Safaricom Simcard enabled phone/line.

        1. Click on Lipa na Mpesa >
        2. ​Enter Business no. Pay Bill 400200 >
        3. ​Account # 01158537312300 >
        4. ​Enter amount you want to send >
        5. Click send.

        After payment login to your web portal or app and send payments details instructing us on how to allocate your deposit.

    • World Remit

      SACCO is an abbreviation for Savings and Credit Co-Operative.
      SACCOs are member owned financial institutions that offer both savings and credit services to their members. Members of these financial institutions can be both net savers and net borrowers.

    • Western Union
      • Transfer by Western Union

        Log on to www.westernunion.com

        1. Register as a user >
        2. ​Click Send to Kenya >
        3. ​Enter ​the amount you wish to send >
        4. ​Enter K-NAD Sacco Account # 01158537312300 >
        5. Indicate your membership number and Name and >
        6. ​Click send.

        After payment login to your web portal or app and send payments details instructing us on how to allocate your deposit.

    • Money Gram
      • Transfer by Money Gram

        Log on to www.moneygram.com

        1. ​Register as a user >
        2. ​Enter your K-NAD Sacco Account # 01158537312300 and >
        3. ​Select K ​-Sacco as receiver >
        4. ​Choose how to pay >
        5. ​Enter amount >
        6. ​Indicate your membership number and Name >
        7. ​Click send the money.

        After payment login to your web portal or app and send payments details instructing us on how to allocate your deposit.

    • Local Bank RTGS

      Transfer by Local Bank RTGS

      To do an RTGS transactions from a Kenyan Bank Account to K-NAD Sacco Account. You will need the following:

      1. Name of the Bank: Co-operative Bank of Kenya >
      2. Branch: Haile Selassie Avenue >
      3. ​Swift Code: KCOOKENA >
      4. ​K-NADSACCO Account # 01158537312300.
      5. Amount should be in KES.

    • US Bank Wire Transfer

      Transfer by US Bank Wire Transfer

      To initiate a Wire Transfer you will need the following:

      1. Name of the Bank: Co-operative Bank of Kenya
      2. Branch: Haile Selassie Avenue
      3. ​Swift Code: KCOOKENA
      4. ​KNADSACCO Account # 01158537312300
      5. Amount should be in KES.