Frequently Asked Questions
Who qualifies to be a member ?
Proprietors/client/ staff of MPL
Staff of the Sacco
Subordinate staff
Associate/Third parties affiliated to MPL/MSL
Proprietors and Staff of a registered company with a recommendation from their employer
Members of a registered welfare group with a recommendation letter
Spouse/children of eligible member
What are the requirements of joining the Sacco?
Registration fee of Ksh2000/= and 500 shares worth Ksh 20 each
How long does it take for one to apply for a loan ?
Has to make regular deposits for at least three months
What is the maximum amount one can apply ?
Depends on each products however, the Maximum ceiling is Ksh 8 Million for Timiza Loan.
How does a member terminate an account ?
Give 3 months written notice on the intention to terminate membership.
What does one require when applying for a loan?
Fill the necessary loan application form
Eligible guarantors who must be members of MSL
What are the benefits of joining Masterways Sacco?
By joining the Sacco and making savings one is entitled to borrow up to three times a members savings. This will benefit a member to use other people`s money to grow his wealth. No ledger fees to operate an account with Sacco. Encourages a saving culture for members by requiring monthly remittances.
What are the differences between shares and deposits?
Shares
Represents a portion of equity in the Sacco
Shares are not eligible for consideration for loan amount one can qualify
Cannot be withdrawn but are transferable
Minimum shares are 650 at Ksh 20 or as may be determined from time to time
Deposits
Every member is required to make regular monthly savings with a minimum of Ksh 2000 P.m.
Deposits can be used to determine eligibility of loan
Partial withdrawal is not allowed.
What are payment platforms available to the Sacco for payments
Check-off
M-pesa using pay Bill no
Deposit cash/cheque to Sacco account
Standing orders
Direct Debits