Terms & Conditions
HomeTerms & Conditions
General Terms of Use
Welcome to Thamani SACCO Society Ltd. By accessing our website, initiating our online membership application, or utilizing our FOSA/BOSA services, you agree to be bound by the following Terms and Conditions, our By-laws, and the Laws of the Republic of Kenya.
Last Updated: March 2026
1. Membership & Eligibility
- To become a member of Thamani SACCO, you must complete the online or physical application form, pay the registration fee, and purchase the minimum prescribed share capital.
- Membership is open to individuals who meet the criteria set by the Board of Directors, are over 18 years of age, and are of sound mind.
- A member may withdraw from the SACCO by giving written notice of sixty (60) days, subject to clearance of all liabilities owed to the SACCO.
2. Savings, Deposits & Shares
- Members must make regular monthly deposits as prescribed by the SACCO's By-laws. Deposits are used as collateral for loans and are refundable upon withdrawal from the SACCO.
- Share Capital represents a member's equity in the SACCO and is non-refundable but can be transferred or sold to another active member.
- Dividends and rebates shall be paid annually based on the SACCO's financial performance and as approved by the Annual General Meeting (AGM).
3. Credit Facilities & Loans
- Loan approvals are subject to the SACCO’s credit policy, a member’s ability to repay, and the availability of sufficient guarantors or collateral.
- Guarantors are jointly and severally liable for any defaulted loans they have guaranteed.
- The SACCO reserves the right to vary interest rates on loans in accordance with market conditions and regulatory guidelines, with due notice to members.
4. Online Application & Cached Data
- By initiating the online membership process, you acknowledge that Thamani SACCO may temporarily cache your data on your local browser to ensure a seamless application experience.
- Data is only transmitted to our secure servers once you click the 'Submit' button. You are responsible for ensuring the security of the device you use to apply.
- Providing false or misleading information during registration is a violation of these terms and may lead to rejection of membership or termination.
5. Compliance & Regulatory Standards
- Thamani SACCO is regulated by SASRA and operates under the Sacco Societies Act (2008) and the Co-operative Societies Act (Cap 490).
- Members must comply with all Know-Your-Customer (KYC) requirements and the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA).
- The SACCO is obligated to report any suspicious financial transactions to the Financial Reporting Centre (FRC).
Amendments & Disputes
Thamani SACCO reserves the right to review and amend these Terms and Conditions at any time without prior notice. Continued use of our services following any changes implies your acceptance of the new terms.
Any dispute arising out of or in connection with membership shall be referred to the Co-operative Tribunal established under the Co-operative Societies Act, or resolved through alternative dispute resolution (ADR) mechanisms.
