Frequently Asked Questions

Your Questions Answered

🏢 Rebranding

Why did Qona rebrand?

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Qona is rebranding to reflect our growth, improved service delivery, and our evolution into a more modern, member-focused SACCO. The new brand identity positions us for expansion and better aligns with our long-term strategic goals.

What is changing in the rebrand?

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The rebrand includes updates to our visual identity and communication elements, such as:

  • Logo and brand colors
  • Communication templates
  • Member materials (forms, brochures, digital assets)
  • Online presence (website, social media look & feel)

Our core services, corporate governance and values remain the same.

Will member services or contributions change?

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No. All contributions, products, and member services remain unchanged. The rebrand improves the member experience but does not alter fees, benefits, or existing agreements.

Qona Sacco was formerly known as?

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Safaricom Sacco Ltd registered in 2001. It is regulated by SASRA and is a Tier 1 Sacco.

👥 Membership

How do I join the Sacco?

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You can now join the Sacco online by:

Attach the following to your application:

  • Passport photo
  • Copy of ID
  • Copy of KRA PIN certificate

How will I know when my account is open?

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An SMS notification with your member number shall be sent to your phone within 48 hours.

Is there a joining fee?

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Yes, a one-off fee of KES 1,000.

Is there a minimum monthly contribution?

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Yes, the minimum monthly contribution is KES 3,000.

What is Share Capital?

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The share capital is institutional capital of the Sacco. Each member is mandated to purchase minimum shareholding of 400 shares.

  • Each share costs KES 100
  • Total minimum shareholding = KES 40,000

How long do I need to purchase the share capital?

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A member should meet the minimum shareholding within 12 months from the date of joining, with a minimum contribution of KES 3,400 per month.

Is the Share Capital refundable?

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The share capital is non-refundable and is only transferable to an existing Sacco member or sold to a Sacco member when you cease being a member.

Can I introduce friends to join the Sacco?

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Yes! You may introduce your friends, colleagues, and family to join the Sacco. You earn KES 500 for bringing other members onboard.

Do I get returns on both monthly contributions and shares?

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Yes! Returns are earned at the end of every financial year according to the Sacco's performance.

Do I incur withholding tax on interest and dividends earned?

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Yes, 5% withholding tax applies, except for persons with disabilities who have a tax exempt certificate.

Can I purchase more shares than KES 40,000?

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Yes, you can purchase additional shares by:

  • Monthly contributions
  • Lump sum purchases
  • Purchasing from exited members

Maximum shareholding: Not more than one-fifth of the total shareholding per member. You may need to sell or transfer shares upon exit through the member portal on iConnect.

Will I continue being a member if I change my employer?

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Yes, you can continue your membership and continue monthly savings while servicing any existing loans.

How do I make my monthly deposits and share contributions?

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You can contribute through:

  • Bank standing order
  • M-Pesa Paybill
  • Employer check-off

All options can be accessed through our website.

Are Chamas/Investment Groups eligible to join?

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No, unfortunately we are a primary cooperative and do not onboard Chamas or Investment Groups.

How do I benefit from being a member?

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Members enjoy numerous benefits including:

  • Access to affordable loans at only 1% per month
  • Negotiated discounts through our vendors
  • Inculcate a savings culture
  • Affordable mortgage interest rates from as low as 0.67% per month
  • Annual rebates on savings and dividends on shares
  • And many other benefits!

How do I check/track my account?

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You have multiple ways to manage your account:

💰 Loan Eligibility

How long should I save to qualify for a loan?

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  • For long-term loans: Save consistently for at least 6 months in BOSA
  • For short-term loans: Save for at least 3 months

What is BOSA?

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BOSA stands for Back Office Services Activity. Funds in BOSA are NOT withdrawable unless you take a loan or withdraw from the Sacco to access your funds.

Can I top up my savings to qualify for a bigger loan?

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Yes! If you deposit a lump sum larger than your current savings:

  • You will need to wait at least 3 months to qualify for a loan
  • To borrow immediately, you will be charged a fee that the credit officer will disclose to you

Does the Sacco buy loans from other financial institutions?

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Yes, we do! Seek advice from our credit officers by presenting the latest certified loan statement/s from the financial institution.

How long does loan processing take?

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Processing time varies by loan type:

  • Long-term loans: Within 5 working days
  • Short-term loans: Within 24 hours

How do you differentiate short-term from long-term loans?

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  • Short-term loan: Service within 12 months and does not exceed KES 1 million
  • Long-term loan: Exceeds KES 1 million with repayment period over 12 months

What type of security do I need when applying for a loan?

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You need to have a guarantor if borrowing above your savings. Other forms of security include:

  • Title deeds
  • Logbooks
  • Other approved collateral

What documentation do I need when applying for a loan?

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All our loans can be accessed online on iConnect. Additional loan requirements can be downloaded from our website.

This applies to all loan types: short-term and long-term loans.

What does check-off arrangement mean?

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This means your employer remits deductions directly to the Sacco and has signed a memorandum of understanding with the Sacco to remit by every 5th of the month.

How many guarantors do I need?

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You may have one or more guarantors, although the loan MUST be fully guaranteed. The guarantor must be a qualified, active member.

What is the savings to loan borrowing ratio?

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The ratio is 1:5, meaning:

  • Your total Sacco loans should not exceed 5 times your savings
  • You can guarantee up to the tune of your savings

What is the savings to mortgage ratio?

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The ratio is 1:10, meaning we give you up to 10 times your savings.

Do you accept collateral?

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Yes, we accept:
  • Title deeds
  • Subleases
  • Logbooks

Can I pay my loan in lump sum with penalties?

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Yes! You can pay your loan in lump sum or multiple payments anytime. We do not penalize you for fast-tracking your loan repayment.

Can I borrow if I'm guaranteeing someone else?

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Yes, you are eligible to borrow a loan even after guaranteeing others.

Has the Sacco partnered with KMRC?

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Yes! We offer KMRC mortgages at competitive rates:

  • Ready houses: 8.5%
  • Construction loans: 9.5%

These are among the most affordable rates in the market.

What is my liability as a guarantor?

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Your liability as a guarantor reduces as the loanee pays the loan. This is accessible to you via the iConnect web portal at https://iconnect.qonasacco.com/.

Can I pay cash instead of financing for smart home items?

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Yes! You can deposit cash into your FOSA account, and we process an LPO so you enjoy the discounted rates from our selected vendors.

Who are your selected vendors?

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Our selected vendors include:

  • Safaricom Ltd (Phones)
  • Victoria Courts & Odds & Ends (Furniture)
  • Salute I World (Authorized Apple Dealer)
  • Hotpoint
  • Maridady Motors
  • And many others available on our website

Financing is available for all items.

Can I change my beneficiary?

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Yes! You can update your beneficiary by filling in a beneficiary update form, which is downloadable from our website.

What is the process for terminating membership?

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The notice period is 60 days to enable the Sacco to align your account.

If you had guaranteed someone, they will need to find replacements to release you from your guarantor obligations.

🏦 FOSA (Front Office Services Activity)

What is FOSA?

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FOSA stands for Front Office Services Activity. Funds in FOSA are withdrawable anytime depending on the type of savings account.

When was FOSA launched?

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FOSA was launched in 2011. We are a deposit-taking Sacco regulated by SASRA (Sacco Regulatory Authority).

How do I open a FOSA account?

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Every member automatically has a FOSA account.

How does the FOSA operate?

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You can operate your FOSA just like any other bank account:

  • Process your salary
  • Make deposits via M-Pesa or direct funds transfer
  • We also pay all loans via FOSA

How do I access funds in my FOSA account?

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You have multiple access options:

  • Over the counter withdrawal
  • ATM card
  • USSD *345#
  • QonaPay app (available on App Store & Play Store)

Do I need to register for QonaPay app?

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Yes! You use the same password as the one for USSD *345#.

If it's your first time using it, tap on the registration button.

Do I automatically get an ATM?

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No. You need to register for ATM by filling in the ATM application form.

Can I open more than one FOSA account?

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Yes! We have different types of accounts you can open:

  • Junior accounts
  • Jaza Jaza accounts
  • Holiday accounts
  • And many others

What interest is earned on Junior account?

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5% per annum on amounts above KES 10,000.

What interest is earned on Jaza Jaza account?

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4.5% per annum with withdrawal only bi-annually.

Can I access salary advance?

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Yes, if you are processing your salary with the Sacco! You can apply via:

  • USSD *345#
  • QonaPay app by selecting 'Rununu Advance'

Are there fees for salary processing?

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Only KES 100.

Are there account maintenance fees?

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No account maintenance fees! The only charges are:

  • Over the counter withdrawal: KES 57
  • FOSA to M-Pesa withdrawal: KES 57

Maximum transfer: Up to KES 500,000 (2 transactions of KES 250,000 each). Maximum transfer per day is KES 500,000.