Why did Qona rebrand?
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?
The rebrand includes updates to our visual identity and communication elements, such as:
Our core services, corporate governance and values remain the same.
Will member services or contributions change?
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?
How do I join the Sacco?
You can now join the Sacco online by:
Attach the following to your application:
How will I know when my account is open?
An SMS notification with your member number shall be sent to your phone within 48 hours.
Is there a joining fee?
Yes, a one-off fee of KES 1,000.
Is there a minimum monthly contribution?
Yes, the minimum monthly contribution is KES 3,000.
What is Share Capital?
The share capital is institutional capital of the Sacco. Each member is mandated to purchase minimum shareholding of 400 shares.
How long do I need to purchase the share capital?
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?
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?
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?
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?
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?
Yes, you can purchase additional shares by:
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?
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?
You can contribute through:
All options can be accessed through our website.
Are Chamas/Investment Groups eligible to join?
No, unfortunately we are a primary cooperative and do not onboard Chamas or Investment Groups.
How do I benefit from being a member?
Members enjoy numerous benefits including:
How do I check/track my account?
You have multiple ways to manage your account:
How long should I save to qualify for a loan?
What is BOSA?
Can I top up my savings to qualify for a bigger loan?
Yes! If you deposit a lump sum larger than your current savings:
Does the Sacco buy loans from other financial institutions?
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?
Processing time varies by loan type:
How do you differentiate short-term from long-term loans?
What type of security do I need when applying for a loan?
You need to have a guarantor if borrowing above your savings. Other forms of security include:
What documentation do I need when applying for a loan?
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?
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?
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?
The ratio is 1:5, meaning:
What is the savings to mortgage ratio?
The ratio is 1:10, meaning we give you up to 10 times your savings.
Do you accept collateral?
Can I pay my loan in lump sum with penalties?
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?
Yes, you are eligible to borrow a loan even after guaranteeing others.
Has the Sacco partnered with KMRC?
Yes! We offer KMRC mortgages at competitive rates:
These are among the most affordable rates in the market.
What is my liability as a guarantor?
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?
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?
Our selected vendors include:
Financing is available for all items.
Can I change my beneficiary?
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?
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.
What is FOSA?
When was FOSA launched?
FOSA was launched in 2011. We are a deposit-taking Sacco regulated by SASRA (Sacco Regulatory Authority).
How do I open a FOSA account?
Every member automatically has a FOSA account.
How does the FOSA operate?
You can operate your FOSA just like any other bank account:
How do I access funds in my FOSA account?
You have multiple access options:
Do I need to register for QonaPay app?
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?
No. You need to register for ATM by filling in the ATM application form.
Can I open more than one FOSA account?
Yes! We have different types of accounts you can open:
What interest is earned on Junior account?
What interest is earned on Jaza Jaza account?
Can I access salary advance?
Yes, if you are processing your salary with the Sacco! You can apply via:
Are there fees for salary processing?
Only KES 100.
Are there account maintenance fees?
No account maintenance fees! The only charges are:
Maximum transfer: Up to KES 500,000 (2 transactions of KES 250,000 each). Maximum transfer per day is KES 500,000.
