Frequently Asked Questions

Chuka University SACCO Ltd (CUSACCO Ltd) is a member-owned savings and credit cooperative society established to mobilize members' savings and provide affordable financial services, competitive credit facilities, and wealth creation opportunities for socio-economic empowerment.

The SACCO was established in 2009 under the name Chuka University College SACCO during the period when Chuka University operated as a constituent college of Egerton University. Following the university's full charter, the society evolved and was officially registered as Chuka University SACCO Ltd (CUSACCO Ltd).

The SACCO's principal offices are situated within Chuka University Main Campus, in Chuka town, Tharaka-Nithi County, Kenya. Members and prospective applicants can visit the customer service desk during regular working hours.

The primary purpose of Chuka University SACCO is to:

• Mobilize savings deposits from members on a regular basis.
• Provide accessible, affordable credit and prudent financial services at competitive rates.
• Foster financial literacy, discipline, and investment opportunities.
• Create an enabling cooperative ecosystem for members to achieve holistic personal, financial, and social development.

The SACCO’s common bond is primarily associated with Chuka University staff (including academic, administrative, technical, and support staff). Additionally, members of the wider university community and approved affiliate institutions who satisfy the SACCO's membership criteria are eligible.

Staff who leave employment or retire are actively encouraged to maintain and continue their full membership status.

Yes, absolutely. The SACCO encourages staff who leave university employment or retire to retain and maintain their membership. Continuing members simply need to fulfill the regular monthly deposit contributions through standing orders, direct bank deposits, or mobile money in accordance with SACCO bylaws.

Saving with Chuka University SACCO offers multiple compounding advantages:

• High Multiplier Borrowing: Your savings serve as direct collateral allowing you to borrow up to 3× or 4× your deposits in BOSA loan products.
• Competitive Annual Dividends: Members earn attractive annual interest rebates on deposits and dividends on share capital.
• Financial Security & Discipline: Structured payroll check-off and standing orders make saving effortless and consistent.
• Access to Emergency Backing: Instant qualification for quick FOSA advances and emergency financial assistance.

BOSA stands for Back Office Service Activity. At Chuka University SACCO, BOSA is the foundational cooperative arm that manages non-withdrawable monthly member savings, share capital, and facilitates members borrowing against their accumulated savings with guarantor support.

Non-withdrawable savings (also referred to as member deposits) are continuous monthly contributions held by the SACCO on behalf of a member. These funds:

• Cannot be withdrawn over the counter like a standard bank checking account while you remain an active member.
• Earn annual interest rebates based on SACCO financial performance.
• Form the primary basis for your credit rating and maximum loan eligibility.
• Are refundable only upon formal cessation of SACCO membership (after clearing outstanding liabilities and loans).

Yes, absolutely. Your savings are the direct determining factor for the maximum credit amount you can borrow. For example:

• Normal Loan: Allows borrowing up to 3 times your accumulated deposits.
• Special Normal Loan: Allows borrowing up to 4 times your accumulated deposits.

Maintaining higher and consistent savings significantly enhances your borrowing power.

Yes. Chuka University SACCO consistently yields competitive returns to members. Returns are distributed annually in two streams:

• Dividends on Share Capital: Calculated as a percentage on the member's permanent institutional share capital.
• Interest on Deposits (Rebates): Calculated as a percentage on members' cumulative non-withdrawable savings.

These payout rates are audited annually and approved by members during the Annual General Meeting (AGM).

Members can easily increase or adjust their monthly savings deductions at any time by filling out the official Deposit Variation Form.

The form is available in the Loan Forms & Downloads section of the website or at the SACCO branch office. Once filled, submit it to the SACCO registry before the monthly payroll cut-off date to take effect in the next payroll cycle.

Under its Back Office Service Activity (BOSA), Chuka University SACCO currently offers three core loan products:

• Normal Loan: Standard development facility up to 3× savings with a 36-month term.
• Special Normal Loan: Enhanced facility up to 4× savings with a 48-month term.
• Karibu Loan: Tailored credit facility specifically for newly recruited salaried staff members.

The Normal Loan is the SACCO's cornerstone long-term loan product designed for personal and developmental financing:

• Loan Limit: Up to 3 times your accumulated savings deposits.
• Repayment Period: Up to 36 months (3 years).
• Interest Rate: 1.0% per month on a reducing balance basis (equivalent to 12% p.a.).
• Requirement: Minimum of 6 months active SACCO membership and regular contributions.

The Special Normal Loan offers higher financing capacity for larger capital commitments:

• Loan Limit: Up to 4 times your accumulated shares and deposits.
• Repayment Period: Up to 48 months (4 years).
• Interest Rate: Listed at 1.08% per month on a reducing balance.
• Security: Fully secured by own deposits and qualifying member guarantors.

The Karibu Loan is a special welcome facility crafted specifically for newly recruited salaried members at Chuka University:

• Target Group: New employees who need immediate financial settlement support before completing the mandatory 6 months of savings.
• Repayment Period: Up to 12 months.
• Interest Rate: Listed at 16.5% on a reducing balance.
• Condition: Proof of employment letter and salary channeling.

Under its Front Office Service Activity (FOSA), Chuka University SACCO provides a diverse suite of short, medium, and long-term loans:

• Salary Advance: Fast short-term liquidity based on net pay.
• Emergency Loan: Rapid response funding for sudden emergencies.
• School Fees Loan: Direct educational tuition financing.
• Development Loan: Long-term asset acquisition and building loan (up to 84 months).
• Super Normal Loan: High-value flexible term financing (up to 72 months).

A Salary Advance is a convenient FOSA product designed to meet urgent cash flow needs before monthly payday:

• Loan Limit: Appraised based on the member's net monthly salary and ability to repay.
• Repayment Period: Up to 10 months.
• Interest Rate: Listed at 5.0% per month on a reducing balance.
• Processing: Disbursed quickly into the member's FOSA account.

The Emergency Loan is a priority credit facility established to assist members facing unexpected and urgent crises, including:

• Hospitalization and urgent medical treatment for member or dependents.
• Bereavement and funeral arrangements.
• Court fines, bail, or pressing legal fees.
• Natural distress or sudden unforeseen home emergencies.

Note: Supporting documentation (such as hospital bills, death certificates, or court papers) is required during application.

The School Fees Loan enables members to fund education costs for themselves, their children, or legal dependents without depleting core savings.

According to SACCO policy terms, the loan disbursement cheque/payment is drawn directly in favour of the respective school, college, or university institution upon attachment of the official fee structure or invoice.

The Development Loan is an extensive capital-financing product designed to support substantial long-term investments, such as:

• Purchasing land, agricultural plots, or commercial property.
• Constructing residential or rental houses.
• Major home improvements, business expansion, or asset purchases.
• Maximum Repayment Period: Up to 84 months (7 years), ensuring manageable monthly installments.

The Super Normal Loan provides expanded flexibility with adjusted terms for members seeking higher credit thresholds:

• Extended Term: Repayment period of up to 72 months (6 years).
• Early Eligibility: Under specific terms and qualifying conditions, it may be accessible before completing the standard 6 months of savings.
• Purpose: Suitable for multi-purpose refinancing, property acquisition, and large personal projects.

A member must have maintained active membership and made consecutive monthly contributions for at least six (6) months to qualify for a BOSA Normal Loan.

Yes. Newly recruited salaried employees can access immediate financing through the Karibu Loan without waiting for the 6-month maturation period, upon joining the SACCO and providing required employment details.

The maximum published repayment period for the FOSA Development Loan is 84 months (7 years).

The SACCO lists a maximum repayment duration of 72 months (6 years) for the Super Normal Loan.

When applying for an Emergency Loan, supporting documentary evidence is required depending on the nature of the emergency:

• Medical: Official hospital admission/discharge summary or hospital bill invoice.
• Bereavement: Burial permit or death certificate.
• Legal/Court: Official charge sheet, bail notice, or court fine receipt.
• Identification: Copy of National ID and recent certified pay slip.

Official loan application forms can be obtained through:

• Website Downloads: Visiting the dedicated Loan Forms section on the SACCO website for instant PDF downloads (Normal Loan, Special Normal Loan, Super Normal Loan, Salary Advance, Development Loan, E-Loan).
• SACCO Offices: Hard copies are readily available at the Chuka University SACCO customer desk.

Yes. Chuka University SACCO offers digital/electronic loan services (E-Loans) to facilitate rapid, paperless borrowing for registered members via mobile and online channels. The official E-Loan application and registration form is accessible in the loan forms portal.

Yes. The SACCO operates a dedicated Front Office Services Activity (FOSA) department providing daily transactional banking, salary processing, quick loans, salary advances, school fees disbursements, and tailored development financing.

The primary distinctions between BOSA and FOSA are:

• BOSA (Back Office Service Activity): Focuses on non-withdrawable regular monthly savings, share capital accumulation, and loans appraised strictly as a multiplier against your accumulated deposits (e.g. Normal and Special Normal Loans).
• FOSA (Front Office Service Activity): Operates akin to commercial banking, handling salary processing, direct withdrawals, short-term advances, urgent emergency facilities, and specialized development products.

You can easily get in touch with the SACCO via:

• Telephone: 020 231 0512
• Official Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
• Physical Address: Chuka University Main Campus, Chuka, Tharaka-Nithi County, Kenya.

The SACCO customer desk and administrative offices are open:

• Monday to Friday: 8:00 AM – 5:00 PM
• Weekends & Public Holidays: Closed (Digital channels remain operational)

You can submit an inquiry by:

• Filling out the online Talk to Us form on the website (providing your Name, Email, Subject, and Message).
• Sending a direct email to This email address is being protected from spambots. You need JavaScript enabled to view it..
• Visiting the customer service officers in person at Chuka University Main Campus.

Chuka University SACCO operates on democratic cooperative principles structured through three key governance tiers:

• The General Membership: Supreme authority exercised through the Annual General Meeting (AGM).
• The Board of Directors (Management Committee): Democratically elected by members to formulate policies, strategy, and oversee institutional management.
• The Supervisory Committee: An independent committee elected by members to provide continuous internal audit, risk monitoring, and compliance oversight.

The Supervisory Committee acts as the internal audit and oversight watchdog on behalf of all members. Their primary duties include:

• Safeguarding member savings and institutional assets against operational risks.
• Reviewing internal controls, financial books, and compliance with statutory SASRA regulations.
• Verifying loan disbursements, member accounts, and board decisions.
• Presenting an independent supervisory report directly to members during the Annual General Meeting.

The Annual General Meeting (AGM) is the supreme democratic assembly of all registered SACCO members. During the AGM:

• The Board presents audited financial statements and performance reports for the prior financial year.
• Members vote and approve dividend payouts and interest on deposits.
• Members debate and pass resolutions, approve annual budgets, and elect directors to the Board and Supervisory Committee.

Yes. Chuka University SACCO Ltd is a legally registered cooperative society licensed under the Co-operative Societies Act (Cap 490) and operates in full compliance with the regulatory supervision of the Sacco Societies Regulatory Authority (SASRA), guaranteeing highest standards of prudential governance, member fund safety, and financial stability.