Policies

Contribution

Every member shall be required to make a minimum deposit monthly contribution of Ksh.  200.

A member may make contributions to M-ASCA of as little as Ksh 50/= provided that this totals to a minimum of Ksh. 200/= at the end of the month.

There is no limit as to the amount of savings one can make  in a month provided that the savings are above the mandatory Ksh 200.

A member who transfers his\her savings from another association to M-ASCA will be treated as a new member

No member shall hold more than 5% of the total savings of M-ASCA.

Withdrawals, Transfers and Refunds 

A Member may withdraw from M-ASCA by way of:-

•Death

•Being expelled from membership in terms and conditions

•closing his/her M-ASCA account.

•Becoming certifiably insane

•Transferring savings to another member within M-ASCA.

•With the approval of Management, a member may at any time transfer all his/her savings to another member.  Such transfers must be in writing.

•All transfers of savings must be registered with the Secretary, and no transfers shall be valid unless so registered.

•A member cannot withdraw/transfer his/her savings/deposits partially while still in the membership of M-ASCA.

•Loans shall not be offset against savings unless on withdrawal from the M-ASCA.

•A member may at any time wish to withdraw from the M-ASCA by applying for withdrawal, subject to the member not having pledged his/her savings as a guarantee for other member’s loans.  This is subject to Management Approval.

•A withdrawing member will be required to discharge all outstanding obligations before his/her savings can be refunded / transferred. This will include:-

  • Full payment of outstanding loans , principal and interest
  • Replace guarantor ship where the member had guaranteed loans for other members

•A member who withdraws from M-ASCA and subsequently rejoins will be treated as a new member and must pay a re-admission fee of Ksh. 200/=.

Next of Kin

Every member shall nominate in writing person(s) to whom, on his/her death; his/her savings, deposit or any other interests shall be transferred.

Appointment of a next of kin by a member shall be by filled while registering for membership to M-ASCA and their contacts filed too.

The name of the next of kin shall be kept under seal.

A member shall have the right to change his/her next of kin, or other details under the update records module under my account*

Death 

On notification to M-ASCA of the death of a member by an officer of the Administration or Relative, the next of kin shall be paid the value of the deceased member’s savings or interest, less any sums due by the latter to M-ASCA, as soon as possible after presentations of the required documents.

The beneficiaries shall be paid the value of savings in accordance with the Management committee resolution in force.

For speedy processing of refund of deposits to the next of kin of a deceased member, the following information must be provided within 14 days after the death of member:-

•Original Death certificate

•Copy of ID card for the deceased

Payment shall strictly be by the instructions made by principal member.

Payment to the next of kin shall be done in the presence of at least two witnesses representing the Office and two other Witnesses for the member; all of whom shall append their signatures on the witness form.

Registration Fee and Monthly Contributions

Each member shall pay a one-off entrance fee of Kshs 200/= as prescribed in the associations terms and conditions, which is non refundable.  In the event that share contributions are received before the entrance fee, the same shall be deducted from the shares so received.

Every member shall be required to make a minimum deposit contribution of Ksh. 200 /= per month.

Rights

Nominate in writing person(s) to whom savings or any other interests shall be transferred in case one dies herein referred to as next of Kin during the registration process.

Can terminate membership after applying for Withdrawal and successfully approved.

Can vary rate of deposit contribution provided it does not go below the minimum stipulated contributions

Receive statements of individual accounts loans and deposits anytime via the M-ACSA mobile money platform.

Obligations

Observe and comply with Association terms and conditions,

Ensure regular deposit contributions

Ensure prompt repayment of all loans due

Repay loans guaranteed in case of default by principal borrowers.

Observe minimum deposit contributions

To ensure monthly contribution to the M-ASCA are made without failure.

Receipts

All Monies are to be paid to M-ASCA via  the various payment functionalities under the *645*86# mobile money platform

Electronic reference numbers will be proof of payment

The system will automatically update client records as per all payments made through the M-ASCA mobile money platform.