MSACCO SERVICES MINI GUIDE

About Msacco

Msacco is a mobile banking service that rides on the M-Pesa platform. It enables members to pay their dues to the Sacco as well as be paid their loans and refunds via Mpesa. With Msacco comes convenience with its self-service features which enable members to transact with the Sacco anytime, anywhere at their own comfort.

Msacco Registration                               

To register, one has to be a member of Postbank Sacco Ltd. Fill the Msacco registration Form, attach a copy of your ID and forward it to the SACCO offices. The form can be downloaded from our website.  Your details will be captured into the system and an SMS sent to you from ‘POSTBANKSAC’ giving you the start pin.

You will be required to dial *346#, enter the start pin and follow instructions to change the pin. *Ensure you have airtime of atleast Kshs 2/= to access this service.

Features of Msacco Service

1. Balance Inquiry
2. Jiokoe Loan Access
3. Payments (Loans and shares)
4. Withdrawal to mpesa
5. Utility Payments

Making Payments

To make payments, first deposit funds to your Msacco account using our paybill – 878318, account No is your PF/Member No (enter only the 4 digits e.g. 9999) *NB: add an additional amount to cater for Safaricom charges depending on amount, (see Safaricom tariff charges on *234#), as well as M-sacco charges of Kshs 20/=. If making more than one payment add Kshs 10 for each payment

Payment of Loans via Msacco

1. After depositing the amount dial *346#. Enter your pin. Go to option 3.
2. Enter 2 for (loan repayment), select source account (enter 1)
3. Select the corresponding number for the loan you wish to pay.
4. Enter amount to pay i.e. the exact loan
5. Confirm payment and wait for Msacco to reply.

*NB. Payment to each Loan account will be charged Kshs 10/=

Payment of Shares via Msacco

1. Deposit funds to your Msacco Account as guided above.
2. Dial *346#, enter your pin
3. Choose Menu 4 – ‘Shares/Deposits’
4. Select Source account (i.e. your PF number)
5. Select ‘My account’
6. Select shares to pay
7. Enter amount to transfer and click send
8. Confirm the transfer
9. Wait for Msacco to reply

*NB. Payment to each share account will be charged Kshs 10/=

Application of Jiokoe Loan

1. Dial *346# enter your PIN, Go to option ‘3’ for Loans
2. Enter option1 (Loan Request)
3. Enter option1 (Jiokoe Loan)
4. Enter amount. confirm and wait for Msacco to reply.
5. Return to main menu and enter option 1 (Withdrawal)
6. Withdraw the amount to mpesa (less Kshs 100 e.g. if amount applied is Kshs 10,000.00 withdraw Kshs 9,900.00)
7. Wait for Msacco to reply.

Balance Inquiry

1. Select Menu 2 – ‘My account’
2. To check your loan balances, select balance inquiry
3. If your Msacco account has funds an SMS will be sent to your mobile phone

*NB. Kshs 10 is required to be in your Msacco account for you to receive your balances

JIOKOE LOAN FEATURES

1. The USSD code *346# is used to access the loan via Msacco platform.
2. Maximum loan amount granted is Ksh. 20,000.00
3. The loan is pegged on main deposits and the member must have share capital of Kshs. 10,000.
4. Interest rate is 5% per month on the loan balance.
5. Member will gradually increase the Jiokoe loan limit by Ksh 2,500 after successful repayment of initial loan of Ksh 10,000 (i.e  within 30 days) to a maximum of Ksh. 20,000.
6. The member receives SMS alerts on the loan application status of the loan (successful or rejected)
7. The repayment period is 30 days from the date the loan is granted.
8. The members get/ receives SMS reminder on loan repayment due dates. An SMS alert is sent 7days and 2 days prior to loan due date.
9. If the loan is not paid within 30days, the loan will attract a penalty of 10% the following day.
10. The loan is allowed another 30 days period for the member to repay the same.
11. After 60days the loan is termed as defaulted and automatically deducted once from the Members payslip via checkoff.
12. Upon default the member will not be barred from accessing the Jiokoe loan, however they will be subjected to a penalty of 10% of the outstanding jiokoe loan plus interest upon application.
13. When a member defaults (ie after 60 days) he or she will be eligible for a jiokoe loan limit of ksh.2,500.
14. The limit will be increased at the rate of ksh 2,500 on successful repayment after every 30 days.
15. Members outside common bond will qualify for jiokoe loan within the available deposits but to a maximum of ksh 20,000.

Click here to download Msacco User Guide

Click here to download Msacco Registration Form