“Welcome to Lompasago (NWDT) Sacco Society’s FAQ Section! Here, we answer your most pressing questions about our services, membership, loans, savings, security measures, and much more. Explore below to find all the information you need to make informed decisions and maximize your experience with us.”

A Sacco, short for Savings and Credit Cooperative Organization, is a financial institution that operates on the cooperative principle of pooling resources from members to provide affordable financial services such as savings, loans, and other credit facilities. Saccos are regulated by the Sacco Societies Regulatory Authority (SASRA) in Kenya and play a crucial role in promoting financial inclusion and empowering communities economically.

Sacco membership typically involves opening an account and making regular contributions (savings) to the Sacco. Members are entitled to various benefits such as access to affordable credit, dividends on their savings, and participation in decision-making processes.

Lompasago (NWDT) Sacco Society offers a range of  financial services, including savings accounts, various loan products (e.g., personal loans, business loans), investment opportunities, insurance products, and financial education programs. Additionally, members can access mobile banking services and enjoy discounts and special offers.

To become a member of Lompasago (NWDT) Sacco, you need to fill out a membership application form available on our website or at our branches. Submit the completed form along with the required documentation and purchase the minimum number of required shares. Once your membership is approved, you will have access to all Sacco services and benefits.

Benefits of joining Lompasago (NWDT) Sacco include:

  1. access to affordable credit,
  2. competitive interest rates on savings,
  3. dividends on your savings and loans,
  4. financial education and counseling,
  5. Access to tailored financial solutions,
  6. Opportunities for investment,
  7.  Insurance products,
  8. A sense of community and belonging within a trusted financial institution.
  9. Opportunity to participate in Sacco’s decision-making process.

Applying for a loan from Lompasago Sacco is straightforward. Simply fill out a loan application form, indicating the type of loan you require and providing the necessary documentation, such as proof of income and collateral, if applicable. Our loan officers will guide you through the process, and once approved, funds are disbursed efficiently to meet your financial needs.

Interest rates for loans vary depending on the type of loan and prevailing market conditions. Lompasago Sacco offers competitive interest rates that are communicated to members at the time of loan application. You can call or visit our office for more details on this.

The eligibility criteria for loans at Lompasago Sacco may include factors such as membership tenure, savings history, creditworthiness, ability to repay, and collateral if required. We strive to provide access to credit while ensuring responsible lending practices and financial sustainability for our members and the Sacco.

Loan approval times at Lompasago Sacco are efficient and depend on factors such as the type of loan, completeness of the application, verification processes, and approval workflows. We prioritize quick turnaround times to meet members’ financial needs promptly, usually processing loans within a reasonable timeframe.

Yes, members of Lompasago Sacco can apply for multiple loans simultaneously, subject to meeting the eligibility criteria for each loan type and considering their ability to manage multiple loan obligations responsibly.

Our loan officers can provide guidance on managing multiple loan applications effectively.

For more details, talk to our credit officer.

  • 0776-098515
  • 0733-861315 or( +254700006007 Whatsapp

Loan repayments at Lompasago Sacco are convenient and flexible. Members can make repayments through various channels, including bank transfers , mobile banking, standing orders, or directly at our branches. Our automated systems ensure accurate and timely processing of loan repayments to maintain good financial standing.

Lompasago Sacco encourages timely loan repayments to avoid unnecessary penalties and maintain good credit standing. While late repayments may incur penalties or interest charges, we also offer grace periods and financial counseling to assist members facing temporary financial challenges.

Yes, Lompasago (NWDT) Sacco offers a secure online account detailed via WhatsApp or email sent to members upon request through any of the online channels.

You can check your account balance through multiple channels, including our online banking platform, mobile banking, SMS banking, or by visiting any of our branches. These options provide flexibility and convenience for members to monitor their finances effectively.

Lompasago Sacco maintains transparent and competitive fee structures for account maintenance. While minimal fees may apply for specific services or transactions, we strive to keep costs affordable and clearly communicate any charges to members to ensure financial transparency and accountability.

To update your personal information with Lompasago Sacco, simply visit any of our branches or contact our customer service team. Provide the required documentation for verification, such as proof of identification or address, and our staff will assist you in updating your details promptly and accurately.

Yes, members can nominate beneficiaries for their Sacco savings to ensure that their financial assets are passed on according to their wishes in the event of unforeseen circumstances. Our nomination process is straightforward and ensures members’ peace of mind regarding their financial legacy.

Lompasago Sacco provides a range of investment opportunities for members to grow their savings and achieve their financial goals. These opportunities may include savings plans, fixed deposit accounts, investment clubs, real estate investment options, and partnerships with reputable financial institutions for diversified investment portfolios.

Dividends at Lompasago Sacco are calculated based on members’ shareholdings and the Sacco’s financial performance. Dividend calculations typically consider factors such as net surplus, member activity, and regulatory requirements. Dividends are distributed to eligible members periodically, reflecting our commitment to rewarding member loyalty and participation.

Members of Lompasago Sacco can withdraw their savings at any time, subject to applicable withdrawal terms and conditions. Our flexible withdrawal options ensure that members have access to their funds when needed while maintaining the Sacco’s financial stability and sustainability.

To withdraw savings from Lompasago Sacco, members may need to provide identification, complete a withdrawal form, and adhere to any withdrawal limits or processing timelines specified by the Sacco. Our efficient withdrawal processes ensure timely access to funds while safeguarding members’ financial interests.

Yes, Lompasago Sacco is committed to empowering members through financial education programs and workshops. These programs cover topics such as budgeting, saving strategies, investment planning, debt management, and financial literacy to enhance members’ financial knowledge and decision-making skills.

Members can report fraudulent activity within the Sacco by contacting our dedicated fraud reporting hotline or emailing our fraud prevention team. Additionally, members can visit any of our branches and speak to our customer service representatives or submit a written complaint detailing the fraudulent activity. We take all reports of fraud seriously and investigate them thoroughly to protect our members’ interests and maintain the integrity of our operations.

Lompasa Sacco prioritizes the security of members’ funds through robust security measures, including encryption protocols for online transactions, secure banking platforms, regular audits and risk assessments, staff training on fraud prevention, strict access controls, and compliance with regulatory standards. These measures safeguard members’ financial assets and data against unauthorized access or fraudulent activities.

Yes, members can transfer funds between accounts within Lompasa Sacco through various channels, including online banking, mobile banking, and in-branch transactions. Our seamless fund transfer services enable members to manage their finances efficiently and securely.

Lompasa Sacco offers a range of accounts tailored to meet members’ diverse financial needs, including savings accounts, current accounts, fixed deposit accounts, investment accounts, loan accounts, and specialized accounts for specific purposes such as education or retirement planning. Each account type is designed to provide unique benefits and features to enhance members’ financial well-being.

To open a joint account at Lompasago Sacco, interested parties must submit a joint account application form where they agree and open it as one person, provide identification and proof of address for all account holders, and agree on the account operating terms and conditions. Our customer service team can assist with the joint account opening process and ensure compliance with regulatory requirements.

There are no specific age restrictions for joining Lompasa Sacco. We welcome individuals of all ages who meet the membership requirements, including adults, young adults, and seniors, on meeting all terms and conditions.

Yes, Lompasago Sacco collaborates with reputable insurance providers to offer a range of insurance products tailored to members’ needs. These products may include life insurance, health insurance, asset protection insurance, and other insurance solutions to provide financial security and peace of mind to members and their families.

Members can access their Sacco statements through various channels, including online banking platforms, email statements, or by visiting our branches and requesting printed statements. These options provide flexibility and convenience for members to track their financial transactions and account activities.

Yes, Lompasago Sacco offers mobile banking services that allow members to access a wide range of Sacco services and perform transactions conveniently from their mobile devices. Members can check balances, transfer funds, pay bills, apply for loans, receive alerts, and access other financial services securely through our Kwara mobile banking platform.

Lompasago Sacco rewards its members with discounts, special offers, and loyalty programs as part of our commitment to member appreciation and engagement. These benefits may include discounted loan interest rates, bonus dividends, promotional savings rates, exclusive product offers, and participation in member appreciation events.

If members encounter disputes or concerns regarding Sacco services or transactions, we encourage them to first contact our customer service team for assistance. Our dedicated dispute resolution process involves thorough investigation, communication with members, mediation or arbitration if necessary, and resolution to ensure member satisfaction and trust in our services.

Lompasa Sacco is committed to community development and social responsibility initiatives. We contribute to the community through financial support for local projects, sponsorships of community events and programs, partnerships with educational institutions, environmental conservation efforts, and outreach programs that promote economic empowerment and social welfare.

Yes, self-employed individuals can apply for membership at Lompasago Sacco by fulfilling the membership requirements, such as purchasing shares, providing proof of income or business registration, and meeting other eligibility criteria. Our inclusive membership policy welcomes individuals from various professions and sectors to benefit from our financial services and opportunities.

Groups or organizations can join Lompasago Sacco as institutional members by submitting to a single account and operating as an individual.

Lompasago Sacco holds regular meetings, including general meetings, board meetings, and committee meetings, as per our bylaws and governance structure. Members are informed about meeting schedules, agendas, and participation opportunities to ensure transparency, accountability, and member engagement in Sacco affairs.

Yes, members can nominate proxies to represent them and vote on their behalf at Sacco meetings, subject to the Sacco’s bylaws and proxy nomination procedures. Proxy nominations enable members to participate in decision-making processes and exercise their rights even if they are unable to attend meetings in person.

If a member decides to leave Lompasago Sacco, they can initiate the withdrawal process by submitting a written notice of withdrawal to the Sacco’s management. The withdrawal process involves settling any outstanding obligations, such as loans or dues, and receiving the member’s share of savings and dividends as per the Sacco’s policies and procedures.

Lompasago Sacco prioritizes member privacy and data protection through strict confidentiality policies, secure data storage and transmission practices, access controls, encryption technologies, compliance with data protection regulations, and regular security audits. We respect members’ privacy rights and ensure that their personal and financial information remains confidential and secure at all times.

Lompasago Sacco considers loan applications from members with varying credit histories, including those with poor or limited credit histories. We assess loan applications based on multiple factors, such as current financial status, repayment capacity, collateral if applicable, and willingness to improve creditworthiness through responsible financial behavior.

Yes, Lompasago Sacco provides financial counseling and advisory services to members seeking guidance on budgeting, debt management, savings strategies, investment planning, credit repair, and overall financial wellness. Our experienced financial counselors offer personalized advice and tools to help members make informed financial decisions and achieve their goals.

You can contact Lompasago Sacco for support through various channels, including phone, email, social media platforms, online chat, and in-person visits to our branchesor customer service centers. Our contact details are available on our website, www.lompasagosacco.co.ke, where you can find phone numbers, email addresses, physical addresses, and hours of operation for each branch. Our dedicated customer support team is ready to assist you with any inquiries, issues, or service requests promptly and professionally.

Lompasago Sacco offers career opportunities for talented individuals seeking employment in the financial sector. We periodically advertise job vacancies on our website and other recruitment platforms, inviting qualified candidates to apply for positions in areas such as banking, finance, customer service, administration, risk management, and more. Joining our team offers a rewarding career path with opportunities for growth, professional development, and contributing to the success of our organization.

Lompasago Sacco upholds transparency in its operations through clear communication, disclosure of information, financial reporting, governance practices, member engagement, and adherence to regulatory standards. We conduct regular audits, publish financial statements, hold meetings with members, provide updates on Sacco activities, and involve members in decision-making processes to promote transparency, accountability, and trust in our organization.

Members of Lompasago Sacco can access deposit and loan services during our business hours at branches or designated service points. While some services may be available electronically , in-person transactions are typically processed during operating hours to ensure the accurate and secure handling of funds.

To update your contact information with Lompasago Sacco, such as phone numbers, email addresses, or physical addresses, please visit any of our branches, contact our customer service team, or use our online banking platform if applicable. Provide the updated information along with any required documentation for verification, and our staff will update your details promptly to ensure seamless communication and service delivery.

Lompasago Sacco is committed to sustainable development practices that promote economic, social, and environmental well-being. We support sustainable initiatives such as green financing for eco-friendly projects, financial inclusion programs for marginalized communities, social responsibility projects in education and healthcare, ethical investment practices, and environmental conservation efforts. By aligning with sustainable development goals, we aim to create positive impacts and contribute to a more sustainable and resilient society for current and future generations.

Yes, our offices remain open especially on saturday from 9 Am to 1Pm

Lompasago Sacco is committed to sustainable development through various initiatives, such as promoting financial inclusion in underserved communities, supporting environmentally friendly practices, and investing in social impact projects. We prioritize ethical and responsible financial practices that contribute to the long-term well-being of our members and the communities we serve.

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