A member can contribute as much deposits as he/she wishes, whether through payroll check-off or otherwise.

A member who transfers his/her deposits from another Sacco or from another member within the Sacco will only qualify for a loan after twelve (12) months waiting period, as is the case for new members.

Withdrawals, Transfers & Refunds

A member may withdraw from the Sacco by way of:

  1. Cancellation of account due to non activity on the account.
  2. Voluntary cancellation by the account holder after the required cancellation notice in writing has been submitted.


Full repayment of outstanding loans.

Replacement of guarantorship where the member had guaranteed loans for other members.

Cancellation of Membership
Withdrawal from Sacco membership must be made formerly to TAQWA by writing, upon notice of withdrawal, a member may either have his/her deposits refunded or transferred to an existing member as agreed between themselves.

The withdrawing member will be required to discharge all outstanding obligations before his/her shares/deposits can be refunded / transferred. This shall include:

Full repayment of outstanding loans.

Replacement of guarantorship where the member had guaranteed loans for other members.

A member who withdraws and subsequently re instates his/her membership will be treated as a new member.

Termination of Employment of a Member

If a member is no longer employed and has shares more than the outstanding loan, he/she can request to offset outstanding loan against shares and then retain membership with the net deposits. Such member may continue remitting shares to keep their membership and enjoy the benefits of the sacco.

Death of a Member

The period for processing withdrawal refunds due to death will not exceed sixty (60) days from the date of notice provided the member has discharged his/her outstanding obligations. It is the responsibility of the employer or next of kin of the member to notify the Sacco of the death of a member. This must be done not later than six (6) months by enclosing a letter from the employer and/or copy of death notification from either a hospital, police or Chief confirming the death. Death notification must be in writing addressed to TAQWA and specifying to whom the beneficiary of the account should be made. A certified copy of death certificate shall be required to facilitate refund of the deceased member’s shares/ deposits. All loans outstanding on account of a member at the time of death will be written shall be recovered from the deceased member’s deposits.


This shall result from either the member failing to contribute or the employer failing to remit to the Sacco what has already been deducted from the member’s salary. Both cases will be treated by the Sacco as defaulting in as far as the member is concerned.

Where the employer has defaulted in remitting members’ contributions already deducted from their salaries, it is the responsibility of the employees to take up the matter with the relevant authorities and make sure that the employer complies.

Where contributions in respect of a member has not been received for three (3) consecutive months, such member will be considered a defaulter.

Where the member’s contribution is not consistent on a monthly basis, then monies received will be credited to the last month outstanding, without skipping any month. If the arrears cumulates to three (3) months, then the member shall be considered a defaulter.

Once considered a defaulter, the member will be notified accordingly in writing copied to guarantors giving thirty (30) days notice to make good failure to which the guarantors’ deposits will be attached to defray the amount in default.

A defaulter who makes good the default will be subjected to six (6) months grace period before any loan application in his/her respect can be considered.

If no beneficiaries have been made by a deceased member, any claimant must obtain a letter of administration.


Each member will be required to name beneficiary(ies) of his/her estate in the event of death.

All payments by the TAQWA shall be by way of crossed cheque “A/c payee not negotiable” or bank transfers. For bank transfers, please specify the Bank details: Bank, Branch and Account Number.