RE: LOANS IN REPAYMENT ARREARS
Further to our various circulars and pursuant to regulatory and financial reporting requirements, all members in repayment arrears are expected to regularize their loans accounts. We are required to make provisions for such loans in the financial statements, which reduces the dividends payable to all members of the Sacco.
We wish to advise as follows:
1. Loans in Repayment Arrears
All loans in arrears should be regularized by clearing the outstanding arrears through cheque/cash deposits, M-pesa payments, restructuring or bridging/consolidation. Failure to comply will lead to transfer of the affected loans to guarantors.
2. Unpaid Guarantor Loans
Per our circular of 11th May 2021, those Guarantor Loans that are not being serviced will be recovered from deposits.
You may check the status of your loans from the Members Web Portal. You can also contact the Sacco office for any clarification.
LOANS IN REPAYMENT ARREARS