The rules and guidelines governing your membership and use of our services
Welcome to the Penta-O SACCO Mobile Application ("App"). By creating an account or using our services, you agree to comply with and be bound by the following Terms and Conditions ("Terms"). Please read them carefully.
1.1. Penta-O SACCO is a registered Savings and Credit Cooperative Society dedicated to transforming lives through innovative and inclusive financial solutions.
1.2. Our Vision: To be a leading SACCO that transforms lives through innovative and inclusive financial solutions.
1.3. Our Mission: To provide reliable, affordable, and member-centered financial services that promote economic empowerment and sustainable growth.
2.1. To use the App, you must be a registered member of Penta-O SACCO.
2.2. You must provide accurate, current, and complete information during the registration process.
2.3. You are responsible for safeguarding your account credentials and for all activities that occur under your account.
2.4. Membership is subject to approval by the SACCO management in accordance with our bylaws.
3.1. Mandatory Contributions: Members are required to make monthly contributions ("Progressive Deposits") as determined by the SACCO's bylaws.
3.2. Product Savings: Additional savings products (e.g., Kidsmart, Holiday Vault, Goal Achiever) are optional and subject to their specific terms as outlined in our Savings Policy.
3.3. Withdrawals: Withdrawals from savings accounts are subject to approval by SACCO Administrators and may attract processing fees or waiting periods as defined in our policy.
3.4. Non-Refundable Deposits: Share Capital deposits are strictly non-refundable and represent your ownership stake in the SACCO. Share Capital can ONLY be TRANSFERRED (change of ownership) to another member with the approval of the SACCO Administrators.
4.1. Eligibility: Loan eligibility is calculated based on your Progressive Deposits (typically 3x your savings) and your repayment history.
4.2. Interest and Fees: All loans attract interest rates and processing fees as specified in our Loan Policy. Specific rates will be displayed at the time of application.
4.3. Repayment: You agree to repay all loans according to the agreed schedule. Failure to repay may result in penalties, suspension of membership privileges, or legal action.
4.4. Guarantors: Most loans require guarantors. By acting as a guarantor, you agree to overlap your savings against the borrower's loan. If the borrower defaults, your pledged savings may be used to recover the debt.
4.5. Default: In the event of default, the SACCO reserves the right to offset your savings against your outstanding loan balance and pursue other recovery methods as per our Loan Policy.
5.1. You agree not to use the App for any unlawful purpose or to solicit others to perform or participate in any unlawful acts.
5.2. You will not disrupt or interfere with the security or operation of the App.
5.3. You agree to use the App in accordance with all applicable laws and regulations of Kenya.
6.1. Your use of the App is also governed by our Privacy Policy. By using the App, you consent to the collection and use of your information as outlined therein.
7.1. We reserve the right to modify these Terms at any time. We will notify you of significant changes via the App or email.
7.2. Your continued use of the App after notification constitutes acceptance of the revised Terms.
8.1. These Terms shall be governed by and construed in accordance with the laws of Kenya.
8.2. Any disputes arising from these Terms shall be subject to the exclusive jurisdiction of the courts of Kenya.
If you have any questions about these Terms, please contact us:
Clay City Business Center, Kasarani, Nairobi, Kenya
+254 793 658 147
customercare@pentaosacco.com
www.pentaosacco.com
You may also reach us through the Help & Support section of the App.