Security & Compliance
Is D.A.E.S registered with SASRA? Not yet. We are in the Expression of Interest phase. Registration is a key goal and will be carried out by the duly selected legal partner and Interim committee at the first AGM meeting.
Are our deposits protected by the SDGF? Yes, once we are a licensed Deposit-Taking SACCO, member deposits will be protected by the Sacco Deposit Guarantee Fund.
What happens to our money if the SACCO fails? The SDGF will compensate members up to the statutory limit as per the law.
How is our personal data protected? We will comply with the Kenya Data Protection Act to secure all member information.
Will the e-hailing app be licensed by the NTSA? Yes, we will ensure the platform meets all NTSA regulations for e-hailing services.
Financials & Shares
How is share capital value calculated? It's based on the nominal value of shares owned, which can grow with SACCO profits.
How will share capital value grow? Value grows as the SACCO becomes more profitable through commissions, loans, and investments.
What is the minimum share capital? The minimum will be set in our by-laws, compliant with SASRA regulations.
How are dividends calculated? Dividends are a portion of the SACCO's annual profits, distributed to members based on their shareholding.
Can I sell my shares back to the SACCO? Yes, members can typically sell shares back to the SACCO when exiting, as per the by-laws.
Can I transfer my shares to another member? Yes, share transfers between members are allowed, subject to SACCO rules.
Is there a secondary market for our shares? There is no formal market; shares are primarily bought from and sold back to the SACCO.
What is the source of the SACCO's profits? Profits come from platform loan interests on approved Sacco products and services , and other approved investments.
How are loan interest rates determined? The Board of Directors sets rates based on risk, market conditions, and member affordability all on approval by Sacco members.
How much loan can I get? Loans are typically a multiple of your savings (e.g., 3-4 times), subject to the 1/3 rule of income.
Loans & Savings
How long does loan approval take? Approval is fast-tracked using real-time data from your integrated SACCO account accessible on your platform operational account. A criteria for approval shall be discussed and approved at the subsequent AGM meetings.
What happens if I fail to repay my loan? Your savings can be used as collateral, and it may affect your ability to get future loans and possibly a ban on use of the Sacco platforms.
Can I withdraw my savings at any time? NO, savings in a BOSA SACCO are NOT withdrawable and are subject to the SACCO's rules when exiting the Sacco. Once DAES Sacco expands to include FOSA services, the Sacco will operate like a bank e.g. withdrawing savings, ATM services etc.
How much interest do savings earn? Savings earn a competitive interest rate set by the Board on advice of members and consultations with financial and legal partners and funded by SACCO profits.
Is there an emergency loan option? Yes, the SACCO will offer emergency loan products with a fast approval process all integrated within your Sacco platform account.
Platform & Competition
How will the D.A.E.S app compete with Uber and Bolt? By offering best rates for both the riders and Sacco members working with the platform, member-voted commissions and a platform owned by its users.
How will we attract enough riders? Through a strong referral program, competitive pricing, and a focus on driver welfare. Members are encouraged to subscribe to the Sacco introduction Skiza Tune ( put skiza code here) to help raise funds for inital AGM and operations.
What commission will D.A.E.S charge? A fair commission of 8% to 16% set by members, with a minimum portion going to your savings and the rest going to loan repayments. This is all subject to approval from the members.
How will we ensure drivers get enough rides? By building a large member base and using effective rider-driver matching technology.
What happens if the app has technical problems? Our development team will provide 24/7 support to ensure minimal downtime.
Will the app work on low-end smartphones? Yes, the app will be designed to be lightweight and functional on basic Android devices.
Governance & Control
How do I vote on commission rates? Vote electronically via the google forms during the first AGM Meeting or in person at the AGM.
How are board members elected? All members vote to elect the Board of Directors at the Annual General Meeting (AGM) to serve for a period of 3 years under the Sacco Rules and Regulation By-laws that will be approved by members in subsequent AGM meetings.
Can I run for the board? Yes, any member in good standing can run for a position on the Board.
How often are AGMs held? AGMs are held annually, as required by the SACCO Societies Act.
How can I access financial statements? Financial reports will be available to all members via the SACCO's online portal.
Referral & Membership
How does the referral program work? You get a code; when someone joins using it and becomes a member, you earn a share under the guidelines and criteria that will be set by Sacco members.
How many shares for a successful referral? You earn one share as a reward for each successfully onboarded member but note the final rewards type will be subject to Sacco members approval.
How will I know my referral is successful? You will get a notification in your SACCO account when your referral meets all requirements.
What are the requirements for a new member? They must be an active online driver, boda boda, or delivery rider and meet SACCO criteria. More terms and conditions will be determined after complete registration and approval of by-laws.
How will membership cards be used? Print your card and present it at the AGM to verify your identity and cast your vote. The card will also be part of the registration process within the Sacco platform.
Operations & Future
Where will the SACCO office be? The Office will be established in Nairobi where member density is expected to be high. Since operations will fall under BOSA, a well designed central hub of operations will lower costs. Future expansion plans will transition DAES Sacco into FOSA services as we expand operations to the whole country.
Who will hire the staff? The Board of Directors will approve all staff hires based on the consultant's staffing plan.
How will the SACCO be funded before launch? Initial funding comes from member contributions and registration fees approved at an AGM Meeting.
What is the timeline for launching the app? The app will launch after the SACCO is registered and the development phase is complete.
How will the SACCO handle rapid growth? Our scalable digital platform and robust financial systems will be designed for growth.
Additional Questions
Is there a fee to register? The EOI is free. There may be a nominal fee for official SACCO membership once members approve such a proposed agenda.
Do I need a smartphone to join? Yes, a smartphone is required to use the e-hailing app and access your SACCO account.
How are disputes with riders handled? The platform will have a clear, member-voted policy for handling complaints and disputes.
How is the referral code linked to me? Your unique code is tied to your membership number in the central database.
What is the process for the transfer or inheritance of SACCO shares upon a member's death? Your shares and deposits are refunded to your legal beneficiaries.
Can I get a loan to buy a vehicle? Yes, the SACCO will offer asset finance loans for vehicles and other business needs with the risks taken into consideration.
How is the board paid? Board positions are voluntary; members receive a sitting allowance for a limited number of monthly sittings (2-3), not a salary. The sitting allowance shall be determined and approved by registered members.