The Grand Granite Diaspora Savings and Credit Cooperative Society Ltd (GGDS) was registered in Kenya on 07/2020 under the Co-operative Societies Act, Cap 490 Laws of Kenya. Our objective is providing saving and investment opportunities for our members. We provide a mechanism for Kenyans residing in the United States (USA) and Kenya to save and borrow money at affordable and competitive costs. The Grand Granite Diaspora Sacco operates wholly under the Kenyan law.

• Be a Kenyan resident living abroad (diaspora), at least 18 years of age, and have a stable source of income or gainful employment
• Have a valid Kenyan passport or a Kenyan National ID and provide a colored passport size photograph.
• Provide information for a designated next of kin (nominee).
• Be able to pay one-time non-refundable membership fee of Kenya Shillings Ksh. 10,000
• Purchase a minimum of ten 10 shares each Ksh 10,000 each within 6 months of joining the SACCO to be eligible for full membership. Owning shares makes you a bona-fide member of the Sacco.
• Contribute a minimum of Ksh. 10,000 to your SACCO Savings Account monthly thereafter to borrow against.

The purpose of a SACCO Society is financial intermediation – bringing savers and borrowers together in a system that enables them to pool their money as savings and loaning

The total amount of money that has been deposited into the account by a member which is stated in the bylaws as “Every member shall hold at least 10 shares of Ksh 10,000 each. However, no member shall hold more than one-fifth of the total shares of the society.”

Yes, saving deposit shares qualify for future loans. The equity shares help build the SACCO in which we operate.

Savings and credits with opportunities for affordable loans or ease of access to funds needed for projects.

Please send us the email with your intent tosupport@grandgranitediasporasacco.com 

, Our team member will contact you for further instructions

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1. Voluntary membership
2. Democratic member control
3. Economic participation by members
4. Social autonomy and financial independence

Unlike commercial banks where you deposit savings, in a SACCO you have to make monthly installments in the course of your membership without defaults. Unlike banks, a SACCO relies on members’ deposits as the main source of capital to lend.

By completing the application for membership form after meeting the qualifications for membership such as, attaining the age of 18 years, being of sound mind and with good character, and paying the entrance fee.

KSH. 10,000 nonrefundable fees

Share shall mean the amount represented by a member’s portion in the equity of the society as a co-owner.

Once you’re a member, you’ll have access to SACCO website and login to your account

No loan shall be made to any member in excess of 5% of the society’s total share capital and reserves.

After you attain full members and have accumulated saving deposits (not capital shares).

1. Observe and comply with all the society’s bylaws and decisions by the relevant organs of the society.
2. Buy and pay up for shares or make any regular payments provided for in the bylaws.
3. Meet the debts of the society in case of insolvency in accordance with the provisions of the act and the bylaws.

Yes, you are obligated to buy one saving deposit share (or more) otherwise you’ll incur 15% penalty per annum of any arrears

1. You become a dormant member and lose full membership status. You’ll start your probationary period (a minimum of 6 months)
2. You must continue to repay your loan

1. To attend and participate in decision making at all general meetings of the society
2. To be elected to the organ of the society as per the by -laws
3. To have access to all legitimate information relating to the society.
4.  

A member can withdraw their membership at any time by giving a 60-day notice to the committee

1. On cessation of membership, a member receives dividends or interest accrued until the date one ceased to be a member. One also gets their total savings deposits with 10% less.
2. Others as stated in the bylaw
3. And all other sums held by the society after deductions of any owed money

1. The saving deposits will be designated to the next of kin
2. The capital shares remains with the SACCO but the next of kin would continue to accrue interest and dividends. The next of may choose to become a member and capital shares would be transferred.