Internal Kefra operational by-laws

1. Members are required to pay 100€ registration fee to join the sacco. The amount is non-refundable.
2. Members are required to own 4 shares worth 50€(200€) as part of their share capital. These shares are non-refundable but are transferable.
3. Members are required to remit minimum, but not limited, monthly contributions of Ksh 5000. Non remittance automatically attracts an interest of 10% of the outstanding amount, calculated every three months.
4. Meetings are set monthly, with a minimum attendance of the third one in a given trimester. Dates will be set and communicated at least two months before.
5. Upon withdrawal:
   a) Any outstanding project payments accredited to a member will be paid off against their shares, and the balance paid out.
   b)KEFRA will retain 15% of total monies accrued.
6. Qualification for a loan is aWer 6 months of consistent saving for long term loans and 3 months for short term loans.