West Bay, Zone 66, Street 840, Villa no. 131


P.O. Box 23091 Doha, Qatar


Frequently Asked Questions

FAQs

CORNICHE DIASPORA SACCO KENYA QATAR is a Savings and Credit Co-operative Society for Kenyans Living and working in Qatar. The founders of Corniche are Kenyan professionals based here in Qatar working in different organizations who came together with the sole purpose of pooling together and sharing resources

Corniche Diaspora SACCO efficiently promotes savings, credit and investment programmes amongst its members by offering its members high quality and diversified financial products and services at fair and reasonable interest rates. Get a chance to interact, network, learn and share experiences with other Diaspora Entrepreneurs.

Our common bond is Kenyans Living and working in Qatar.

To Join

  • Must be at least eighteen years of age, if a natural person, and should not have been convicted of a criminal offence involving fraud or dishonesty.
  • Must not a member of another SACCO in QATAR
  • Must not directly or indirectly, a moneylender, cash daily collector or carrying out such activities which are detrimental to the objectives of the SACCO.
  • A fully filled membership application form
  • A copy of the National Identity Card/Passport (Both sides for ID)
  • Two recent colour passport size photographs
  • Copy of ID of next of kin-If next of kin is a minor (below 18years old, indicate the name of trustee and relationship).
  • Download or fill online the membership application form,
  • Attach the documents mentioned in the requirements section
  • Make payments to the CDSKQ bank account given
  • Both the spouse and the children of an already registered member are eligible to join the SACCO even if they are not Qatar residents.

Minimum Monthly contribution is Ksh 5,000. A member can invest any amount they wish to but it must be above the minimum amount.

  • Direct money Transfer services through various money agencies with ABC bank e.g, Instant Cash, Express money, Transfast etc.
  • Mpesa via pay bill number 570414
  • Standing orders – Please indicate your membership number on the instruction form
  • Over the counter Deposit – Make payments to our bank account and present the banking slip
  • Cheque payment Addressed to Corniche Diaspora Kenya Qatar Saving and Credit Society Limited

NB: Cash payments are not accepted.

Corniche Diaspora SACCO offers five categories of loans, Normal loan, Refinance loan, School fees loan, Emergency loan and Corniche loan. Visit website for more info. www.cornichediasporasacco.com

Once a member always a member. Leaving Qatar does not affect ones membership unless:

  • A member ceases to honour the monthly deposits for a period of 6 consecutive months. The executive committee will write a notification letter to the member after which a decision will be made if still the member doesn’t pay up within 2 Months
  • A member wishes to withdraw from the SACCO. A formal signed letter giving the SACCO sixty days’ notice will be required in line with SACCO by laws.
  • A member violates the SACCO by laws.

With the approval of the committee, a member may at any time transfer shares to another member and not to any other person. Such transfers must be in writing and at nominal value. A transfer fee applies payable by the transferee.

The SACCO will pay dividends (interest on deposit and dividend on share capital) every year to all the members having deposits or share capital for the financial year ended. Deposits earn interest on pro rata basis which means you don’t have to hold dividend for a full year to earn interest. On the other hand, any balance on share capital as at close of financial year is entitled to dividend at a rate to be recommended by the management committee.

  • Dividend is made up to two components that interest on deposits and dividend on share capital
  • Interest on deposit is computed on pro rata and compound basis at a rate to be recommended by management committee and approved during AGM
  • Dividend on share capital is computed based on closing balance at the end of financial year at a rate recommended by management committee and approved during AGM.
  • Deposits are withdraw-able member’s saving while shares or share capital is the permanent member contribution toward the Sacco capital and forms part of Sacco equity.
  • Shares cannot be withdrawn even on exit from Sacco can be transferred to another willing member
  • Each member must have a minimum of Ksh………. In share capital unlike deposits which have no minimum amount
  • Deposits earn interest while shares or share capital earns dividends
  • Deposits can be used for loan security while shares cannot be used for the same

No member will be allowed to partially withdraw part of their deposits or offset part of the deposits against an outstanding loan unless one ceases to be a member.

A member can withdraw their deposit instantly however you will be charged a 10% commission of current deposit mount in lieu of withdrawal notice of 60 days.

A member cannot withdraw their deposits that have been pledged towards another member loan unless that member has cleared the loan or has submitted a guarantor to replace them.

Quote

Peace and social well-being are not only relevant to cooperatives but cooperatives are relevant to the peace making process in communities and societies throughout the world’ - Hillary Odido 2008

Corniche Diaspora Sacco

West Bay, Zone 66, Street 840, Villa no. 131

P.O. Box 23091 Doha, Qatar

by e-mail: info@cornichediasporasacco.com

or fill in the form on our contact page

Our By-laws