Welcome to Veritas Savings and Credit Cooperative Society Limited ("Veritas Sacco"). These Terms of Service ("Terms") govern your relationship with Veritas Sacco and your use of our services, accounts, website, and mobile applications. By becoming a member, opening an account, or using any of our services, you acknowledge that you have read, understood, and agree to be bound by these Terms.
Please read these Terms carefully before engaging with our services. If you do not agree to these Terms, you should not use our services or become a member of Veritas Sacco.
Veritas Sacco currently offers two main types of accounts:
Shares Account: Represents your ownership stake in the Sacco
Deposits Account: For your savings and fund management
4.2 Account Opening
To open an account, you must:
Be a registered member of Veritas Sacco
Complete the account opening form
Provide any additional required documentation
Make the minimum initial deposit as specified for each account type
4.3 Account Numbers
Each member is assigned unique account numbers for different account types:
Shares Account: The account number format is 1028670# followed by your membership number
Deposits Account: The account number format is 1028555# followed by your membership number
These personal account numbers must be used when making payments or transactions
The account numbers mentioned in other sections of this document (0110180280001 for deposits and 0110180280002 for shares) are the group account numbers and should not be used for individual transactions
4.4 Account Management
You are responsible for:
Keeping your account information confidential
Notifying us immediately of any unauthorized transactions
Ensuring that your account has sufficient funds for any transactions
Regularly reviewing your account statements for accuracy
4.5 Account Closure
You may close your account at any time by submitting a written request. Account closure is subject to:
Settlement of all outstanding obligations
Processing time of up to 30 days
Applicable fees as per our fee schedule
The Sacco reserves the right to close an account for violations of these Terms or for other legitimate reasons.
The Deposits Account allows you to save money with Veritas Sacco. Key features include:
Competitive interest rates as determined by the Board
Flexible deposit options
The basis for loan qualification
Access to funds when needed, subject to withdrawal terms
5.2 Making Deposits
You can make deposits to your account through:
Mobile money transfer using Paybill Number: 400222 and your personal Deposits Account Number (1028555# followed by your membership number)
Direct bank transfers
Cash deposits at designated Sacco branches
Check deposits (subject to clearance)
Important: When making deposits, always use your personal account number (1028555# followed by your membership number) as the account number. Do not use the group account number (0110180280001).
The Shares Account represents your ownership stake in Veritas Sacco. Key features include:
Earn dividends based on the Sacco's annual performance
Increase your borrowing capacity
Provide voting rights in Sacco governance
Help build the foundation for the Sacco's growth
6.2 Purchasing Shares
You can purchase shares through:
Mobile money transfer using Paybill Number: 400222 and your personal Shares Account Number (1028670# followed by your membership number)
Direct bank transfers
Cash payments at designated Sacco branches
Important: When purchasing shares, always use your personal account number (1028670# followed by your membership number) as the account number. Do not use the group account number (0110180280002).
6.3 Dividends
Dividends on shares:
Are declared annually based on the Sacco's performance
Are approved by members at the Annual General Meeting
Are distributed as determined by the Board
Are subject to applicable taxes as required by law
6.4 Transfer and Withdrawal of Shares
Transfer and withdrawal of shares:
Require written application
Are subject to Board approval
May be subject to a retention period
May be subject to fees and charges
Important: Members must maintain the minimum required shares to maintain active membership and access to Sacco services.
Veritas Sacco imposes various fees and charges for its services, including but not limited to:
Membership fees
Account maintenance fees
Transaction fees
Loan application fees
Loan processing fees
Statement fees
Withdrawal fees
Cheque processing fees
All fees and charges are available in our Fee Schedule, which may be updated from time to time. The current Fee Schedule is available at our branches and on our website.
We take reasonable measures to protect your personal information from unauthorized access, use, or disclosure. However, no security system is impenetrable. You are responsible for maintaining the confidentiality of your account credentials.
9.4 Your Privacy Rights
You have the right to:
Access your personal information
Correct inaccurate information
Request deletion of your information (subject to legal requirements)
By providing your email address or mobile phone number, you consent to receive electronic communications from us. You can opt out of electronic communications at any time by contacting us.
10.3 Updates and Notices
We will send you updates and notices regarding:
Account activity
Changes to these Terms
Changes to our services
Promotional offers
10.4 Contact Information
You are responsible for keeping your contact information up to date. Failure to receive a communication due to outdated contact information will not excuse you from any obligations.
Veritas Sacco reserves the right to amend these Terms at any time. Amendments may be made for reasons including but not limited to:
Changes in laws and regulations
Changes in our services
Security enhancements
Business needs
We will notify you of any material changes to these Terms through appropriate channels. Your continued use of our services after the effective date of the changes constitutes your acceptance of the amended Terms.
These Terms are governed by and construed in accordance with the laws of Kenya, without regard to its conflict of law provisions. Any disputes arising from these Terms or your relationship with Veritas Sacco shall be subject to the exclusive jurisdiction of the courts in Kenya.