4× at that rate? What's the catch?
The catch is in the sentence itself: it's YOUR savings doing the work. You save first; your money earns every day in an account in your own name; and what you've saved — plus your circle's backing — unlocks the loan.
Is this a chama?
No. Nothing is pooled, no waiting your turn, no group holding your money. Savings are individual, in your own name; loans are individual, in your name alone, capped at up to 4× your own savings. The circle backs you — it does not save or borrow with you.
Isn't this just a money market fund?
Your MMF money earns and sits. Sakoll savings earn the same way — and unlock up to 4× in credit, and can back your people, all while still earning. Same yield habit; three more jobs.
Who is holding my money?
Two accounts are opened for you, both in your own name: a Britam money market fund account for your savings and a DTB bank account for your banking — and Sakoll makes them work together. The accounts are yours; the work is ours.
What happens if my friend defaults?
Grace period first. Then exposure is capped three ways: the amount of that backing, calculated from the borrower's credit record and savings; never more than half your savings pledged in total; and Sakoll itself carrying up to half the loan. When the borrower repays, your money comes back, having earned yield the whole time.
Am I asked every time someone I back borrows?
No. You approve a person into your circle once — you are not asked again, and you are not notified, each time they take a loan. What you can do at any time is see how much of your savings is backing each person, and remove someone from your circle — after which you will not back any future loans for that person. Backing already given on a live loan stands until that loan is repaid.
Do I need a circle to start?
No. You can open your accounts and save on your own from day one. The circle only comes in when you want help reaching your ceiling — nobody has to be asked, and nothing has to be shared, for your savings to start earning.
Can I take my savings out whenever I want?
Yes. The savings are yours, in an account in your own name, with no lock-in period. The only exception is savings currently backing a live loan for someone in your circle: that portion stays committed until that loan is repaid, and it keeps earning the whole time.
How much will I be able to borrow?
Your ceiling is up to four times your own savings. What you are actually offered depends on underwriting — your savings behaviour, your credit record, and the backing in your circle — so members are sometimes offered less than the ceiling. Every shilling you save raises it.
What do I need to sign up?
Your ID and a few minutes. Both accounts are opened for you in your own name, from one form and one ID photo.
What if I cannot repay a loan?
There is a grace period first — the same rules SACCOs use today. After that, only amounts pledged by your circle are applied, and Sakoll carries up to half of the loan itself. Nothing is taken from savings nobody pledged.