Frequently Asked Questions

What are the requirements for opening an account at BFS?

  • Photocopy of the National Identity card.
  • One passport photo
  • Account opening charges (currently Shs.47,000) broken down as follows;
    (a) Shs.10,000………One share
    (b) Shs. 20,000 …….Account Minimum balance
    (c) Shs. 10,000………Membership fee
    (d) Shs.7,000…………Stationey

What does it take to qualify for funeral support? Who benefits from the funeral support?

Funeral support is a financial contribution offered to the family of a member of
BFS in case he/she dies while meeting the qualifications of this service.
i) Must be possessing an active account
ii) Must have been a member for at least 06 months.
iii) Must be a full member (possessing at least 10 Shares).
iv) Must not be in default incase of loan clients (Not exceeding 45 days in
The SACCO only contributes to that member possessing the above
requirements not any other member of his/her family.
Whoever wants his/her other family members to be involved, then he/she
opens accounts for them.

What are the preliminary requirements for one to borrow from BFS?

  • Must be a member of the SACCO.
  • Must be possessing an active account.
  • Two guarantors
  • Spouse’s/Next of kin’s consent
  • Substantive collateral whose ownership has been evidenced by the
    Chairman LC1.
  • Two passport photos (one for the applicant and another one for the
    next of kin)

Is there a chance of a loan client possessing more than one loan at a time in BFS?

Yes, It all depends on some one’s capacity and record. Someone with a good
record can borrow up to 3 cycles.

How long does it take one to apply for a loan after opening the account?

Immediately (There is no waiting period).

Which loan products does BFS offer?

We offer a number of products including;

1. Agriculture loans
2. Commercial loans
3. Home improvement loans

  • Solar loans
  • Kyaapa loans
  • Water harvest
  • Happy family
  • Biogas
  • CCTV Cameras

4. School fees loans
5. Motorcycle/ Motor vehicle loans
6. Emergency loan

Do you have mobile banking, and if Yes, how is it used?

BFS launched Mobile banking services in 2021. Our USSD code is *284*121#, after
dialing the code, the user then follows the prompts to complete the transaction process.

How much credit can a first loan applicant qualify for at BFS?

It depends on one’s capacity, there is no specific amount of loan tagged on first time

What is your loan size, period and rate?

BFS offers loans from Shs.100, 000 to Shs.150,000,000 for individual borrowers and up
to Shs.200,000,000 for institutions and companies.
Period: All loans are paid in a period not exceeding 24 months (2 years).
Interest rates: Our loans are offered at 2.5% per month apart from solar loans (1.5%),
happy family (2%) and Biogas (1%) per month.

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