In this article, we will have a look at Ushuru Sacco products and their branches in Kenya. It is a deposit-taking Sacco that has been in operation since 1970. With an asset base of more than 4.85 billion, Ushuru Sacco is one of the largest deposit-taking Saccos in Kenya.
Ushuru Sacco was formed by employees of the then Customs and Excise Department, Ministry of Finance, under the name of Customs & Excise Workers (CUEW) Sacco. Today, membership is open to KRA employees and other public & private institutions. The Sacco boasts a membership of more than 7,571 people.
List Of Ushuru Sacco Products
a) Back Office Service Activity (BOSA) Savings Products
1. Ordinary Savings
Normal monthly contributions by members towards their share deposits. Savings can be accessed upon withdrawal.
Features
- The minimum contribution is Ksh 3,000 per month or up to 5 % of one’s basic salary
- These deposits are normally used as collateral for loan borrowing from BOSA
- Can only be refunded when a member withdraws membership from the SOCIETY
- Attracts annual Interest on deposits
- Interest rate payout is dependent and determined by an ADM (Annual Delegates Meeting) resolution
2. Investment Savings
Voluntary savings with options for unlimited deposits and withdrawals. Access is unlimited.
Features
- It is an ideal savings plan that attracts competitive interest on deposits at predetermined rates by an ADM resolution
- It comes in handy for personal micro-investments
- Members can conveniently make direct deposits via the SACCO bank account, or Check-off deductions and MPESA pay bill platforms.
- Can be activated on our mobile banking platform on request to enable Msacco transactions
- Interest rate payout is dependent and determined by an ADM (Annual Delegates Meeting) resolution
b) Back Office Service Activity (BOSA) Loans
1. Main Loan
This is a standard loan facility for personal development. It is processed within 48 hours.
Features
- Loan granted three and a half (3.5X) times members’ savings/Deposits
- No Maximum Limit
- Interest rate of 1% per month on reducing balance
- Loan Repayment period up to 72 months (6 years)
Requirements
- Duly filled loan application form
- Two latest pay slips
- Guarantors
2. Refinancing Loan
A repeat loan facility for completing stuck projects. It is processed within 48 hours.
Features
- Loan Repayment period up to 72 months (6 years)
- An interest rate of 1% per month on reducing balance
- Loan granted three and a half(3.5x) times member’s savings/Deposits
- Has No Maximum Limit
Requirements
- Duly filled loan application form
- Two latest pay slips
- Guarantors
3. School Fees Loan
Loan facility to finance academic needs. It is processed within 48 hours.
Features
- Loan Repayment period up to 24 months (2 years)
- Interest rate of 1% per month on reducing balance
- Loan granted three and half times member’s savings/Deposits
- No Maximum Limit
- Application can be made as the need arises and cheques collected or money transferred to member account via Electronic Fund transfer within 48hours or a banker’s Cheque can be issued to the Institution on request.
Requirements
- Duly filled loan application form
- Two latest pay slips
- Guarantors
4. Emergency Loan
Loan Facility that addresses urgent financial needs. It is processed within 48 hours.
Features
- The maximum recovery period is 12 months
- An interest rate of 1% on reducing balance.
- The effective annual rate for this loan is 6.5% and there is no maximum ceiling subject to members’ ability to repay.
- An application can be made as the need arises and cheques collected or money transferred to a member’s bank account via Electronic Fund transfer within a maximum of 48hours. At the member’s request, a Banker’s Cheque can be issued.
Requirements
- Duly filled loan application form
- Two latest pay slips
- Guarantors
5. Almasi Loan
A special Instant Loan facility. It is processed in 30 minutes.
Features
- Instantly processed and paid over the counter
- Repayment period of up to 6 months
- Attracts an interest charge of 1.16% p.m. on reducing balance
- Maximum Loan limit of Ksh.100,000
- Fast Turn-Around Time; Disbursed instantly
- No guarantors are required but has to be witnessed
Requirements
- Duly filled loan application form
- Two latest pay slips
6. Jongea Loan
A special loan targeting first-time applicants who have not accumulated enough savings. It is processed within 48 hours.
Features
- Maximum loan limit of Ksh. 200,000 Repayment period of up to 12 Months (1 year)
- Attracts an interest rate of 1.16% p.m. on a reducing balance
- An applicant MUST be guaranteed by other members
- All applicants MUST provide current pay slips
- Member should have contributed at least one month deposit and RMF before application
- Amount loaned will be advanced less the amount boosted towards share deposits.
Requirements
- Duly filled loan application form
- Two latest pay slips
- Guarantors
7. TIBA Loan
This facility is available to members in need of more money but (limited by the amount of share deposits they currently have). It is processed within 48 hours.
Features
- The loan is serviced at the rate of 1.16% p.m. on reducing balance and shall be repaid in a maximum of 48 months (4 years).
- Members may require enhancing their savings in order to qualify for bigger loans
- This deficit amount needed to boost one’s shares is capped at half of the member’s accumulated savings and not exceeding the sum of Kshs. 200,000
Requirements
- Duly filled loan application form
- Two latest pay slips
- Guarantors
8. Shujaa Loan
A special loan product that is available for members with high savings, who wish to borrow huge sums. It is processed within 48 hours.
Features
- The loan is awarded 5 times the members’ savings
- Repayable in 7 years (84 months).
- The applicant Must have a minimum share deposit of greater than or equal to Kshs. 500,000 in order to qualify
- The interest rate on this loan is 14.4% p.a. on reducing balance.
- Applicants should maintain minimum share deposit contributions of Kshs. 5,000/= per month.
b) Front Office Service Activity (FOSA) Loan Products
1. Salary Advance Loan
A special cash advance facility based on salary. It is processed within 48 hours.
Features
- Available to all members who channel their pay via FOSA for at least 3 months
- Lowest net of the last 3 months will be considered (50% of net)
- The applicable interest of 3% p.m. of the amount recovered upfront
- Loan recovery periods to be split into 1 Month, 3 Months and 6 Months Full amount Auto deducted immediately salary hits the account
Requirements
- Duly filled loan application form
- Two latest pay slips
- Guarantors who channel their salaries through FOSA
2. Imara Loan
A special FOSA loan facility. It is processed within 48 hours.
Features
- Available to all members who have channeled their pay via FOSA for at least three (3) months
- Repayable in 12 months
- Interest rate of 14% p.a. reducing balance
- Repayment ability pegged at 50% of previous months’ net pay
- Maximum loan pegged at 5 times the member’s net pay
Requirements
- Duly filled loan application form
- Two latest pay slips
- Guarantors who channel their salaries through FOSA
3. FOSA Pride Loan
A special hybrid loan that allows big borrowing. It is processed within 48 hours.
Features
- Applicant must have FOSA salary Account
- Salary should be channelled through FOSA for at least 3 months
- Loan is repayable within a maximum of 2 years
- Insurance premium of 3% recovered upfront
- Interest rate of 14% p.a. on a reducing balance
- Proof of ability to pay through pay slip (50% of Net will be considered).
- The maximum aggregate amount of loan outstanding for all FOSA loans at any one time must not exceed Ksh.1 Million.
Requirements
- Duly filled loan application form
- Two latest pay slips
- Guarantors who channel their salaries through FOSA
4. FOSA Pride on Mobile
A mobile loan facility available to all members whose salaries are processed through SASA Account. It is an instant loan.
Features
- Access Up to Kshs. 100,000 on mobile (*346#)
- Repayable in 24 Months at 14% p.a. on reducing balance
Requirements
- A beneficiary of previous year’s interest on deposits earnings
5. Riziki Loan
A special loan based on a member’s previous year’s returns. It is an instant loan.
Features
- Available on USSD *346# & Msacco App
- Capped at 50% returns from the previous year’s interest on deposits
- 10% processing fee will be charged upfront
- Automatic recovery will be made from interest on deposit due to the member
- Members in default will not be eligible for this product
Requirements
- Applicant Must have a minimum share capital of Kshs. 30,000
6. MPOA loan
An instant mobile loan facility available to Msacco registered members.
Features
- Available on USSD *346# & Msacco App
- Apply for up to Kshs. 100,000
- Repay within 1-3 Months.
- The facilitation fee on the Mpoa loan will be 7.5% for loans repaid within a month
10% for loans to be repaid for more than one month period.
Requirements
- Applicant Must have a minimum share capital of Kshs. 30,000
7. Pamoja Loan
A group Loan Facility processed within a week.
Features
- 14% p.a. on reducing balance
- Maximum repayment period is 24 Months
- Minimum Loan Application of 100,000
Requirements
- Active Guarantor shares
- Logbook, a Title deed, Allotment Letter, Share Certificate
- Verified Existence of Business/Project
- Analyzed 6 Months FOSA Cash flow statements
- A minimum threshold of 3X multiplier of accumulated savings (fixed)
- Satisfactory evaluation of collateral
- Minutes of intention to borrow
8. Biashara Bora Loan
Business Loan Facility for Working Capital, LPO Financing, Asset Financing etc. It is processed within a week.
Features
- 14% p.a. on reducing balance
- Max. of 36 Months
Requirements
- Active Guarantor shares
- Logbook, a Title deed, Allotment Letter, Share Certificate
- 3-year documented evidence of business history
- 6 Months certified FOSA statements with maximum EMI (Equated Monthly Instalment) of 30% MACAT (Monthly Average Credit Account Turnovers)
- Satisfactory Evaluated collateral
- Good credit history
- Directors ID and PIN, Company PIN, Memorandum &Articles of Association and certificate of registration
- Business records
- Copy of security
- Dully completed loan application as per account mandate and appraisal form, resolution to borrow.
- A current Valuation Report from the bank’s authorized valuers is required for used motor vehicles
- Complete security perfection after the approval.
- Detailed call report including photos and sketch map
c) Savings Products
1. Sasa Saving Account
Features
- It is the main transactional account
- Allows salary processing, & standing orders
- Access to Visa Branded ATMs & M-Sacco
- Unlimited withdrawals and deposits
- Daily Acess
- Interest earned is Nil
2. Kwenzi Account
Features
- Designed for members’ children below 18 years of age
- Minimum Operating Balance Kshs. 1,500
- Three free withdrawals with Bankers Cheque for School fees
- Minimum monthly contribution of Kshs. 250
- Interesting Earning Balance- Kshs. 4,500
- Free standing orders from parent/guardians Current (SASA) account
- Quarterly access
- Interest earned is 4 %
3. Likizo Account
A savings product that allows members to save towards special festivities in their calendars.
Features
- Minimum operating of Kshs. 1000
- Minimum monthly contribution Kshs. 1000
- Free standing orders from the Current (SASA) account
- Annual access
- Interest earned is 4 %
4. Jaza Jaza Account
A savings product that allows members to save to achieve specific financial goals.
Features
- Minimum monthly contribution Kshs. 500
- Free standing orders from Transactional (SASA) account
- Accessed twice per year
- Interest earned is 5 %
5. Fixed Deposit Account
Special savings product for investment funds that allow limited withdrawal.
Features
- It is tailored for savers who can’t decide the deposit term for a large number of funds and intend to withdraw on their own
- Varying interest applies for different periods depending on the fixed amount of money
- Access: 3,6,9,12 Months.
6. Biashara Bora Account
A business transactional account for corporates and SMEs.
Features
- It is a business transactional account for corporates and SMEs
- Unlimited monthly deposits
- Cheque book available
- Free online statements
- Maintain a minimum operating balance of Kshs. 1,000
- Convenient for members with side hustles
- Allows cheques clearing
- Access to Business Loans
- The account linked to Msacco for ease of transaction
- Interest earned is nil
- Accessed daily
7. Pamoja Account
A savings product customized for members that prefer saving jointly as a group.
Features
- The group must maintain a minimum operating balance of at least Kshs. 50,000
- Group members should be willing and ready to co-guarantee one another •
- 50% of group members must join as members
- Zero minimum operating balance
- Group members should be willing and ready to co-guarantee one another
- Quarterly withdrawals (4x)
- Advantage of Accessing group loan
- A convenient saving platform for chamas & other group savers
- Interest earned is nil
- Accessed quarterly
List Of Ushuru Sacco Branches and Contacts
1. Ushuru Sacco Head Office
Location: Ushuru Sacco Centre, Wood Avenue, Kilimani, Nairobi
Phone: 020 7608700
Email: info@ushurusacco.com
2. Mombasa Branch
Location: Custom House(Ground floor Room No. 6)
Phone: 020 2170661
3. Kisumu Branch
Location: Swan Centre, Ground Floor
Phone: 020 2391343
4. Eldoret Branch
Location: Kiptagich House, 4th Floor (Room No. 416)
Phone: 053 8015853
Worth Checking Out :
- List Of Best Saccos To Join In Kenya
- List of Largest Deposit-Taking Saccos In Kenya By Asset Base
- List of All Licensed SACCOs In Kenya
