PRODUCTS CATALOGUE SACCO SOCIETY LIMITED - ushuru sacco
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SACCO SOCIETY LIMITED
Huduma Maradufu
PRODUCTS CATALOGUE
Quality and High Efficient Services to Members Since 1970
BRIEF HISTORY
Ushuru Savings and Credit Co-operative (Sacco) Limited was formed in 1970 by employees of the then Customs
and Excise Department, Ministry of Finance, under the name of Customs & Excise Workers (CUEW) Sacco. In 1995,
Kenya Revenue Authority (KRA) was formed at a time when CUEW Sacco By-laws in force at the time, did not
allow admission of members outside the common bond. This necessitated changes to the By-laws in order to
accommodate members from other Government Ministries and Parastatals. In 2002, CUEW Sacco rebranded to
USHURU Sacco Limited and the common bond was opened to include members from government parastatals &
corporate entities besides KRA.
PRODUCTS CATALOG
1
OUR VISION
To be a world leading Sacco in empowering members
to achieving quality life.
OUR MISSION
To provide quality, efficient and affordable products
and services while exploiting new frontiers.
OUR OBJECTIVE
To improve the socio-economic lives of our members
through provision of quality products and services.
OUR CORE VALUES
• Simple • Proficient • Ethical • Cohesive
OUR COMMITMENT
• To ensure members’ personal growth through
provision of products and services
• Continuous education and training of our
members and staff
OUR SLOGAN
Huduma Maradufu
PRODUCTS CATALOG
2
USHURU SACCO PRODUCT FACT SHEET
BOSA
BOSA SAVINGS
Type Features Interest Earned Access
ORDINARY SAVINGS • Minimum contribution is Ksh. 3,000 per month or up to 5 % Based on ADM Upon
of one’s basic salary Resolution Withdrawal
Normal monthly
contributions by • These deposits are normally used as collateral for loan
members towards their borrowing from BOSA
share deposits • 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
INVESTMENT • It is an ideal savings plan that attracts competitive interest Based on ADM Unlimited
SAVINGS on deposits at predetermined rates by an ADM resolution Resolution
Voluntary savings • It comes in handy for personal micro-investments
with options for • Members can conveniently make direct deposits via the
unlimited deposits and SACCO bank account, or Check-off deductions and MPESA
withdrawals pay bill platforms.
• Can be activated on our mobile banking platform on
request to enable Msacco transactions
PRODUCTS CATALOG
3
BOSA LOANS
Normal Loans
Loan Terms Requirements Timeline
MAIN LOAN • Loan granted three and half (3.5X) times • Duly filled loan 48Hrs
The standard loan facility for members savings/Deposits application form
personal development • No Maximum Limit • Two latest pay slips
• Interest rate of 1% per month on reducing • Guarantors
balance
• Loan Repayment period up to 72 months
(6 years)
REFINANCING LOAN • Loan Repayment period up to 72 months • Duly filled loan 48Hrs
The repeat loan facility for (6 years) application form
completing stuck projects • Interest rate of 1% per month on reducing • Two latest pay slips
balance • Guarantors
• Loan granted three and half(3.5x) times
members savings/Deposits
• Has No Maximum Limit
PRODUCTS CATALOG
4
Loan Terms Requirements Timeline
SCHOOL FEES LOAN • Loan Repayment period up to 24 months • Duly filled loan 48Hrs
Loan facility to finance (2 years) application form
academic needs • Interest rate of 1% per month on reducing • Two latest pay slips
balance • Guarantors
• Loan granted three and half times
members savings/Deposits
• No Maximum Limit
• Application can be made as 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.
PRODUCTS CATALOG
5
Loan Terms Requirements Timeline
EMERGENCY LOAN • Maximum recovery period is 12 months • Duly filled loan 48Hrs
Loan Facility that addresses • Interest rate of 1% on reducing balance. application form
urgent financial needs Effective annual rate for this loan is 6.5% • Two latest pay slips
and there is no maximum ceiling subject • Guarantors
to member’s ability to repay.
• Application can be made as need
arises and cheques collected or money
transferred to member’s bank account via
Electronic Fund transfer within maximum
of 48hours. At the members request a
Banker's Cheque can be issued.
PRODUCTS CATALOG
6
Special Loans
Loan Terms Requirements Timeline
ALMASI LOAN • Instantly processed and paid over the counter • Duly filled loan 30Mins
A special Instant Loan • Repayment period of upto 6 months application form
facility • Attracts an interest charge of 1.16% p.m. on reducing • Two latest pay
balance slips
• Maximum Loan limit of Ksh.100,000
• Fast Turn-Around Time; Disbursed instantly
• No guarantors required but has to be witnessed
JONGEA LOAN • Maximum loan limit of Ksh. 200,000 Repayment • Duly filled loan 48Hrs
A special loan targeting period of up to 12 Months (1 year) application form
first-time applicants who • Attracts an interest rate of 1.16% p.m. on a reducing • Two latest pay
have not accumulated balance slips
enough savings
• An applicant MUST be guaranteed by other • Guarantors
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.
PRODUCTS CATALOG
7
Loan Terms Requirements Timeline
TIBA LOAN • Such members may require enhancing their savings • Duly filled loan 48Hrs
This facility is available to in-order to qualify for bigger loans application form
members in need of more • This deficit amount needed to boost one’s shares is • Two latest pay
money but (limited by the capped at half of the members accumulated savings slips
amount of share deposits and not exceeding the sum of Kshs. 200,000 • Guarantors
they currently have)
• 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 (4years).
SHUJAA LOAN • The loan is awarded 5 times the members' savings • Duly filled loan 48Hrs
A special loan product • Repayable in 7 years (84 months). application form
that is available for • The applicant Must have a minimum share deposit • Two latest pay
members with high of greater than or equal to Kshs. 500,000 in order to slips
savings, who wish to
qualify • Guarantors
borrow huge sums.
• 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.
PRODUCTS CATALOG
8FOSA
SAVINGS PRODUCTS
Type Features Interest Earned Access
SASA SAVINGS ACCOUNT • Is the main transactional account Nil Daily
Is the main transactional • Allows salary processing, & standing orders
account for salary processing • Access to Visa Branded ATMs & M-Sacco
• Unlimited withdrawals and deposits
KWENZI ACCOUNT • Designed for members’ children below 18 years of age 4% Quar-
A saving product designed for • Minimum Operating Balance Kshs. 1,500 terly
junior members • Three (3) 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
LIKIZO ACCOUNT • Minimum operating of Kshs. 1000 4% Annually
A savings product that allows • Minimum monthly contribution Kshs. 1000
members save towards special • Free standing orders from Current (SASA) account
festivities in their calendars
PRODUCTS CATALOG
9Type Features Interest Earned Access
JAZA-JAZA ACCOUNT • Minimum monthly contribution Kshs. 500 5% Twice
A savings product that allows • Free standing orders from Transactional (SASA) account per year
members save to achieve
specific financial goals
FIXED DEPOSITS ACCOUNT • It is tailored for savers (customers) who can’t decide the Varies 3,6,9,12
Special savings product for deposit term for the large amount of funds and intend to Months
investment funds that allows withdraw at their own
limited withdrawal • Varying interest applies for different periods depending
on the fixed amount of money
FIXED DEPOSIT MATRIX
AMOUNT
5M AND
TERM 50000-999,999 1M- 2,999,999 3- 4,999,999
ABOVE
3 Months 3.00% 3.50% 4.00% 4.50%
6 Months 4.50% 5.00% 5.50% 6.00%
9 Months 6.00% 6.50% 7.00% 7.50%
12 Months 7.50% 8.00% 8.50% 9.00%
PRODUCTS CATALOG
10Type Features Interest Earned Access
BIASHARA BORA ACCOUNT • It is a business transactional account for corporates and SMEs Nil Daily
A business transactional • Unlimited monthly deposits
account for corporates and • Cheque book available
SMEs • Free online statements
• Maintain minimum operating balance of Kshs. 1,000
• Convenient for members with side hustles
• Allows cheques clearing
• Access to Business Loans
• Account linked to Msacco for ease of transaction
PAMOJA ACCOUNT • All group members must join individually as members of Nil Quar-
the SACCO terly
A savings product customized
for members that prefer saving • Group must maintain minimum operating balance of at
jointly as a group 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
• Convenient saving platform for chamas & other group savers
PRODUCTS CATALOG
11FOSA LOAN PRODUCTS
Loan Terms Requirements Timeline
SALARY ADVANCE • Available to all members who channel their pay via • Duly filled loan 48Hrs
LOAN FOSA for at least 3 months application form
A special cash advance • Lowest net of the last 3 months will be considered • Two latest pay slips
facility based on salary (50% of net) • Guarantors who
• Applicable interest of 5% p.m. of the amount channel their salaries
recovered upfront through FOSA
• Loan recovery periods to be split for 1 Month, 3
Months and 6 Months Full amount Auto deducted
immediately salary hits the account
IMARA LOAN • Available to all members who have channeled their • Duly filled loan 48Hrs
A special FOSA loan pay via FOSA for at least three (3) months application form
facility • Repayable in 12 months • Two latest pay slips
• Interest rate of 14% p.a. reducing balance • Guarantors who
• Repayment ability pegged at 50% of previous channel their salaries
months’ net pay through FOSA
• Maximum loan pegged at 5 times the members net
pay
PRODUCTS CATALOG
12Loan Terms Requirements Timeline
FOSA PRIDE LOAN • Applicant must have FOSA salary Account • Duly filled loan 48Hrs
A special hybrid loan • Salary should be channeled through FOSA for at application form
that allow big borrowing least 3 months • Two latest pay slips
• Loan is repayable within a maximum of 2 years • Guarantors who
• Insurance premium of 3% recovered upfront channel their salaries
through FOSA
• Interest rate of 1.55% p.m. on a reducing balance
• Proof of ability to pay through pay slip (50% of Net
will be considered).
• Maximum aggregate amount of loan outstanding
for all FOSA loans at any one time must not to
exceed Ksh.1 Million.
• Access Up to Kshs. 100,000 on mobile (*346#)
• Repayable in 24 Months
• Other terms & Conditions Apply
FOSA Pride on Mobile • Beneficiary of previous Instant
year’s interest on
deposits earnings
PRODUCTS CATALOG
13Loan Terms Requirements Timeline
RIZIKI LOAN • Capped at 50% returns from previous year’s • Available on USSD Instant
A special loan based interest on deposits *346#
on a member’s previous • 10% processing fee will be charged upfront • Secured by interest
year’s returns • Automatic recovery will be made from interest on on deposits & share
deposit due to the member deposits
• Members in default will not be eligible for this
product
Loan Type Loan Features & Benefits Loan Requirements Time
PAMOJA LOAN • 14% p.a. on reducing balance • Verified Existence of Business/ 1 week
Group Loan Facility • Max. of 24 Months Project
• Min. Loan Application of 100,000/= • Analyzed 6 Months FOSA Cash
flow statements
• Active Guarantor shares
• Minimum threshold of 3X
• Logbook, Title deed, Allotment
multiplier of accumulated savings
Letter, Share Certificate
(fixed)
• Satisfactory evaluation of collateral
• Minutes of intention to borrow
PRODUCTS CATALOG
14Loan Type Loan Features & Benefits Loan Requirements Time
BISHARA BORA LOAN • 14% p.a. on reducing balance • Directors ID and PIN, Company 1 week
Business Loan Facility • Max. of 36 Months PIN, Memorandum &Articles of
for Working Capital, Association and certificate of
• Active Guarantor shares
LPO Financing, Asset registration
Financing etc. • Logbook, Title deed, Allotment
• Business records
Letter, Share Certificate
• Copy of security
• 3 year documented evidence of
business history • Dully completed loan application
as per account mandate and
• 6 Months certified FOSA statements
appraisal form, resolution to
with maximum EMI (Equated Monthly
borrow.
Instalment) of 30% MACAT (Monthly
Average Credit Account Turnovers) • Current Valuation Report from
bank’s authorized valuers is
• Satisfactory Evaluated collateral
required for used motor vehicles
• Good credit history
• Complete security perfection after
the approval.
• Detailed call report including
photos and sketch map
PRODUCTS CATALOG
15Service Terms/Features Requirements Timeline
SALARY PROCESSING • Open a SASA transactional account • Subscribed to Instant
A service available to • Instruct your employer’s payroll accordingly FOSA pay point
members who channel their • ATM cards are optional on request • Be a SASA
monthly salaries via their account holder
SASA Account • Bankers Cheques can be drawn on request
• A Processing fee of Ksh. 120 applies
OVER THE COUNTER • Open to any FOSA account holder • Duly filled Instant
WITHDRAWAL • Member MUST present required identity transaction slip
An alternative service documents • Be a FOSA
channel for members who • Member’s signature MUST match the account holder
prefer transacting locally at
specimen signature as captured in the system
the SACCOs FOSA hall
• Transactions done at the FOSA hall
• A withdrawal fee of Ksh. 120 applies
ELECTRONIC FUNDS • MUST be a SASA account holder • Verified formal 48Hrs
TRANSFERS (EFT) • Object of transfer MUST be captured clearly instructions
The transfer of money from • Effected upon formal request by an account • Be a SASA
the SACCO directly to a holder account holder
members preferred bank
account electronically • Transaction fees of Ksh. 480 applies for any
bank of Choice& Ksh. 1440 for sums above 1M
PRODUCTS CATALOG
16Service Terms/Features Requirements Timeline
SACCOLINK DEBIT CARDS • Debit cards will be generated in 72 hours upon • Duly filled ATM 3 Days
Alternative Transactional order application
channel for SASA Account • ATM production will cost Ksh. 660 • Be a SASA
holders • ATM cards will be Visa branded accessible to account holder
SASA account holders
• Members can transact locally across all Visa
enabled ATMs countrywide
• Varying Charges will apply from bank to bank
STANDING ORDERS • Member to open SASA Account o Duly filled 48 Hrs
Payment instructions where • Account cash flows MUST meet specified Standing Order
members order the SACCO to obligations instructions
pay a fixed amount of cash • Members can vary frequency and amounts at o Be a SASA
at regular (fixed) intervals account holder
their preference
• Members can place:
o Internal Standing Orders @ Ksh. 120
o External Standing Orders @ Ksh. 240
PRODUCTS CATALOG
17Service Terms/Features Requirements Timeline
BANKERS CHEQUES • Open to SASA Account holders • Formal bankers 3 Days
Drawn instructions to pay • Accounts to retain sufficient balances to cover Cheque
a payee through their cash drawn request
respective banks • Bankers Cheques can be drawn on request @ • Be a SASA
Ksh. 130 account holder
MEMBER PORTAL • Online Self-Service web portal accessible via • Member Login Instant
Online Self-Service web SACCO website Credentials
portal for members • One MUST be a registered SACCO member
PRODUCTS CATALOG
18M-POA LOAN
Is an instant mobile loan facility accessible to registered Sacco members.
Mpoa Loan Requirements
• Applicant must be M-Sacco registered (*Safaricom-line only)
• Applicant must be an active member for at least 3 months
• Applicant must not be under paying loans or share deposits
• Applicant must have accumulated a share capital of ksh. 30,000.
M-poa Loan Features
• Instantly Accessible
• Loan Period of 1 month (30 days)
• Repayable via M-Sacco
• One can access up to Kshs 50,000 (Capped @ 3.5 times of one’s share
deposits less outstanding loan balances)
• Levies a one-off processing fee i.e. 10% of the amount approved.
• The loan is unsecured- No guarantors required
M-Poa Loan Application
• Dial USSD code *346#
• Enter M-Sacco Pin
• Select Option three (3) M-poa Loan
• Enter Amount
PRODUCTS CATALOG
19M-Poa Loan repayment HOW TO REGISTER
• Load cash to your M-pesa line • Duly fill an M-Sacco application form available at
any Ushuru Sacco Branch or downloadable from
• Go to LIPA NA MPESA our web site.
• Enter Pay bill Number: 892800 • Register using your Safaricom /M-Pesa mobile line
• Enter Account number: Your National ID number HOW TO USE M-SACCO
followed by an Abbreviation e.g. 12345678M. • Dial the USSD code *346#.
Where M is an abbreviation for MPOA Loan. • Select your service option from the Menu list
• Enter amount. (Being Outstanding loan How to make a deposit from MPESA to Various
balance + 10/=) products.
• Enter your MPESA PIN. • Load money to your MPESA account
• Confirmation of the payment will be send via • Go to LIPA na MPESA/Paybill
SMS. • Enter Business No. 892800
• Fill in your Account No being your National ID No.
MOBILE SACCO (M-Sacco) followed by an abbreviation where:
• It’s a mobile banking platform that allows I - Investment Savings
members to transact seamlessly & remotely at M - Mpoa loan
their discretion D - Share deposits
R - Refinance loan
• Allows member to make deposits to increase N - Main loan
their Investment savings, make payments to E - Emergency loan Eg. Account No.
reduce their loans, & boost their share deposits S - School fees loan 21222155M - money
• Loans can be disbursed via M-Sacco on request H - Shujaa Loan goes directly to your
for amounts not exceeding Kshs. 70,000. F - Sasa Account MPoa loan.
PRODUCTS CATALOG
20PRODUCTS CATALOG
21MSACCO+ MOBILE APP.
It is an Android mobile application that has
been customized to provide easy to use mobile
solutions to M-sacco registered members.
How to download and install Msacco+ App
• Go to Google play store
• Search for Msacco+ SACCO SOCIETY
SACCO SOCIETY LIMITED
LIMITED
Huduma Maradufu
Huduma Maradufu
• Tap on the App and install.
• Accept terms and conditions at the end
of installation. MSACCO
Features of MSacco+
• My Account
• Balance inquiry
• M-Sacco balance inquiry
• M-Poa Loan Access
• Withdraws of funds
• Mini statement
• Funds transfer
• Loans calculator
PRODUCTS CATALOG
22GENERAL LOAN TERMS AND CONDITIONS
• Loan Application form MUST be fully completed and signed
• Copies of two (2) latest certified pay slips must be attached
• Applicant shall not be allowed to incur deductions in excess of two thirds of his/her basic salary
• Repayment period of loan shall be determined by the Board but shall not exceed 72 months
• In the event of failure to service loans, the Society reserves the right of lien over the members’ share deposits,
and investment savings to recover any outstanding payments.
• On retirement or resignation from service , a member gives express authority to be deducted any outstanding
loan balances from retirement benefits
• No member shall guarantee more than three and a half (3.5) times his/her deposits
• Members applying for loans above Ksh. 500,000 (Five Hundred Thousand) will be required to pay an extra RMF
premium of 3% before disbursement
PRODUCTS CATALOG
23PRODUCTS CATALOG 24
USHURU SACCO TARIFF GUIDE
CHARGE EXCISE DUTY
NO. SERVICE TOTAL (KSHS)
(KSHS) (KSHS)
1 Salary processing 100 20 120
2 Internal Standing Order 100 20 120
3 External Standing Order 200 40 240
4 EFT Transfer (Below 1,000,000) 400 80 480
5 RTGS Transfers (Above 1,000,000) 1200 240 1440
6 Over The Counter Withdrawal
• Kshs 500-100,000 100 20 120
• Kshs 100,001-200,000 200 40 240
• Kshs 200,001-300,000 300 60 360
• Kshs 300,001-400,000 400 80 480
• Kshs 400,001-500,000 500 100 600
• Kshs 500,001-1,000,000 1000 200 1,200
• Kshs 1,000,001-5,000,000 3000 600 3,600
7 Certified Account statement 500 100 600
8 ATM Production 550 110 660
PRODUCTS CATALOG
25USHURU SACCO TARIFF GUIDE
CHARGE EXCISE DUTY
NO. SERVICE TOTAL (KSHS)
(KSHS) (KSHS)
9 Bankers Cheque 110 22 132
10 Loan Processing
• Loan Appraisal 500 100 600
• CRB 245 - 245
• SMS 5 - 5
11 M- Sacco Withdrawals
• Kshs 200-1,000 62.4 6 68.4
• Kshs 1,001-5,000 72.40 8 80.4
• Kshs 5,001-10,000 82.40 10 92.4
• Kshs 10,001-20,000 92.40 12 104.4
• Kshs 20,000-30,000 102.40 14 116.4
• Kshs 30,000-40,000 112.40 16 128.4
• Kshs 40,001-50,000 122.40 18 140.4
PRODUCTS CATALOG
26USHURU SACCO TARIFF GUIDE
CHARGE EXCISE DUTY
NO. SERVICE TOTAL (KSHS)
(KSHS) (KSHS)
• Kshs 50,001-60,000 132.40 20 152.4
• Kshs 60,001-70,000 142.40 22 164.4
12 Sacco Link Services
ATM Card withdrawal 40 4.2 40
13 ATM Agent Withdrawal (POS)
• Kshs 50-2,000 60 10 60
• Kshs 2,001-5,000 60 10 60
• Kshs 5,001-10,000 80 14 80
• Kshs 10,001-20,000 90 16 90
• Kshs 20,001-30,000 110 20 110
• Kshs 30,001-40,000 130 24 130
• Kshs 40,001-50,000 150 28 150
• Kshs 50,001-100,000 260 50 260
PRODUCTS CATALOG
27PRODUCTS CATALOG 28
SACCO SOCIETY LIMITED
Huduma Maradufu
Ushuru Sacco Centre (Headquarter),
Wood Avenue, Kilimani,
52072-00200
Nairobi.
Email: info@ushurusacco.com
Landline: 020 7608700You can also read
