Uaminifu SACCO was started in 2001 to help KWFT staff save, borrow and invest. This is a SACCO for KWFT staff only and one becomes a member upon payment of Kshs.500 membership fees, a minimum of 105 shares of Kshs.100 each raised within the first year of employment and a minimum monthly savings of Kshs.1000. New members are eligible for loans after saving for 6 months.
SACCO Objectives
Basic objective is to promote economic welfare of its members by providing savings and credit facilities through their own pooled resources.
We promote wise and well thought out investments and prompt loan repayments.
Our products are designed to match the individual’s financial needs. Our policy emphasizes utilization of available resources to improve the borrower’s social and economic condition.
Guidelines
Uaminifu propagates the 1884 Rochadale principles.
- Open and voluntary membership
- Democratic and participatory – controlled by members
- Co-operative education for members, leaders and employees
- Co-operation among co-operatives
- Return of surplus to members and part of it to the society
- Autonomy as a corporate body
- Community interest
SACCO LOAN PRODUCTS
All loans are insured against death.
We have various products for you:
Development Loan
- Fast loan processing
- Flexible repayment period of up to 48months
- Savings multiplier of 4 times
- 1.25% interest p.m on reducing balance
Top-Up Loans
- Fast loan processing
- Requires applicant to have paid for 1/3 of the period of development loan
- New guarantors are put in place
- 1.25% interest p.m on reducing balance
Emergency Loan
- Fast loan processing
- Up to Kshs 50,000 payable in 12 months.
- Assists members to pay school fees and other emergencies
- Given in addition to the development loan
- 1.25% interest p.m on reducing balance
24 HR M-PESA Loan
- Simple application procedure
- Processed within 24 hrs after application is received at the SACCO HQs
- Fast disbursement through M-pesa
- Loan repayments through M-pesa or payroll
- Loan amount up to Kshs 20,000
- Repayment period up to 3 months
- No additional savings required
- Only 2 guarantors required
- Friendly Interest of 5% p.m
Premiun Savings
- Withdrawable savings appropriate for saving towards Christmas, weddings, dowry, birthdays and holidays
- Attractive interest reviewable quarterly(tariff guide to be released every 3 months)
- Interest Paid semi-annually
- Members to give 7 days notice to withdraw in writing
- No monthly ledger fees
- Quick withdrawal through M-pesa (M-pesa tariffs apply)
- Withdrawal fees of Kshs 50 only
- Members can save a minimum of Kshs 500 per month or save a lumpsum
- Minimum interest earning balance of Kshs 3,000
- Attractive for individuals and regional welfares
- Option to transfer to savings with immediate consideration for loan multiplier i.e. waiver of 3-months waiting period after boosting savings
Fixed Deposits
- Attractive interest reviewable quarterly(tariff guide to be released every 3 months)
- No ledger fees
- Minimum Investment amount Kshs 20,000 and in multiples of Kshs 10,000
- Minimum investment period of 6 months and maximum 12 months
- Roll-overs applicable in multiples of 3months
- Appropriate for individuals and regional welfares.
- Premature withdrawal earns 50% interest due
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