Below are important details for Universal Traders Sacco:
Sacco Membership
Become a Member
Member Deposits (Non- withdrawable shares)
These deposits may be used as collateral against borrowings from the Society and shall only be refunded when a member withdraws from membership and provided the member has fully repaid all his debts and is free from guarantee. Deposits may however be transferable from one deposit account to another provided the transaction does not contravene the Savings policy. Non-withdrawable deposits shall be contributed on a monthly basis. Non-withdrawable deposits shall be refundable within sixty days after receiving a written notification from the member. Interest on deposits shall be paid at a rate that shall be determined by the board at the end of the year after audit has been completed.
Capital Shares
Each member shall purchase at least a hundred (100) shares of Ksh.100 each. Shares shall not be refundable or assignable as collateral for a loan, but a member may transfer his shares to other members on leaving membership of the Society. Shares may earn dividends paid from net surplus after required transfers to reserves at the end of a financial year in accordance with the dividend policy of the Society.
Loans
Normal Loan
This is a loan facility for all Sacco members for their business needs.
Features
- Loan given up to three (3) times a members normal shares.
- Maximum repayment period of 36 months.
- Up to one month grace period.
- No minimum loan amount.
Upesi Emergency Loan
This is a short term loan facility to help members meet their emergency financial needs such as Medical bills, School fees, and other emergencies.
Features
- Loan given up to 40%of the member’s shares.
- Up to six months repayment period.
- Loan processed within 24 hours.
- No minimum loan amount.
Matunda Loan
This loan facility is tailor made to finance the mango value chain and to ensure quantity and quality mango production from the mango farmers.
Features
- lt is designed for both individual mango farmers and those in registered farmer groups of at least five farmers.
- The loan is meant to purchase inputs, irrigation equipment, and farm assets.
- Share contribution for at least three months before accessing the loan.
- Up to six months grace period.
- Loan given up to ten (10) times the member’s shares.
- Up to 3 months repayment period during harvesting.
Dairy Farming Loan
This is a loan facility tailor-made to finance the dairy value chain.
Features
- Repayment period of up to 24 months with 3 months grace period.
- Options for monthly, weekly, or daily repayments.
Biashara Loan (Group Lending Product)
Loan advanced to individual group members who contribute minimum 200 shillings on weekly basis.
Features
- Member must save 25% of the loan amount.
- Flexible loan amounts to meet member needs.
- Fast loan processing and disbursement.
- Loan given up to ten (10) times the member’s shares.
- Loan given up to ten (10) times the member’s shares.
- Up to six months grace period.
- Flexible weekly/monthly repayment up to 24 months.
- Free eight weeks Business skills training.
Mkulima Bora Loan
This loan is aimed at promoting horticultural farming through modern technology.
Features
- Loan given to farmers five (5) times their normal shares.
- Maximum Loan ceiling is Ksh- 100,000.
- Repayment period not more than seven (7) months.
- Up to three months grace period.
- Free technical training offered to the farmers.
- Market linkages to the farmers.
Chai Plus Loan
This loan facility is designed to support the tea farmers through affordable and flexible financing.
Features
- Loan given 4 times members normal shares.
- Repayment Period 24 months.
- Loan secured using tea bonus and guarantors.
- No minimum loan amount.
Livestock Loan
Covers;
- Beekeeping loans(for people practicing modern beekeeping Technologies).
- Kuku Loan
Asset Financing Loan
This loan facility is designed to help our members purchase assets such as motor vehicle, land, tuk tuks, generators, water tanks, school equipment etc.
Features
- Up to 36 months repayment Period.
- Purchased assets used as security for the loan.
- Loan financed up to 75% of the asset value
Salo Plus Loan
Features;
- No waiting period.
- No minimum loan amount.
- Repayment Period 84 months.
- Loan given 8 times members normal shares.
Other Loans
We also have the following loans and services;
- Biashara Plus loan/Super group loan.
- Employee Salary Advance.
- Employer Salary Advance.
- Mkulima Halisi (legumes) Ndengu& Beans loan.
- Mkulima Bora plus loan.
Check off loans
- Loan facility for individual who are employed either by the Government, Reliable companies with MOU’s with the Sacco.(Eg TSC, Civil servants, universities, Parastatals)
- No waiting period
- Loan buy offs available
TSC Paypoint
- Fosa Advances & loans available for TSC Teachers whose they salary paypoint is UTS.
- Very fast processing of advances & loans
Msacco
Enables members transact in there comfort without physically vising any office
Members can perform following services by dialing *346#
- Withdrawal money from account
- My account – for Balance inquiry / retrieval of Mini statements
- Loans – to check loan status / loan repayment
- Funds Transfer – can transfer funds to other member account
- Deposit – make deposits to Normal, capital, Akiba/current savings account, Call deposit account
- Pins change
- Upesi loan – processed and disbursed realtime.
Fosa Saving Account
Current Account
This account provides a convenient and flexible medium for making and receiving payments thus enhancing personal and business transactions. It can be opened in the name of an individual, joint names, registered groups or registered business names.
Features
- Free photo
- Minimum operating balance is Ksh. 1,000
- We also have Cheque Books( For Application charges, visit our member care desk)
Akiba Account (FOSA Savings Account)
Features
- Competitive interest rates.
- No ledger Fees/Account maintenance charges
- Zero opening balance
Requirements
- Original National ID.
- Free photo
Mwethya Account (Group Saving Product)
Features
- Competitive interest rates.
- Unlimited withdrawals
- No minimum operating balance
- Free statements quarterly
- No ledger Fees/Account maintenance charges
Requirements
- Original and copy of group registration certificate and BY-Laws
- National lD’s of group officials
Toto Account
Features
- Provision of a home bank kit.
- No minimum balance
- Free three withdrawals Per Year
- Annual party for Account Holder
- Three free school fees banker’s cheques
- No ledger Fees/Account Maintenance charges
- Account operated by parent, Guardian until the child is 18 Years old
Requirements
- National ID of Parent or Guardian
- Birth Certificate / notification
Faida Account
One is able to fix as little money as they have
Features
- Allows one to immediately borrow up to 80% deposit amount.
- Competitive interest rates depending on duration and amount
Young Turks Account
One is able to fix as little money as they have
Features
- No ledger Fees
- No monthly fee
- No minimum balance
- Provision of an ATM Card
- Competitive interest rates
Nawiri Account (Contractual Savings Account)
Features
- No premature withdrawals.
- Quarterly statements will be provided.
- A token will be given for accounts renewed.
- No ledger Fees/Account maintenance charges.
- Member also specifies the duration of the contract.
- Member chooses the minimum monthly amount and signs a contract Form.
Corporate Current Account
Features
- Minimal withdrawal charges
- ATM card is issued to the account holders
- Account holders have access to Over drafts
- Account holders have access to Cheque books
Call Deposit Account
Members will earn interest on deposits saved in the Sacco daily.
Interest is computed on daily basis at a standard percentage on the available balance in the account
One can opt out or auto renew or withdraw anytime as long as a 24hrs notice is given to the Sacco.
Sacco Link Debit Card
Features
- Card is valid for 5 years
- No charges for swiping to pay for goods and services
- Enables cash withdrawal, balance inquiry, mini statement, school fees payments, and utility payments
- Visa branded – can be used at any Co-op Bank ATM or Agent countrywide, and any Visa Branded ATM worldwide
Key Benefits for SACCO members
- Uses chip and pin technology, which reduces the chances of card fraud or someone accessing a member’s personal details
- SACCO members can access the cash in their SACCO account ANYTIME, ANYWHERE – no need to travel to and queue at a FOSA
- Sacco members can swipe the card to pay for goods and services in any outlet that accepts Visa cards. No need to carry cash
What do I need when applying for a loan?
- Fully filled loan application form
- Must have been an active member for over 3 months
- Must have collateral/guarantors who must be active members and have contributed deposits .Guarantors’/collateral provided and applicants shares MUST be equal to or more than the loan applied for.
What is the difference between Capital Shares, Deposits and Savings?
Capital Shares:
· The amount representing a member’s portion in the equity of the society as a co-owner.
· Shares are not used to determine the eligibility of a borrower or a guarantor.
· Shares are not withdrawable but are transferable.
Deposits
· Every member must make regular deposits towards member deposits (normal shares) in accordance with the Savings policy.
· They are not withdrawn in part or in full as long as a person is a member of the Sacco.
· These deposits may be used to determine the eligibility of a borrower or a guarantor.
Savings
In addition to shares and deposits a member may invest in a saving account. The Sacco provides the following savings products
What are the acceptable Securities for a loan?
- Guarantors
ii. Deposits in the SACCO
iii. Land
iv. Buildings
v. Guarantees
vi. Corporate guarantee
vii. Share certificates
viii. Vehicles
ix. Endowment Insurance policies
Paybill Number
The Paybill Number is 503500
Branches and Contacts
Main Office
- Location: Traders House
- P.O. Box: 2119 – 90100 Machakos, Kenya
- Cell phone: 0757 568 479/0716 127 102
- Email: info[@]universaltraders.co.ke
- Website: www.universaltraders.co.ke
Branches
Kathiani Branch
P.O. BOX 2119-90100 Kathiani Market TEL 0717 687 112
Kitui Branch
P.O BOX 2119-90100 Jee Plaza – Kitui Town TEL: 0716 064 142
Wote Branch
P.O. BOX 205-90300 Wote Town TEL:0717 729349
Tala Branch
P.O. BOX 68-90131 Homeland Plaza -Tala TEL: 0716 127090
Embu Branch
P.O. BOX 2681-60100 Jasho Building – Embu Town TEL: 0721 423687
Mlolongo Branch
Nzag Plaza,next to Anthena Hotel Tel:0757 620 303
