Below are important details about Ushuru Sacco;
Who qualify to join Ushuru Sacco Society Ltd?
A person shall be eligible for membership if he has the following qualifications:
1. Is an ordinary resident in Kenya.
2. Is not less than 18 years of age.
3. Has not been convicted of a criminal offense involving fraud or dishonesty.
4. Is not a member of any similar savings and credit co-operatives Society during the tenure of his membership.
5. Is within the field of membership of employees of KRA, Government Ministries, any other reputable company or organization, spouse(s) of an already existing member.
6. It is not directly or indirectly, a moneylender or carrying out such activities detrimental to the objectives of the SACCO.
7. Is of good character.
What do I need to join Ushuru Sacco Ltd?
- A filled out an application form
2. A copy of your Identity Card
3. A passport size photograph.
What products and services do the Sacco offer to its members?
1.Savings
- Monthly share deposits – The minimum monthly contribution is Ksh.3,000. It will be used as collateral against borrowings BOSA loans. Account earns you interest at the end of the financial year.
- Investment saving account
- Kwenzi Junior Savings -Designed for members’ children below 18 years of age. Minimum Operating Balance Kshs. 1,500
- Likizo Savings – Minimum operating balance of Kshs. 1000. Minimum monthly contribution Kshs. 1000
- Biashara Bora Savings – It is a business transactional account for corporates and SMEs
- Jaza-Jaza Savings – Minimum monthly contribution Kshs. 500. Interest of 5% twice a year
- Pamoja Savings – 50% of group members must join as members of the SACCO
- Fixed Savings.
- Loans
- Development Loans/Normal loan:-payable within 72 months at an interest of 1% per month on reducing balance. The effective annual interest rate for this loan is 6.7%.
- Refinancing loan-A top-up loan repayable within 72 months at an interest rate of 1% per month on reducing balance. The effective annual interest rate for this loan is 6.7%.
- School Fees Loan-repayment within 2 years (24 months)at a rate of 1% per month on reducing balance. The effective annual interest rate for this loan is 6.5%.
- Emergency Loan-repayment within a year (12 months)at a rate of 1% per month on reducing balance. The effective annual interest rate for this loan is 6.5%.
- Almasi Loan-An instant over-the-counter loan, payable within 6 months at 1.16% interest per month, no guarantors required, a maximum loan account is Ksh.100,000. The effective annual interest rate for this loan is 8.3%.
- Jongea Loan facility for new members, payable within a year(12months), maximum of Kshs.200,000 at 1.16% interest. The effective annual interest rate for this loan is 7.6%.
- Shujaa Loan- for high savers. Has a multiplier rate of 5 times your savings, payable within 84 months at 1.2% per month on reducing balance.
- Tiba Loan- payable within 48 months, at a 1.16% per month on reducing balance. The effective annual interest rate for this loan is 7.7%.
- MPOA – This is an instant loan facility available to M-Sacco registered members through a mobile phone platform.
- RIZIKI loan – The product will allow interested borrowers to access up to an equivalent of 50%of their previous year’s interest on deposits earnings up to a maximum of Kshs. 200,000.
- Salary in-Advance loan – This is a special instant mobile loan facility based on salary. It’s available to all members who channel their pay via FOSA for at least 3 months.
- FOSA Pride loan – This is a special hybrid loan that allows big borrowing. The applicant must have a FOSA salary Account. Salary should be channeled through FOSA for at least 3 months. The loan is repayable within a maximum of 2 years
- Biashara Bora loan – Business Loan Facility for Working Capital, LPO Financing, Asset Financing etc. 14% p.a. on reducing balance. Maximum. of 36 Months
- Imara loan – This is a special loan facility. Available to all members who have channeled their pay via FOSA for at least three (3) months. Repayable in 12 months
- Pamoja loan – This is a group loan facility. It’s available to all members who channel their pay via FOSA for at least 3 months. The applicable interest of 3% p.m. of the amount is recovered upfront.
How do I qualify for a loan?
To qualify for a loan, you have to:
- Be a registered Ushuru SACCO member
- Contribute regularly for at least 6 months exclusive of JONGEA loan applicants
- Have guarantors who are Ushuru SACCO members, who have been contributing regularly for at least 6 months and have shares that can meet the amounts you require them to guarantee. Unless it’s an ALMASI loan then you don’t not need guarantors
What do I need when applying for a loan ?
- Fully completed loan application form.
- Guarantors’ shares MUST be equal to or more than the loan applied for.
- Member to attach certified payslip or any other specified evidence of regular income
- An outstanding loan by the applicant MUST be cleared before a loan of the same kind is approved unless one is refinancing.
- Net pay after regular income less income the total deductions for a loan put together with other payslip deductions should not fall below 1/3 of the basic salary,
What is the maximum repayment period for the loans?
- Development / Normal Loan: Maximum of 6 years (72 months)
- Refinancing: Maximum of 6 years(72 months)
- School Fees Loan: Payable within 2 years(24 months)
- Emergency Loan: maximum of 12 months
- Almasi Loan: Maximum of 6 months
- Tiba Loan: Payable within 48 months.
- Shujaa Loan: maximum of 7 years (84 months)
- Jongea Loan: Payable within 12 months
- M-Poa Loan: Payable within 1 month.
- FOSA Pride: Payable within 24 months
- Pamoja Loan: Payable within
- Biashara Bora Loan: Payable within 3 years
- Imara Loan: Payable within 12 months
- Riziki Loan:
- Salary in-advance: Payable within 1 month
What do I need to do when withdrawing from the society?
The following are the steps to follow:
- A member needs to fill out a withdrawal form.
- A notice of sixty days (60) is required in case of any refunds due to the member.
- A member needs to inform all members he has guaranteed to seek an alternative guarantor.
- Refunds will only be paid to the member after all guarantors have been replaced.
Ushuru Sacco Contacts
Address
Ushuru Sacco Centre,
Wood Avenue, Kilimani
MObile
+254 020 7608700
info@ushurusacco.com
Ushuru Sacco Membership Requirements
Our MEMBERSHIP
Ushuru Sacco is a member-owned business and membership is open to all resident and non–resident Kenyans anywhere in the world. The Sacco admits eligible individuals, groups, or corporate for membership of the Society upon fulfillment of membership opening requirements.
Kenya Revenue Authority60%
NHIF20%
Ministries and Other Stations5%
Kenya Literature Bureau (KLB)5%
Banda School, PZ Cussons, KAA, KNH & Others5%
Cash Members5%
JOINING REQUIREMENT
Any Kenyan citizen is eligible to join Ushuru Sacco regardless of his or her area of residence. The society has revised its by-laws to open up the common bond. A person of either gender is eligible for membership. We have made our membership registration process as easy as possible.
SHARE CAPITAL (KSHS. 30,000)
ENTRANCE FEE (KSHS. 1,000)
REJOINING FEE(KSHS. 3,000)
MONTHLY SAVINGS (KSHS.3,000)
RMF MONTHLY (KSHS.300)
Ushuru Sacco Savings Products
Ordinary Savings Account
- The minimum monthly contribution is Ksh.3,000 & Kshs.1,000 for new entrants
- It will be used as collateral against borrowings BOSA loans.
- Account earns you interest at the end of the financial year..
Sasa Savings
Features
- Is the main transactional account.
- Convenient for salary processing, & standing orders.
- Access to Visa Branded ATMs & M-Ushuru .
- Unlimited withdrawals & deposits.
Kwenzi Savings
- Designed for members’ children below 18 years of age.
- A minimum monthly contribution of Kshs. 500.
- Annual fun day activities.
- Free standing orders from parent/guardians Current (SASA) account.
Likizo Savings
Features
1.Earn attractive interest rate of 6% p.a prorated and paid quarterly.
- Enjoy organized travel packages .
- Access to Likizo loan .
4.Withdrawable twice per year .
Jaza Jaza Savings
1.Minimum monthly contribution Kshs. 500.
- Free standing orders from Transactional (SASA) account.
- Earn attractive interest rate of 6% p.a prorated and paid quarterly .
Fixed Savings
- Fixed Deposit for 3, 6, 9 and 12 Months deposits .
- No monthly charges .
- Attractive interest rate .
Biashara Bora Savings
- It is a business transactional account for corporates and SMEs .
- Maintain minimum operating balance of Kshs. 1,000 .
- Cheque book available .
- Unlimited monthly deposits .
Pamoja Savings
- All members of the group must be Sacco members .
- All Pamoja savings account opening must be admitted through the ADM resolution.
- Access to Pamoja loan up to 4 times the group BOSA savings .
- Earn attractive interest rate of 6% p.a prorated and paid quarterly .
Bosa Loans
Development Loans
The loan is granted using a multiplier based on member savings. Maximum recovery period is 72 months. Development loans are classified into two categorizes.
Normal Loan
This loan is available for a member who has no other outstanding development loan and is applying for the first time. The loan is granted 4 times members savings. The interest rate 1% per month on reducing balance.
Refinance Loan
applicable where a member has a Normal loan and not able to finish his project, but can still qualify for an additional loan under the Sacco policies. The loan is granted 4.5 times members savings. The interest rate 1.04% per month on reducing balance.
School Fees Loan
Maximum recovery period is 24 months at an interest rate of 1% on reducing balance. Loan is granted four (4X) times members’ share deposit savings. No Maximum limit.
Effective annual rate for this loan is 6.5%, but also subjected to ability to repay as there is no maximum ceiling.
Emergency Loan
Maximum recovery period is 12 months at an interest rate of 1% on reducing balance. Loan is granted four (4X) times members’ share deposit savings. No Maximum limit.
Effective annual rate for this loan is 6.5%, but also subjected to ability to repay as there is no maximum ceiling.
Shujaa Loan
The loan is granted 5 times a members share deposit savings. Maximum recovery period is 96 months.
No minimum share deposit required
The interest rate on this loan is 1.23% P.M on reducing balance. Members on this loan should remit 5,000/= to the SACCO as minimum share deposit contributions per month.
Jongea Loan
The product is available for new members who have not matured for regular loan facility by attaining the three months requirement. The maximum ceiling is Kshs. 500,000 recovered in 36 months at an interest rate of 1.16% P.M on reducing balance.
The effective annual rate for this loan is 7.6%. SACCO finances their required share deposits on their behalf.
Fosa Loans
Salary Advance Loan
A special advance for staff drawn from KRA. One must a Sacco member.
One can access up to one and a half times (1.5X) their Basic Salary. For staff on contract 60% of their Consolidated pay will be considered. Maximum loan amount is Kshs. 1M.
Applicable interest is 14 % p.a. on reducing balance. Maximum repayment period of 12 Months. A 1/3rd rule applies.
Requirements
- Duly filled loan application form.
- Two latest payslips.
- Secured against member’s salary and recovered on Checkoff.
Biashara Loan
Features
Business Loan Facility for Working Capital, LPO Financing, Asset Financing, etc. 14% p.a. on reducing balance . Max. repayment period of 36 Months. Active Guarantor shares.
Logbook, a Title deed, Allotment Letter, Share Certificate. A 3 year documented evidence of business history.
A 6 Months certified FOSA statement with maximum EMI (Equated Monthly Instalment) of 30% MACAT (Monthly Average Credit Account Turnovers). Satisfactory Evaluated collateral. Good credit history
Requirements
– 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.
– Current Valuation Report from the bank’s authorized valuers is required for used motor vehicles – Complete security perfection after approval. – Detailed call report including photos and sketch map
Fosa Pride Loan
Interest rate is 11.5% per year
Maximum loan recovery period is 84 months
Requirements includes 2 months payslips,duly filled application form and guarantors.
You will get a loan of up to 5 times your savings amount.
Pamoja Loan
Features
A group loan facility. An interest rate of 14% p.a. on reducing balance with a maximum repayment period of 24 months.
Maximum Loan amount of 2,000,000/= for the first applicant. Deposit multiplier of 4 times the group BOSA savings.
Logbook, a Title deed, Allotment Letter, Share Certificate can be used as loan security.
Requirements
- 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
Tiba Loan
Its available to all members who channel their PAY via FOSA for atleast 2 months. There is no ceiling for this loan. Interest rate is 1.16% P.M on reducing balance and repayment period is 60 months.
Effective annual rate for this loan is 7.7%.
Note: You can only boost half of your shares to a maximum of ksh. 500,000.
M-Poa Loan
What’s M-POA loan ?
This is an instant loan facility available to M-Ushuru registered members through a mobile phone platform.
Loan Policy guidelines:
- Applicant must have been an active member for at least 3 months.
- Applicant must be M-Ushuru registered.
- Repayment is through M-Ushuru or M-PESA Paybill
- The repayment period is 1 – 3 months depending on your selection.
- Applicant must not be underpaying loans or share deposits
Loan Policy guidelines Cont’d
- The applicant must have accumulated a share capital of Kshs. 30,000.
- The maximum loan amount is Kshs 150,000.00.
- The loan shall attract a one-off processing fee of 7.5% for a one-month loan, 8.5% for a two months loan, and 10% for a three months loan of the amount approved.
- Qualification is based on 4 times share deposits less outstanding loan balances.
Mpoa Loan Application
- Registered members dial *688#
- Enter M-Ushuru PIN.
- Select Option eight (8) Loans.
- Then reply with the Loan Application option.
- Select Mpoa loan option.
- Enter Amount – maximum amount you qualify for.
- Select the repayment period (1 – 3 Months)
- You will receive an M-PESA message.
M-POA loan repayment
Option 1
- Dial *688#, enter your PIN.
- Choose Option 6, Make Payment.
- Select the option for Mpoa Loan
- Enter the Amount you wish to pay.
- You will be prompted to enter your MPESA PIN.
Mpoa Loan repayment
Option 2
- Member loads money to M-Pesa.
- Member deposits the funds to Ushuru through Paybill Number 892800 account number being your National ID number followed by a shortcode M. Example 12345678M. Note: M is a shortcode for MPOA Loan.
- Enter amount. (Amount is loan amount taken by the member).
- Enter your MPESA PIN.
- Confirmation of the payment will be sent via SMS.
M-Pesa Charges for withdrawal.
| Lower Limit | Upper Limit | Charges |
| 0.00 | 1,000.00 | 48.90 |
| 1,001.00 | 5,000.00 | 54.40 |
| 5,001.00 | 10,000.00 | 82.40 |
| 10,001.00 | 20,000.00 | 92.40 |
| 20,001.00 | 30,000.00 | 102.40 |
| 30,001.00 | 40,000.00 | 112.40 |
| 40,001.00 | 50,000.00 | 122.40 |
| 50,001.00 | 60,000.00 | 132.40 |
| 60,001.00 | 70,000.00 | 142.40 |
M-Ushuru
What’s M-USHURU ?
- M-USHURU is the most convenient and effective solution for Ushuru Sacco to provide mobile financial services to its members.
- With M-Ushuru, members can withdraw money from SASA & investment savings,make payments to various Sacco products (Loans, Share Deposits & Investment), and loans not exceeding Kshs.150,000 can be paid through M-Ushuru.
Features
- Withdrawal.
- Balance inquiry.
- Mobile Loans.
- Funds Transfer.
- Make Payments (Lipa na MPESA)
- Airtime Topup
- Information – Loans guaranteed and next of kin info
How to Register
You need to register your Safaricom M-Pesa mobile line by completing M-Ushuru Mobile Banking application form available at any Ushuru Sacco Branch or download from our website www.ushurusacco.com .
How to use M-USHURU ?
- M-Ushuru is accessed using a mobile phone registered with M-Pesa by simply dialing *688#.
- This allows registered members to select their preferred service from the M-Ushuru mobile menu. M-Ushuru mobile menu is designed to display with any phone.
How to make a deposit from MPESA to Various products
- To make payment to various products, dial *688# and select Make payment option.
- Select the product you want to make payment to.
- You will be prompted to enter the M-PESA PIN.
M-Pesa Charges for withdrawal.
| Lower Limit | Upper Limit | Charges |
| 0.00 | 1,000.00 | 23.98 |
| 1,001.00 | 5,000.00 | 30.30 |
| 5,001.00 | 10,000.00 | 68.50 |
| 10,001.00 | 20,000.00 | 80.00 |
| 20,001.00 | 30,000.00 | 93.50 |
| 30,001.00 | 40,000.00 | 105.00 |
| 40,001.00 | 50,000.00 | 116.50 |
| 50,001.00 | 60,000.00 | 128.00 |
| 60,001.00 | 70,000.00 | 139.50 |
| 70,001.00 | 80,000.00 | 151.00 |
| 80,001.00 | 90,000.00 | 162.50 |
| 90,001.00 | 100,000.00 | 174.00 |
| 100,001.00 | 110,000.00 | 185.50 |
| 110,001.00 | 120,000.00 | 197.00 |
| 120,001.00 | 130,000.00 | 208.50 |
| 130,001.00 | 140,000.00 | 220.00 |
| 140,001.00 | 150,000.00 | 231.50 |
| 150,001.00 | 160,000.00 | 243.00 |
| 160,001.00 | 170,000.00 | 254.50 |
| 170,001.00 | 180,000.00 | 266.00 |
| 180,001.00 | 190,000.00 | 277.50 |
| 190,001.00 | 200,000.00 | 289.00 |
| 200,001.00 | 210,000.00 | 300.50 |
| 210,001.00 | 220,000.00 | 312.00 |
| 220,001.00 | 230,000.00 | 323.50 |
| 230,001.00 | 240,000.00 | 335.00 |
| 240,001.00 | 250,000.00 | 346.50 |
Salary in-advance Loan
Loan Guideline Policy
- This is a special instant mobile loan facility based on salary.
- It’s available to all members who channel their pay via FOSA for at least 2 months.
- The applicable interest of 5% p.m. of the amount is recovered upfront.
Loan Guideline Policy Cont’d
- The loan recovery period is for 1 Month.
- Loan full amount to Auto deducted immediately salary hits the account.
- The lowest net of the last 2 months will be considered (50% of net).
M-Pesa Charges for withdrawal.
| Lower Limit | Upper Limit | Charges |
| 0.00 | 1,000.00 | 48.90 |
| 1,001.00 | 5,000.00 | 54.40 |
| 5,001.00 | 10,000.00 | 82.40 |
| 10,001.00 | 20,000.00 | 92.40 |
| 20,001.00 | 30,000.00 | 102.40 |
| 30,001.00 | 40,000.00 | 112.40 |
| 40,001.00 | 50,000.00 | 122.40 |
| 50,001.00 | 60,000.00 | 132.40 |
| 60,001.00 | 70,000.00 | 142.40 |
SASA Loan
Loan Policy Guidelines
- This is a special hybrid loan that allows borrowing via M-Ushuru and Mobile App.
- Applicant must be M-Ushuru registered.
- The applicant must have accumulated a share capital of Kshs. 30,000.
- The applicant must have a FOSA salary Account.
- Salary should be channeled through FOSA for at least 2 months.
- The loan is repayable within a maximum of 2 years (24 months).
Loan Policy Guidelines Cont’d
- The interest rate is 14% p.a. on a reducing balance.
- Proof of the ability to pay through payslip (50% of Net will be considered).
- Repayment is through monthly salary.
- The loan maximum amount is kshs. 200,000.
- The transaction will attract Safaricom charges of max. Kshs 13.
M-Pesa Charges for withdrawal.
| Lower Limit | Upper Limit | Charges |
| 0.00 | 1,000.00 | 48.90 |
| 1,001.00 | 5,000.00 | 54.40 |
| 5,001.00 | 10,000.00 | 82.40 |
| 10,001.00 | 20,000.00 | 92.40 |
| 20,001.00 | 30,000.00 | 102.40 |
| 30,001.00 | 40,000.00 | 112.40 |
| 40,001.00 | 50,000.00 | 122.40 |
| 50,001.00 | 60,000.00 | 132.40 |
| 60,001.00 | 70,000.00 | 142.40 |
Riziki Loan
Riziki loan repayment
The Society continues to innovate responsive products to address the dynamic financial needs of members. Keenly take note of the new Riziki Mobile Loan features and benefits as stipulated below:
Loan Policy Guidelines
- The product will allow interested borrowers to access up to an equivalent of 50%of their previous year’s interest on deposits earnings.
- The product is accessible on Mobile via USSD Code *688# and on the M-Ushuru App.
- The loan shall be secured by a member’s interest on deposits, members’ regular income, and their share deposits.
Loan Policy Guidelines Cont’d
- The loan will be recovered upfront from interest on deposits payable to the member and not later than one month after the end of the first quarter of the following year.
- A one-off processing fee of 10%(recoverable in advance)shall apply for sums borrowed.
- The product offers members a range of benefits including Covid-19 financial recovery benefits, school-fee emergencies, festivity expenses, and as a backup plan for unforeseen emergencies amongst others.
M-Pesa Charges for withdrawal.
| Lower Limit | Upper Limit | Charges |
| 0.00 | 1,000.00 | 48.90 |
| 1,001.00 | 5,000.00 | 54.40 |
| 5,001.00 | 10,000.00 | 82.40 |
| 10,001.00 | 20,000.00 | 92.40 |
| 20,001.00 | 30,000.00 | 102.40 |
| 30,001.00 | 40,000.00 | 112.40 |
| 40,001.00 | 50,000.00 | 122.40 |
| 50,001.00 | 60,000.00 | 132.40 |
| 60,001.00 | 70,000.00 | 142.40 |
Almasi Loan
Features
Is an instant loan facility, recovered within 12 months with an interest rate of 1.18 % P.M on reducing balance. Member must process Salary through FOSA.
Applicant must be M-Ushuru registered. It allows borrowing via M-Ushuru USSD and App. The loan is capped to a maximum of Kshs. 200,000 and is a self-guranteed loan.
