Ufanisi DT Sacco Membership Eligibility & Requirements

Ufanisi Sacco Membership Eligibility & Requirements

What is a SACCO? A SACCO is an abbreviation for Savings and Credit Co-Operative Society. It’s a member-based financial institution owned and controlled by its members, who are also the customers using its services. The business model of most SACCOs is to collect savings from their members and to intermediate them into loans. This enables the rural and poor population to deposit savings as well as to take loans. So, what is Ufanisi DT Sacco all about, and how does one become a member?

Ufanisi DT Sacco Society Ltd is a Savings and Credit Society registered in Kenya since 6th July 1973 and has been licensed by SASRA from 22nd July 2013 to operate Front Office services. Ufanisi DT Sacco promotes thrift among its members by mobilizing savings and creating a source (pool) of funds for onward lending at a fair and reasonable rate of interest. Moreover, the Sacco also offers various Back-office loan products namely Normal, Emergency, and School Fees. However, Front office products include advances such as Salary, Karibu, Premium Financing, One, Three, Six, and 12 Months Advances. In addition, Members can further save by opening School Fee, Holiday, and Fixed Deposit Accounts.

CPA Akeno Tom Okeyo is currently the Chief Finance and Investments Officer at Agricultural Finance Corporation and the Chairperson of Ufanisi DT Sacco Society ltd.

Ufanisi DT Sacco Objectives

To encourage thrift among our members by affording them an opportunity to accumulate their savings. To create a source of funds where our members can borrow at a fair and reasonable interest rate. To provide members with credit for provident and productive purposes.

Membership Eligibility

A person of either sex shall be eligible for membership if he possesses all the following qualifications;

  • i. Is within the field of membership consisting of employees of Ufanisi DT Sacco Limited or any other acceptable organization as may be admitted by the Board from time to time;
  • ii. Is not less than 18 years of age;
  • iii. Is of good character and of sound mind;
  • iv. His employment, occupation, or profession falls within the category or description of those for which the Co‐operative Society operates.
  • v. Upon payment of entrance fee and share capital as prescribed in these by‐laws.
  • vi. Is not a member of another SACCO with a similar purpose within the Republic of Kenya, and
  • vii. Any other person who will be qualified and admitted according to these bylaws.

How do Join Ufanisi DT Sacco?

Application Review

  • The Board reviews completed membership application forms.
  • They decide to accept or reject the application.
  • The decision is communicated to the applicant in writing.
  • The decision needs ratification at the next general meeting.

Membership Number:

  • Accepted applicants receive a membership number.
  • The number is recorded in the members’ register.
  • The application form is filed in the member’s personal file.

Entrance Fee:

  • An entrance fee of Kshs. 1,000 is required (or as prescribed by the Board).
  • Payment is necessary for admission to membership.

Minimum Shares and Deposits:

  • Members must pay a minimum of Ksh. 20 each for at least 250 shares.
  • A deposit of Ksh. 10,000 is required (or as decided by the general meeting).

Rejoining:

Former members can rejoin, subject to the conditions mentioned above.

Refusal and Appeal:

  • The Board can refuse membership with the reasons provided.
  • Eligible individuals can appeal to an Annual General Meeting with support from at least 10 members.

By-Laws:

Members must pay for a copy of the Society’s by-laws at cost.

Membership Identification Card:

Upon admission, members may receive a membership identification card.

Payment Methods:

Payments for shares, deposits, and loan repayments can be made through cash contributions or a check-off system.

  1. Periodic Statements:
    • Members receive a statement of account every six months.
  2. Eligible Family Members and Employees:
    • Spouses, children (over 18 years), parents in the same household, and employees of the Society can also become members under the same terms and conditions as all members.

What are BOSA products for Ufanisi DT Sacco?

Back Office Service Activity (BOSA) Back Office Service Activity deals with non-withdrawable savings and allows members to borrow against their savings, at very competitive interest rates. So are BOSA products provided this Sacco?

These are Credits given to facilitate members for development purposes.

Eligibility

  • 6 months membership
  • Minimum deposit – kshs.10,000/=
  • Ability to pay subject to 1/3 rule.
  • Mode of charging interest-Amortization
  • Offsetting interest of 5% on outstanding loan balance
  • At least 3 qualified guarantors
  • 3 times members’ deposits

a) JIINUE LOAN

Credit given to facilitate repayment of all outstanding loan balances for normal loan application registration.

Eligibility

  • Repayment period 60 months (5 years.)
  • 1.33% interest rate per month
  • Qualified guarantors.
  • Processing fee 0.5% for loans up to Ksh.1M subject to a minimum of Ksh.500/=, above 1M 0.75%
  • Processed within 1 month

b)  ZAWADI LOAN

Enable members to qualify for additional funds to complete the intended project without recovering other outstanding loans/advances.

Eligibility

  • Repayment period 48 months (4 years.)
  • 1.33% interest rate per month
  • Qualified guarantors.
  • Processing fee 0.5% for loans up to Ksh.1M subject to a minimum of Ksh.500/=, above 1M 0.75%
  • Processed within 1 month

c) JIBEBE LOAN

  • Repayment period 48 months (4 years.)
  • 1.25% interest rate per month
  • Qualified guarantors.
  • Processing fee 0.5% for loans up to Ksh.1M subject to a minimum of Ksh.500/=, above 1M 0.75%
  • Processed within 1 month

d) NAWIRI LOAN

  • Repayment period 36 months (3 years.)
  • 1.16% interest rate per month
  • Qualified guarantors.
  • Processing fee 0.5% for loans up to Ksh.1M subject to a minimum of Ksh.500/=, above 1M 0.75%
  • Processed within 1 month

e) EMERGENCY LOANS

a) Medical Bills and Expenses-code 5110

Eligibility

  • 3 times member’s deposit
  • Qualified guarantors
  • 1% interest rate per month
  • Same day processing when all the qualifications are met.
  • Processing fee 0.5% for loans up to Ksh.1M subject to a minimum of Ksh.500/=, above 1M 0.75%

b) Maternity Bills and Expenses-code 5120

Eligibility

  • 3 times member’s deposit
  • Qualified guarantors
  • 1% interest rate per month
  • Same day processing when all the qualifications are met.
  • Processing fee 0.5% for loans up to Ksh.1M subject to a minimum of Ksh.500/=, above 1M 0.75%

e) SCHOOL FEES LOAN

Eligibility

  • Qualified Guarantors
  • 1.16% interest rate per month
  • Repayment one calendar year
  • Processing fee 0.5% for loans up to Ksh.1M subject to a minimum of Ksh.500/=, above 1M 0.75%
  • same day processing

d) COLLEGE LOAN

Eligibility

  • Qualified Guarantors
  • 1.16% interest rate per month
  • Repayment of 12 months for college fees.
  • Processing fee 0.5% for loans up to Ksh.1M subject to a minimum of Ksh.500/=, above 1M 0.75%
  • same day processing

What are FOSA products for Ufanisi DT Sacco?

Front Office Service Activity (FOSA) are financial services that enable Ufanisi DTSacco members to have affordable and convenient savings avenue for cash transfers, depositing and withdrawing money without having to carry cash

1. Salary Advance

An amount advanced to a member before salary for the month is earned.

Eligibility

  • Salary processed through FOSA
  • Members qualify for 1/2 of the Net Salary
  • interest 5%
  • Recovered when salary  is received
  • Same day processing
  • A duly signed letter instructing non-withdrawal of the SACCO pay-point
  • Prompt salary payment
  • Guarantors- 2 active account holders.

2. Premium Financing

Eligibility

  • Open to members only
  • For annual Insurance Premiums for motor, fire, life ,etc
  • Interest rate – 15% p.a. where the Sacco is an agent and 17% p.a. for others
  • Repayment period of 12 months.

3. Karibu Advance

An amount advanced to new salaried members

Eligibility

  • Salary processed through FOSA
  • Active account for two months.
  • One off product for new members
  • 1.08% interest rate per month
  • 17% interest rate per annum
  • 3 times of net pay
  • Maximum of 200,000/=
  • mode of payment checkoff and recovery period 12 months
  • At least 3 qualified guarantors
  • Karibu advance loanee cannot guarantee karibu advance loan application
  • To qualify for another loan, one has to clear the outstanding balance or authorize recovery of the same.

4. School Fees Account

FOSA savings to allows members borrow fees

Eligibility

  • Account holders only
  • Must have saved for a minimum of six months
  • 10% interest rate per annum
  • Maximum amount -2 times of savings
  • Savings to be part of security
  • Guarantors should be account holders
  • Recovery period 12 months
  • Same day processing.

5. Bridging Finance

The purpose of bridging Finance is to clear Back Office loans or any other advances

Eligibility

  • Salary processed through FOSA
  • Purpose of clearing Back Office loans or other advances
  • Short-term advance available in one day
  • The amount advanced is to be recovered fully once the loan is granted
  • Irrevocable order to the FOSA Management to recover the total amount from the loan applied for.
  • Processing fee – 5% interest rate on cleared loan
  • Collateral includes monthly salary and Back Office loans once disbursed

6. Cheque Clearance

Requirements

 Applicable to Account holders only.
 Instant access to cash on banked cheques from a reputable Company at a nominal fee.
 Low clearance charges.

7. Holiday Account

Holiday Account is opened by individual members going for holidays, Christmas shopping, graduation ceremony ,etc.

Eligibility

  • Application form duly signed
  • Non-withdrawal until maturity season
  • Minimum monthly contribution Kshs.500/=
  • Attractive interest is given depending on period of saving
  • Period of saving from one year to four years.

8. One Month Advance

One Month Advance is an amount advanced to a member to solve a rising emergency recoverable end month.

Eligibility

  • 75% of net salary
  • 10% interest rate per month
  • Over the counter instant processing
  • Mode of payment – cash/Msacco

9. 3 Months Advance

This is an amount advanced to a member and recovered in three months.

Eligibility

  • 50% of net salary times three(x3)
  • Maximum of 60,000/=
  • 4% Interest per month
  • Mode of repayment-check off/Msacco
  • Same day processing
  • One should not have 1 month advance.

10. 6 Months Advance

An amount advanced to a member and recovered in Six months.

Eligibility

  • 50% of net salary times six (×6)
  • Maximum of 100,000/=
  • 4% interest per month
  • Mode of repayment-check off/Msacco
  • Same day processing
  • One should not have 1 month advance

11. 12 Months Advance

This is an amount advanced to a member and recovered in twelve months.

Eligibility

  • 50% of net salary times twelve (×12)
  • Maximum of kshs 150,000/=
  • 16% interest per annum
  • Mode of repayment-check off/Msacco
  • Same day processing
  • One should not have 1 (one) month advance.

12. Fixed Deposit

Requirements

 Open to members only.
 Interest negotiable depending on market rates and the period.

ALSO CHECK: Metropolitan National Sacco Membership Eligibility & Requirements

How to make a Deposit from your FOSA Account

  1. Go to M-PESA Payment Services, Lipa na M-PESA and Select Paybill.
  2. Enter Business Number 979150.
  3. Enter your full FOSA  Account Number e.g 95040-xxxx-0000
  4. Enter the M-PESA amount
  5. Wait for a confirmation from M-PESA.

How to Withdraw from your FOSA Account

  1. Dial *346# on your phone.
  2. Reply by Entering your MSACCO PIN number(If you dont have MSACCO PIN, it will be sent to you on SMS. Enter the start pin and you will be required to enter your secret PIN and confirm your PIN.)
  3. Reply Option I to withdrawal from M-PESA.
  4. Select the A/C number to withdraw from (DO NOT TYPE THE A/C NUMBER).
  5. Reply by selecting option 1.
  6. Enter the amount to withdraw.
  7. Wait for the Confirmation from M-PESA.

How to Deposit Share Contribution on Ufanisi DT Sacco

Step 1

Go to M-PESA payment services, paybill option.

Step 2

Enter business Number 979150

 Step 3

Enter your Member Number

             2487D

 N/B;-Ensure you type D (for deposit), by the end of your Member number.

  Step 4

       Enter the MPESA amount

       Then Wait for the confirmation from M-PESA

How to pay Ufanisi DT Sacco loan Balance

a) First you will have to deposit money in your Fosa account by using the Paybill number 979150 the money which you are paying the loan.

 Step 1

Go to M-PESA payment services, paybill option.

Step 2

Enter business Number 979150

Step 3

Enter FOSA Account Number: 95040 your member number 0000

 Then Wait for the sms confirmation from MPESA

b) Using your mobile phone number dial  *346#

  • Enter option number 5 (loan Repayment)
  • Select loan Number shown on your phone i.e 1 (for the loan you are paying),and send
  • Enter the loan repayment amount to pay

 Then Wait for the confirmation sms from MPESA

Ufanisi DT Sacco contact details

Ufanisi DT Sacco Society Limited
Development House, 3rd Floor
Moi Avenue,

Tel: 020-2246383

Mobile Nos.: 0712690660 0738690660

whats App: 0713 690 660
E-mail:info@ufanisisacco.co.ke
P.O. Box 2973-00200 City Square,
NAIROBI.

Ufanisi DT Sacco ltd Tariffs

SAVINGS ACCOUNTKSHS
Minimum Balance (Account opening)1,000.00
Minimum interest earning balance5,000.00
Interest on savings accounts5% per annum
SERVICE FEES
Amount falling below minimum balance100.00
Interest on 1 month Advance10% p.m.
Interest on 3 months Advance4% p.m.
Interest on 6 months Advance4% p.m.
Interest on 12 months Advance1.16% p.m.
Salary Advance5% p.m
Karibu Advance1.08% p.m
School fees0.083% p.m
Nawiri loan1.16% p.m
Jibebe loan1.25% p.m
Zawadi Loan1.33% p.m
Jiinue loan1.33% p.m
Emergency Loans1.00% p.m
College fees loan1.16% p.m
School fees loan1.16 % p.m
Transfer of funds100.00
Standing order (Set up)100.00
Standing order (per item)200.00
Standing order payment100.00
Certificate of balance100.00
Withdrawal above Kshs.50,000.00 without notice1%
Withdrawal over the counter once a weekFree
Withdrawal before lapse of 5 days30.00
Closing of account without 7 days notice300.00
Closing of account with 7 days notice100.00
Salary processing (monthly)200.00
Electronic funds transfer300.00
Credit clearing (cheque, money order, drafts etc)100.00
Local cheques100.00
Up country cheques200.00
Bankers cheques (over Co-op charges)50.00
Statements (Quarterly)Free
FOSA Loan formkshs.100
BOSA Loan formKshs.200
CHEQUES CLEARING PERIOD
Ufanisi1 working day
Other local/up country cheques5 working days
Dishonored cheques (above bank charges)Kshs.1,000.00
Extra statementsKshs.50.00
RELEASE OF LOAN
Account holdersFree
Non-account holders1% of disbursement

Ufanisi DT Sacco Bank Charges

Bankers
Cheque Charges
100.00
Bulk
sms
5.00
Close
Account With Notice
300.00
Close
Account With No Notice
500.00
Cash
Withdrawal Charges
30.00
Certificate
Of Balance
100.00
Cheque
Deposit Charges Local
200.00
Received
Cheque Stoppage Payment
500.00
Cheque
Deposit Charges Inhouse
100.00
Cheque
Deposit Charges Upcountry
200.00
Cheque
Withdrawal Charges Before Maturity
0.00
Cash
Withdrawal Over 100000 No Notice
0.00
Dishonoured
Cheque above Bank Charges
1,000.00
Defalcated
cheque replacement
500.00
Eft
Charges
300.00
10%
Excise Duty Charges
0.00
Additional
extra cheque
100.00
Jumbo
Link services
100.00
Loan
Standing Order Fee
30.00
BOSA
Loan Transferred To FOSA for Payment Charges
100.00
Msacco
Balance
20.00
Msacco
deposit charge
20.00
Msacco
withdrawal charge
103.00
Msacco
Statement
10.00
Msacco
Transfer
50.00
Salary
Processing
200.00
Statement
Charges
100.00
Standing
Order
100.00
Standing
Order set up
100.00
Standing
Order Stop Payment
100.00

UFANISI DT SACCO LTD  MINIMUM DEPOSIT CONTRIBUTION

AMOUNT
LOAN(KSHS)
DEPOSITS CONTRIBUTIONS
KSHS
10 – 200,0003,600
2200,001 – 500,0003,800
3500,001 – 750,0004000
4750,001 – 1,000,0005000
51,000,001 – & Above6000