Ushuru Sacco: Financial Products and Branch Information

Overview

Established in 1970 by employees of the Customs and Excise Department under the Ministry of Finance, Ushuru Sacco, originally named Customs & Excise Workers (CUEW) Sacco, has grown into one of Kenya’s leading deposit-taking Savings and Credit Co-operative Societies. With an asset base exceeding KES 6.12 billion and a membership of over 7,571, the Sacco now serves employees of the Kenya Revenue Authority (KRA), as well as individuals from public and private institutions. Ushuru Sacco offers a wide range of savings and loan products through its network of branches, ensuring financial empowerment for its members.

Financial Products

Ushuru Sacco provides diverse Back Office Service Activity (BOSA) and Front Office Service Activity (FOSA) products tailored to members’ financial needs.

BOSA Savings Products

1. Ordinary Savings

• Description: Monthly contributions toward share deposits, used as collateral for loans.
• Features:
  • Minimum contribution: KES 3,000/month or 5% of basic salary
  • Refundable only upon membership withdrawal
  • Earns annual interest based on Annual Delegates Meeting (ADM) resolution
  • Accessible upon withdrawal

1. Investment Savings

• Description: Flexible, voluntary savings for personal micro-investments.
• Features:
  • Unlimited deposits and withdrawals
  • Competitive interest rates set by ADM resolution
  • Deposits via bank account, check-off, or MPESA
  • Activatable on mobile banking for M-Sacco transactions

BOSA Loan Products

1. Main Loan

• Description: Standard loan for personal development, processed within 48 hours.
• Features:
  • Up to 3.5 times member’s savings
  • No maximum limit
  • 1% monthly interest on reducing balance
  • Repayment up to 72 months
• Requirements: Completed application form, two recent payslips, guarantors

1. Refinancing Loan

• Description: Loan for completing ongoing projects, processed within 48 hours.
• Features: Same as Main Loan
• Requirements: Same as Main Loan

1. School Fees Loan

• Description: Financing for educational expenses, processed within 48 hours.
• Features:
  • Up to 3.5 times savings
  • No maximum limit
  • 1% monthly interest
  • Repayment up to 24 months
  • Funds transferable via EFT or banker’s cheque
• Requirements: Same as Main Loan

1. Emergency Loan

• Description: Quick loan for urgent needs, processed within 48 hours.
• Features:
  • 6.5% effective annual rate
  • No maximum limit, subject to repayment ability
  • Repayment up to 12 months
• Requirements: Same as Main Loan

1. Almasi Loan

• Description: Instant loan processed in 30 minutes.
• Features:
  • Up to KES 100,000
  • 1.16% monthly interest
  • Repayment up to 6 months
  • No guarantors, only witnesses required
• Requirements: Application form, two payslips

1. Jongea Loan

• Description: For first-time borrowers with limited savings, processed within 48 hours.
• Features:
  • Up to KES 200,000
  • 1.16% monthly interest
  • Repayment up to 12 months
• Requirements: Application form, two payslips, guarantors

1. TIBA Loan

• Description: Boosts savings to access larger loans, processed within 48 hours.
• Features:
  • Up to KES 200,000 savings boost
  • 1.16% monthly interest
  • Repayment up to 48 months
• Requirements: Same as Main Loan

1. Shujaa Loan

• Description: For members with high savings seeking large loans, processed within 48 hours.
• Features:
  • 5 times savings
  • Minimum savings: KES 500,000
  • 14.4% annual interest
  • Repayment up to 84 months
• Requirements: Same as Main Loan

FOSA Loan Products

1. Salary Advance Loan

• Description: Cash advance based on salary, processed within 48 hours.
• Features:
  • 50% of net salary (based on last 3 months)
  • 3% monthly interest recovered upfront
  • Repayment in 1, 3, or 6 months
• Requirements: Application form, two payslips, FOSA salary guarantors

1. Imara Loan

• Description: FOSA loan for salary earners, processed within 48 hours.
• Features:
  • Up to 5 times net pay
  • 14% annual interest
  • Repayment up to 12 months
• Requirements: Same as Salary Advance

1. FOSA Pride Loan

• Description: Hybrid loan for large borrowing, processed within 48 hours.
• Features:
  • Up to KES 1 million total FOSA loans
  • 14% annual interest
  • Repayment up to 24 months
• Requirements: Same as Salary Advance

1. FOSA Pride on Mobile

• Description: Instant mobile loan for SASA account holders.
• Features:
  • Up to KES 100,000 via USSD (*346#)
  • 14% annual interest
  • Repayment up to 24 months
• Requirements: Previous year’s interest earnings

1. Riziki Loan

• Description: Instant loan based on prior year’s returns.
• Features:
  • 50% of previous year’s interest
  • 10% processing fee
  • Minimum share capital: KES 30,000
• Requirements: Same as FOSA Pride on Mobile

1. MPOA Loan

• Description: Instant mobile loan via M-Sacco.
• Features:
  • Up to KES 100,000
  • 7.5%–10% facilitation fee
  • Repayment in 1–3 months
• Requirements: Minimum share capital: KES 30,000

1. Pamoja Loan

• Description: Group loan processed within a week.
• Features:
  • Minimum KES 100,000
  • 14% annual interest
  • Repayment up to 24 months
• Requirements: Guarantor shares, collateral, 6-month FOSA cash flow, group minutes

1. Biashara Bora Loan

• Description: Business loan for working capital or asset financing, processed within a week.
• Features:
  • 14% annual interest
  • Repayment up to 36 months
• Requirements: Business records, collateral, 6-month FOSA statements, company documents

FOSA Savings Products

1. Sasa Savings Account

• Description: Main transactional account for salary processing and daily transactions.
• Features:
  • Unlimited deposits/withdrawals
  • Access to Visa ATMs and M-Sacco
  • No interest earned

1. Kwenzi Account

• Description: Savings for children under 18.
• Features:
  • Minimum balance: KES 1,500
  • Minimum contribution: KES 250/month
  • 4% interest on balances above KES 4,500
  • Three free school fee withdrawals

1. Likizo Account

• Description: Savings for festive seasons.
• Features:
  • Minimum balance/contribution: KES 1,000
  • 4% interest
  • Annual access

1. Jaza Jaza Account

• Description: Goal-oriented savings.
• Features:
  • Minimum contribution: KES 500/month
  • 5% interest
  • Accessible twice yearly

1. Fixed Deposit Account

• Description: Investment savings with limited withdrawals.
• Features:
  • Flexible terms (3, 6, 9, 12 months)
  • Varying interest rates

1. Biashara Bora Account

• Description: Transactional account for businesses.
• Features:
  • Minimum balance: KES 1,000
  • Cheque book and loan access
  • No interest earned

1. Pamoja Account

• Description: Group savings for chamas.
• Features:
  • Minimum balance: KES 50,000
  • Quarterly withdrawals
  • Access to group loans
  • No interest earned

Branch Network and Contacts

Ushuru Sacco operates four branches across Kenya to serve its members:

1. Head Office
   Location: Ushuru Sacco Centre, Wood Avenue, Kilimani, Nairobi
   Phone: 020 7608700
   Email: [email protected]
2. Mombasa Branch
   Location: Customs House, Ground Floor, Room No. 6, Mombasa
   Phone: 020 2170661
3. Kisumu Branch
   Location: Swan Centre, Ground Floor, Kisumu
   Phone: 020 2391343
4. Eldoret Branch
   Location: Kiptagich House, 4th Floor, Room No. 416, Eldoret
   Phone: 053 8015853

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