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CENTRAL FINANCE FUND

Mobilising Funds for Savings and Credit Co-operative Societies

Mobilising Funds for Savings and Credit Co-operative Societies
As a union of SACCOs in Kenya, we understand the fundamental role of SACCOs as vehicles for cooperation, self-help and the uplifting of wellbeing of members. After all, these are the principles upon which the cooperative movement was founded.

Our member societies have proficiently been able to pool their financial resources, which have been instrumental in facilitating the growth of these SACCOs as well as uplifting the social-economic status of their membership.

KUSCCO’s Central Finance Fund
Our Central Finance Fund instrument at KUSCCO is founded on the same principle as that of the cooperative savings and credit societies.
Financial capital for our Central Finance Fund is sourced from the regular deposits by SACCOs. KUSCCO pays a reasonable interest on the deposits, which is disbursed quarterly to member societies.

Central Finance Fund Products
By subscribing to the KUSCCO Central Finance Fund, SACCOs in Kenya can enjoy the benefits from the fund’s products which include:

Central Finance Fund Products

SACCO COMPLIANCE ADVANCE

This is an account specifically designed by Kuscco Ltd to help SACCOs meet the expected Sacco Compliance Requirements by ensuring unlimited access to advance funds at very reasonable interest rates

Key Features

    1. Accessibility to loan 3 times the savings
    2. Zero ledger fees
    3. No hidden charges
    4. SACCOs will be eligible for a loan upon joining the scheme

Other Benefits for those patronizing the SACCO Compliance Savings (SCS)
    1. Discount offered on Research and Consultancy products/Education & Training on compliance related issues
    2. Discounted rates on Balance Sheet Analysis & Financial Advice

Requirements

    1. Minutes mandating committees to open account
    2. Latest Financial StatementsInterest chargeable on loans or   payable on savings will vary from time to time depending on    market conditions and will be decided upon by the board of directors.

INSTANT PREMIUM LOAN

The Instant Premium Loan is a product designed to fill a gap for financing needs of SACCOs, which wish to borrow for longer periods; that is 36 months. The Premium Loan has a unique application process.  A SACCO may have two or more loans at one time provided the repayment is not affected.

Features

    1. Attractive interest rates on loan on reducing balance and fixed for term of the loan.
    2. Standing order instructions allowed
    3. Minimum savings period of 6 months
    4. Multiplier of x3 Savings
    5. Repayment period of between 3 years
    6. Statements sent on a quarterly basis
    7. Minimum monthly savings of  Kshs 5,000/=
    8. Membership joining fees of Kshs 1,000/=
    9. Maximum loan amount determined by the SACCOs savings.

Requirements

    1. Latest Trial Balance
    2. Minutes of the Management Committee authorized borrowing from CFF
    3. Latest Financial Statements
    4. Maximum Borrowing Powers extract
    5. Insurance cover on the loan
    6. Bankers Order

Requirements

    1. Minutes mandating committees to open account
    2. Latest Financial Statements

CENTRAL FINANCE JUNGU KUU

KUSCCO Central Finance Programme operates on the same principles as the SACCO Societies.

This loan is given to SACCOs for extension of credit to their members. The Financial Resources will be derived from regular deposits made by SACCOs. KUSCCO mobilizes funds from the SACCO Movement.

Features

    1. Charges reasonable interest rates
    2. Repayment period for up to 24 months
    3. Similar to normal loans given by SACCOs
    4. NO hidden charges
    5. NO Security required

“Borrow from our own Union where you are not just another customer but one of the owners”.

VIJANAA LOAN

VIJANAA LOAN APPLICATION REQUIREMENTS

VIJANAA LOAN APPLICATION REQUIREMENTS

1. Raise the loan security in cash (One third of the loan amount).
2. Copy of ID –applicant and spouse.
3. Copy of KRA PIN of applicant and spouse.
4. Provide two Referees and copies of their ID’s
5. A Detailed business proposal
6. Copy of business registration certificate.
7. Copy of Business License
8. Bank statement for the last three months
9. Copy of Utility Bills
10. Dully filled chattel form
11. Receipts of assets pledged.
12. A map showing business location & place of residence
13. Bankers Order duly signed
14. Legal fee of Kshs. 3000 for chattel form registration with the lawyer (Deposited directly to the Lawyers account).

Acc. Name: Jackline P.A Omollo Co. Advocates
Acc. No.: 1104732890
Bank: K.C.B University Way


INFO

1. Maximum Loan Amount is Kshs. 400,000.
2. Interest rate for the loan is 7% reducing balance
3. Maximum Repayment Period is 3 years.
4. Processing fee of 1% of loan amount
5. Insurance fee 2.5% of exposure (Loan - Savings).
6. Must have saved with us for more than 3 month
7. Must have a Registered business
8. Age must not be more than 35 years
 

 

   

KUSCCO SASA ACCOUNT


KUSASA CHAMA ACCOUNT
At KUSCCO – KUSASA Ltd we understand the sense and importance of community or chama/group financial and development projects. To help you secure your money and help it grow through investments we have introduced the Kusasa Chama Account.

The Kusasa Chama Account is an account that will encourage members to save with a view of enhancing various projects.

The terms are outstandingly affordable and well suited for groups/chamas development and growth.

Features:
1. Easy to save
2. Loan eligibility x 2.5 of savings and x5 of savings subject to set limits
3. Statements issued on quarterly basis
4. Borrow against savings x5
5. Attractive Interest Rate of 8% p.a
6. Flexible Repayment Period of 24 months
7. Standing order instructions allowed / Cheques
8. Minimum monthly savings of Ksh 3,000/=

Requirements:
1. Minutes to resolve opening of account with Kusasa
2. Certificate of registration and Group constitution
3. Identity card for each signatory – original and copy
4. Minimum opening balance of Kshs 3,000/=
5. Account opening & processing Kshs 200/=
6. List of group members with ID numbers, duly signed by all members
7. Colored photograph and ID copies of the signatories (passport size)


For more information contact:
The Kuscco Regional Offices OR
Tel: 020-2712595/2722927
Email: Linah@kuscco.com
Website: www.kuscco.com


Apply Now
KUSCCO SASA ACCOUNT

KUSASA INDIVIDUAL ACCOUNT
At KUSCCO – KUSASA Ltd we understand the sense and importance of individual financial and development projects. To help you secure your money and help it grow through investments we have introduced the Kusasa Individual Account.

The Kusasa Individual Account is an account that will encourage members to save with a view of enhancing individual developments and investments.

Features:
1. Easy to save
2. oan eligibility-x 2.5 of savings and x5 of savings subject to set limits
3. Statements issued on quarterly basis
4. Borrow against savings
5. Attractive Interest Rate of 8% p.a
6. Flexible Repayment Period of 24months
7. Standing order instructions allowed / Cheques
8. Minimum monthly savings of Ksh 500/=

Requirements:
1. Copy of ID
2. Colored Passport photograph
3. Account opening & processing Ksh 200/=


For more information contact:
The Kuscco Regional Offices OR
Tel: 020-2712595/2722927
Email: Linah@kuscco.com
Website: www.kuscco.com



SACCO SPECIAL ACCOUNT

This is a product that is the Equivalent of fixed deposit in the banks.
KUSCCO Central Finance Fund provides an exceptional investment solution designed to give the sacco more returns.

Terms

1. Minimum deposit of KES.500,000
2. Minimum investment period is Three months
3. Rates are negotiable based on market conditions prevailing.

Ready to apply today?

ISO 9001

KUSCCO QUALITY POLICY

We commit to consistently promote SACCOs through advocacy and provision of quality technical and financial products that exceed the members’ expectations.
We shall comply with the statutory requirements and actively pursue continuous improvement of the ISO 9001:2015 Quality Management System (QMS) processes, capabilities and effectiveness

© 2020 Kenya Union of Savings & Credit Co-operatives Ltd. All Rights Reserved.