Find answers to common questions about our services and membership
How do I become a member of Ufundi SACCO?
To join Ufundi SACCO, simply visit our offices and fill in the membership application form. You'll need to provide:
Copy of National ID or Passport
Passport-size photographs
Registration fee of KSh 500
Initial share contribution of KSh 1,000
Once registered, you can start saving immediately to enjoy our products and services.
What are the requirements for membership?
To become a member, you must:
Be at least 18 years old
Have a valid National ID or Passport
Pay the registration fee
Purchase minimum shares
Agree to abide by the SACCO's constitution and by-laws
What are the minimum savings requirements?
The minimum monthly savings contribution is KSh 1,000. However, members are encouraged to save more to maximize their loan eligibility and dividend earnings. There's no maximum limit on savings.
What interest rates do you offer on savings?
Our current savings interest rates are:
Share Capital: 8% per annum
Deposit Savings: 6% per annum
Fixed Deposit: 10% per annum (minimum KSh 50,000)
Interest is calculated monthly and credited to your account.
What types of loans are available?
We offer various loan products including:
Development Loans: Up to 4 times your savings
Emergency Loans: Quick loans up to 3 times your savings
School Fees Loans: Education financing
Business Loans: For business expansion and investment
Asset Financing: For purchasing vehicles, equipment, etc.
Loan amounts depend on your savings, guarantorship, and repayment capacity.
What are your loan interest rates?
Our competitive loan interest rates are:
Development Loans: 12% per annum on reducing balance
Emergency Loans: 15% per annum on reducing balance
Business Loans: 14% per annum on reducing balance
School Fees Loans: 10% per annum on reducing balance
All rates are subject to review and may vary based on loan type and amount.
How long does loan processing take?
Loan processing times vary by loan type:
Emergency Loans: 24-48 hours
Development Loans: 3-5 working days
Business Loans: 5-7 working days
Asset Financing: 7-10 working days
Processing time depends on completeness of documentation and loan committee meetings.
How can I access my funds through ATM?
You can access your funds through any Co-operative Bank ATM using your FOSA account card. Features include:
24/7 access to your funds
Balance inquiry
Cash withdrawal
Mini statements
ATM charges are affordable and transactions are available nationwide.
Do you offer mobile banking services?
Yes, we offer comprehensive mobile banking services through our partnership with Co-operative Bank:
M-Coop Cash for mobile transactions
Account balance inquiries
Fund transfers
Loan applications
Statement requests
How are dividends calculated and paid?
Dividends are calculated based on your share contributions and the society's annual performance. The process includes:
Annual financial performance review
Board recommendation on dividend rates
AGM approval of dividend distribution
Payment typically in March/April each year
Dividend rates vary annually based on the SACCO's profitability.
What happens if I want to withdraw my membership?
Members can withdraw from the SACCO by:
Submitting a written withdrawal notice
Clearing all outstanding loans
Serving a 60-day notice period
Board approval of withdrawal
Upon approval, you'll receive your share capital and deposits less any applicable deductions.