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:

KUSCCO KILIMO

KUSCCO KILIMO LOAN

INTRODUCTION
Embracing agribusiness in the cooperative movement is one of the key factors to steer growth in the movement.
 Most cooperative movements are agro-based or have an origin from agriculture or a big percentage of their members are involved in agriculture in one way or another.
Being the umbrella body for SACCOS we embrace this sector in order to build our members to establish long term and
Financially stable agricultural value chains towards stable SACCOs and improved livelihoods for their members.
As the world strongly advocates for green energy, KUSCCO is also proud to support our members in the adoption of green energy supported irrigation methods.
 
MEMBERSHIP    
Duly registered as a SACCO.                                
Be an affiliated member of KUSCCO with up to date annual subscription.
Submit a CFF application form duly filled and signed by the authorizing officers   together with a copy of a resolution to join the scheme.
Pay a fee as required.
 
LOANING POLICY
Have been an active member of the fund for a period of six (6) months.
Submit fully executed loan application forms accompanied by a bankers order indicating the loan repayment installment amount.
Attach latest audited accounts, latest trial balance, and minutes signed by the board authorizing such borrowing.
 
OTHER REQUIREMENTS

Savings at Central finance fund.
A  SACCO society qualifies for a loan pegged on the savings held at the time of borrowing.
Repayment period is 24 months.
The validity of documents that are pledged as security for loans shall be subject to confirmation by the issuing authority.
Interest 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.
 


 
JIKO SAFI

KUSCCO JIKO SAFI FUND

This is a green energy loan facility to purchase cleaner, fuel-efficient jikos through SACCOs across the country, in order to significantly improve Kenyan livelihoods and conserve the environment.

Traditional jikos and open fires produce life-threatening smoke and indoor air pollution. Statistics have demonstrated that annually, 15,000 people in Kenya will die from chronic exposure to this smoke, majority of them being women and children. Moreover, continued use of biomass (firewood) is fast depleting Kenyan forests, contributing to the reduction of national forest cover.

KUSCCO thus pioneered this new and innovative credit product benefitting all Kenyans in 2014. Through the Jiko Safi Fund, KUSCCO is part of the global movement to promote a greener environment. By piloting this concept, KUSCCO contributes to a better Co-operative movement by providing solutions for SACCOs and their members, that can reduce indoor air pollution and associated health complications significantly.
 
KUSCCO LTD is offering affordable loans to SACCOs to purchase certified energy-saving and fuel-efficient Jikos for their members. This facility is available to SACCOs who are members of the Central Finance Fund at KUSCCO. SACCOs borrow an amount of loan equal to member-demand and purchase jikos from approved distributors to on-lend to their members.

SACCO COMPLIANCE ADVANCE AND SAVINGS

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 Statements

SACCO COMPLIANCE SAVINGS

Kuscco totally understands the sense and importance of SACCOs to comply with the SACCO Act. To help SACCOs keep their money safe, secure and help it grow the Union has introduced the ‘Sacco Compliance Savings’. This scheme is specifically aimed at enabling SACCOs to immediately bridge the financial gap in Asset and Liability requirement as per the SACCO Act. Open this account today and make your journey to compliance smooth.

Key Features

1. Attractive interest rates on deposits
2. Zero ledger fees
3. Standing order instructions allowed
4. Interest calculated daily and credited to your account
5. Borrow on short notice against savings
6. Minimum deposit of Kshs 50,000.
THE INSTANT PREMIUM LOAN

INSTANT PREMIUM

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
KUSCCO JUNGU KUU LOAN

CENTRAL FINANCE FUND 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”.
KUSCCO EXPRESS LOAN

KUSCCO EXPRESS LOAN


“Let’s face it ……. There are some things you have to wait for….!"

An XPRESS LOAN should not be one of them!!!

KUSCCO XPRESS loan Scheme helps SACCOs meet demand for quick loans when liquidity falls below expectation.

Features

• 1. Available for account holders
• 2. Reasonable interest rates
• 3. Up to 12 months repayment
• 4. We process quickly to cope with the URGENCY

“We said we were developing an Xpress Loan Facility…. We have!!!
VIJANA SASA

VIJANAA SASA

Targeting youth entrepreneurs and groups – through Kusasa
We are aware of the myriad challenges facing the youth in setting up and developing their enterprises. Vijanaa Sasa operated at KUSASA aims at supporting the youth entrepreneurs to exploit their talents, reach their potential in social change, job creation and economic renewal.

Features

1. Attractive interest rates on loan on reducing balance.
2. Standing order instructions allowed
3. Minimum savings period of 3 months
4. Multiplier of x3 of savings
5. Repayment period 3 years
6. Statements sent on a quarterly basis
7. Email updates

Requirements

1. Minutes mandating group to open account
2. Proposal from group/entrepreneur on their use of the funds.
3. Certificate of registration of the group, enterprise or national identification for individual members
4. Names and copies of national ID’s of youths borrowing from the fund.
5. Required to sign 3 copies of the offer letter
6. Collaterals to secure loans
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

KUSASA KUSCCO ACCOUNTS

KUSCCO KUSCCO ACCOUNTS

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










KUSASA- Account Opening Corporate & Groups

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ISO 9001

KUSCCO has attained the highly coveted ISO 9001:2008 certification. The award represents KUSCCO’s commitment to the continuous improvement of service efficiency and effectiveness, customer satisfaction and superior performance in all business operations. This will also enable KUSCCO to compete effectively and to broaden its market outreach in the broader financial market.