CENTRAL FINANCE FUND
Mobilising Funds for Savings and Credit Co-operative Societies
About Us
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:
SACCO COMPLIANCE ADVANCE LOAN
INSTANT PREMIUM LOAN
CENTRAL FINANCE JUNGU KUU
VIJANA LOAN
KUSASA KUSCCO ACCOUNTS
SACCO SPECIAL ACCOUNTS
Central Finance Fund Products
- SACCO COMPLIANCE ADVANCE
- INSTANT PREMIUM
- CENTRAL FINANCE JUNGU KUU
- VIJANA LOAN
- KUSASA KUSCCO ACCOUNTS
- SACCO SPECIAL ACCOUNT
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
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
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.
Key Features
1. Accessibility to loan 3 times the savings2. 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 account2. 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.
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.
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
2. Latest Financial Statements
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 Balance2. 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 account2. 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.
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”.
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 rates2. 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 REQUIREMENTS1. 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
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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 |
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.
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.
KUSCCO QUALITY POLICY