Savings Products

Mwavuli Deposit

These are the continuous monthly deposits that members make to the Sacco throughout their membership.

The benefits are:

Accumulation of savings gradually;

Used as loan multiplier

Earn attractive and competitive interest;

Wealth creation

Security for loans

FOSA Account

Diaspora Fosa Account Features

This is Ukulima Sacco’s transactional account which operates as a current account. This account has a minimum balance of $ 100 and amounts above $ 200 earns competitive interest and has no monthly charges.

The account is used for:

Clearing standing Orders

Loan repayments,

Cheque clearing,

Dividends payment

Withdrawals

Sacco Assurance

EFTs, RTGS, etc

• Transactions via Debt cards and ATM, Ukulima Sacco Cheque Book, Mobile banking

Pad Deposit Account

The Sacco offers competitive returns on Fixed Deposits Reserve (FDR);

• Minimum amount for a fixed deposits is $1000

• No monthly charges.

• For current fixed deposit rates click here.

Credit Products Offering

We offer the following products proposition for Diaspora Market

Loan Types

Normal Development Loan

Long term loan with an interest rate of 1% per month, reducing balance, it has a Loan Tenor of up to 48 months and a Loan Amount worth 3x Mwavuli Deposits.

Jitegemee Development Loan

Long term loan with an interest rate of 1.2% per month, reducing balance, it has a Loan Tenor of up to 72 months and a Loan Amount worth 3x Mwavuli Deposits.

One should make a Contractual monthly deposit of K.sh 5,000/ or 1% of loan approved (whichever is lower).

BENEFITS

1. Enable member’s access funds at competitive rates with flexible security requirements.

2. Higher multiplier of Mwavuli Deposits (x3) with longer repayment periods;

3. Fast processing of loans and Savings stimulus for members;

4. Flexible repayment period extending to 72 months for savings exceeding one (1) Million.