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
Security for loans
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
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
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).
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.