How Ukulima Sacco is making members homeowners

 The Sacco has also enhanced its Micro-Credit function enabling businesses and unsalaried people to access affordable loans secured by collaterals.

You can make your dream of owning a home a reality with Ukulima Deposit-Taking Sacco. The Sacco leads from the frontline in supporting members to buy or build homes affordably. 

Under the Society’s recently introduced Makao Home Plan, a product that is offered through a partnership with the Kenya Mortgage Refinancing Company (KMRC), Ukulima Sacco allows low-income earners to access affordable home loans. 

The home plan includes two Sacco products: Makao Bora which is meant for members with an income of less than Ksh 150,000 who access up to Ksh 4 Million at an interest rate of 7%, and Makao Halisi product targeting high-income earners with an income of over Ksh 150,000 at an interest rate of 9% annually on reducing balance.

Ukulima Sacco is not only enabling members’ own homes but also ensuring that they realize the quality of housing they have always desired. This affordable housing support programme is a game-changer that has opened the door to many of its members to become homeowners. More and more low-income households can access affordable loans hitherto locked out by expensive mortgage facilities.

According to Sacco’s National Chairman Philip Cherono, mortgagees will be allowed to access short-term financing through a Bima loan at FOSA for purposes of catering for mortgage protection insurance and fire and other perils insurance.

Ukulima Sacco has remained innovative and fully adopted the concept of the one-stop-shop financial institution offering affordable and diversified services, which are its key strategic priorities.

So far, the Sacco has introduced new initiatives in line with its Strategic Plan. It has radically shifted its business operating model to reflect the current market dynamics. 

With the new government development policies aimed at lifting people at the bottom of the economic hierarchy, the Sacco focuses its energies on attracting members within the Micro, Small, and Medium Enterprises (MSMEs) to supplement the government’s efforts. The Sacco plans to enhance its existing micro-Credit function that will see business people and members of the informal sector, mainly unsalaried, access affordable loans secured by land, motor vehicle and other collaterals. Initially, the Sacco operated on a Sacco model that relied on member guarantors.

Since the Society opened its common bond, the micro-credit section has been in place, opening the doors to millions of entrepreneurs to join the top-ranking Society offering a wide variety of financial solutions. Loan products under microcredit are mainly collateral based and are meant to enhance members’ asset ownership. 

The Sacco has also digitized services to enable anytime and anywhere access to financial services by members. These include Mobile Mahitaji loan, Pesa Link, VISA branded ATM services accepted globally, and bank-to-bank funds transfer services that members can access through Ukulima Kash App or USSD corded services. Ukulima Sacco has also upgraded the ICT network infrastructure to improve the accessibility of digital services and enhance products online to improve our members’ efficiency and ease of service. FOSA Agency banking services are set for rollout.

Through strategic partnerships, the Sacco offers services to members in the most efficient way. Such partnerships include a deal with Family Bank that enables the Sacco members to use the Pesalink platform to transfer money from Sacco to their commercial bank accounts. Members can also access cash through cardless ATM withdrawals using Family Banks ATMs countrywide.

Ukulima Sacco has maintained its high rating among the country’s leading Deposit-Taking Saccos, ranking among top-ten financial Co-operative Societies according to the Sacco Societies Regulatory Authority (SASRA) annual report.

“Our members have continued demonstrating loyalty and cooperation to embrace new technology,” said Mr Richard Nyaanga.

The National Sacco has its headquarters in Nairobi and FOSA Branch Network in Kisumu, Mombasa, Eldoret Embu, Nakuru Kisii and Kakamega. From a humble beginning in 1972, the Society has been ISO 9001: 2015 certified, a clear indication of its commitment to providing quality service to its valued members.

OUR MORTGAGE PRODUCTS

MAKAO HOME PLAN

• Makao Halisi Loan –

Accessible to Sacco members with monthly income below Ksh150,000.

Maximum loan Ksh4.0 Million

Competitive interest rate 7.0% per annum

Maximum loan tenure 20 years

• Makao Bora Loan – 

Accessible to Sacco members with monthly income above Ksh150,000

Maximum loan Ksh8.0 Million

Interest rate 9.0% per annum

Maximum loan tenure 20 years

Join Ukulima Sacco: United in Creating Wealth.

Call us on 020 – 2785000

[email protected]

[email protected]

www.ukulimasacco.coop