1. What is UNSACCO ?
UNSACCO is a savings and credit co-operative society for employees of United Nations and other affiliated agencies with and an aim of creating an environment to encourage members to save and get affordable credit.
2 Who can join UNSACCO?
UNSACCO membership is open to:
- Employees of United Nations Agencies
- Employees of Diplomatic Missions and International Organizations in Kenya.
- Immediate family members of the primary members – Spouses and Children.
- Employees of UN SACCO.
3 What is FOSA?
FOSA is simply Front Office services Activities. We have a whole department for these activities.
4 What is share capital?
It is a requirement by the Regulator that all SACCO’S have a minimum of 10% of their deposits in share capital and therefore all members MUST have some shares to qualify them to be part of the owners of the SACCO. In our case, Kshs. 50,000 has been set as the minimum amount to be maintained by every member.
5 What is the benefit of owning share capital?
Your share capital will earn you dividends while your deposits will earn interests.
For those who are new or / those who did not qualify for the minimum shares of Kshs. 50,000, the same has to be paid. We have set our system such that each member will have to contribute the minimum kshs. 50,000 in share capital before building up their deposits. A member can increase his/her share capital by direct deposit.
6 How do I contribute towards my share capital?
We have set our system such that each member will have to contribute the minimum kshs.50, 000 in share capital before building up their deposits. A member can contribute share capital in installments or in lumpsome. A member can increase his/her share capital by direct deposit.
7 Can I borrow against my share capital?
Share Capital will not be used to qualify you for loans nor are they withdrawable at any time; they form part of the permanent capital.
8 Why do I need to have deposits?
We peg loans on your deposits, the higher the deposits the higher the ability to borrow. Additionally, deposits earn you interests yearly.
9 What’s the minimum I can contribute to UNSACCO per month?
The minimum per month contribution is Ksh 2,300.
10 What do I need when applying for a loan?
- Fully completed loan application form
- Minimum three guarantors who must be active members and have contributed for at least six months.
- Certified current contract letter and current certified pay slip.
- A copy of an acceptable form of identification (National ID/Valid Passport)
- Must have been an active contributing member for at least three months, except for settlement loan.
11 Must I have guarantors when applying for a loan?
With the exception of secured asset loan, motor vehicle loan or loans within a borrower's deposits, all other loans must be guaranteed by at least three members of the society.
12 How much can I borrow?
Loans are pegged on a members deposits e.g. for a normal loan it’s given three times (Normal loans) or four times (Premier loans) and seven times for the secured asset loan , to a maximum of Ksh. 20 million.
13 Can I transfer my deposits from another sacco to UNSACCO?
A member can transfer his deposits from another Sacco to the UNSACCO. A member who does so is treated as an old member even if he has just joined UNSACOO that means he can apply for a loan immediately or he/she can enjoy a waiver of the three months waiting period.
14 What is share banding?
The Sacco has set minimum amount of contribution to deposits that a member must make monthly based on the level of loan one has borrowed. This contribution is besides the loan repayment.
15 What is SASSRA?
SASRA (Sacco Societies Regulatory Authority) is a regulatory body enacted by parliament to regulate all SACCO’S operating FOSA’S. The law came into force by 18th June 2010 and UNSACCO is one of the SACCO’S under watch by SASRA since we are operating FOSA.
16 How do I withdraw my membership from the UNSACCO?
- A notice of sixty days is required in case of any refunds due to the member.
- For an immediate withdrawal one will have to sign a surrender of 1.05% of the deposits being withdrawn.
17 Can I continue with my membership after ceasing from UN?
Absolutely yes, all you need to do is place a standing order or give postdated cheques towards your monthly deposits.