Previously known as Masaku Traders Sacco Society Limited, Universal Traders Sacco (UTS) was registered as a cooperative society in 1991 in response to the economic needs of the local population.
The Sacco brought a solution to local business people who were not able to access credit facilities from the major financial institutions since they could not meet the laid down conditions.
The Sacco was therefore pioneered by a few business individuals who decided to pull resources together among the medium and small enterprises to access affordable credit facilities. So far, UTS has a network of over six branches spread across the lower Eastern region.
It offers affordable and well-structured products and services to members. The membership is drawn from farmers, civil servants, micro-entrepreneurs, associations, and self-help groups. SASRA licensed the Sacco in 2011 as a deposit-taking Sacco
UTS continues to apply technology and innovation in developing products and attend to the members’ needs due to the industry’s evolving nature.
How to Become a Member Of Universal Traders Sacco
Acquiring Universal Traders Saccos membership requires one to be a Kenyan at least 18 years of age. The condition applies across all the Saccos. The other requirements may slightly differ depending on a certain Sacco. However, the following applies to Universal Traders Sacco.
a) Fill out the Membership Registration Form
you can download the membership registration form from the Saccos online platform. It captures some essential details needed for processing your membership like your physical residence, employment status, gender, full name, and contacts, among other important information.
b) Attach the Necessary Documents
The needed documents may vary from Sacco to another. Still, the most common is a copy of the national identity card or passport, KRA pin certificate, pay slip, and passport size photo. All serve different purposes.
The national identification card authenticates your membership account, while the passport size photo is used on your membership profile and in producing the Saccos identity card. Copy of your pay slip and KRA pin certificate may be required for processing monthly deductions and filing your tax obligation, respectively.
c) Pay the Membership Fees
After filling out the membership form and attaching the required documents, you will pay a membership registration fee. The fee is payable once for processing your membership and is non-refundable.
d) Submit Monthly Contribution
Monthly savings accumulate to grant you the ability to acquire loans depending on the savings amount whereby larger savings translate to higher loan offers. Similarly, deposits also provide guarantorship against borrowings from the society.
Savings are refundable, but only when you withdraw from membership and provide you have fully repaid all your debts and are free from the guarantee.
Deposits are transferable as long as the transaction is within the sacco’s policies plus are refundable within sixty days after receiving written notification from the member.
e) Contribute Share Capital
This is a minimal amount you pay to Sacco to earn you the rights to contribute to the management of the Sacco as a Shareholder. You will purchase at least a hundred (100) shares of Ksh.100 each.
There is no doubt that Universal Traders Sacco has come a long way. From an idea of a few business people until now, it has attracted national attention, lending many members loans. A tap into innovation and technology has seen it advance rapidly.
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