How Does Unaitas Sacco Work? [2022]

How Does Unaitas Sacco Work? [2022]

Image courtesy: Business Daily

Prior to the popular and easily recognizable brand that Unaitas is today, Unaitas sacco pioneered in 1993 as Murang’a tea growers to provide savings and credit facilities to tea growers within the region.

Ultimately as its operations grew beyond the region, it adopted the name muramati sacco in 2007 in a bid to accommodate not only tea growers but also salaried individuals as well as medium sized businesses.

By 2012, the sacco had yet again extended its financial services to cater to different players in various sectors of the economy and as such rebranded to its current name Unaitas.

As its membership grew, so did its financials such that by 2015, the sacco’s core capital stood at 3.6 billion while its asset base rested at 9.3 billion.

Therefore, armed with the financial resources to further elevate its status, unaitas sacco opted to seek an operational license as a commercial bank from CBK within the same year.

Unfortunately, this did not materialize and as of today unaitas sacco stands to operate as a deposit taking sacco and not a bank that deals in a variety of financial services including credit, savings, insurance and investment.

Among its CREDIT portfolio, unaitas sacco provides loans for both short and long term goals.

  • In the short term loan category, unaitas sacco has different products such as inuka loan, kilimo poa advance, salary advance, business quick-fix, mo-cash and school fees.
  • For long term loans, there is development loan, maono group loan, biashara loan, project loan and asset finance loan.

However, to access any loan from unaitas sacco, one has to claim membership and have actively operated his/her unaitas account for a period of not less than three months.

Loans can be issued without guarantors as long as one has security in terms of logbook, title deed etc

Under SAVINGS, unaitas sacco offers two account options i.e timiza and jipange whereby timiza bears no restrictions for accessing one’s savings at any given time while jipange limits withdrawals to three times per year and requires a minimum account balance of Ksh500.

Both timiza and jipange accounts offer loan options after three months of active savings.

For INVESTMENTS, one can choose between investment shares and fixed deposits.

To hold unaitas shares, a member requires to buy a minimum investment of 100 shares at Ksh10 per share whereby ownership will earn annual dividends at rates determined by the profits realized per year.

On the other hand, unaitas fixed deposit accounts require a minimum balance of Ksh5,000 and attracts interest rates of between 7-10% depending on a chosen period of 1-12 months or more.

Under the INSURANCE category, unaitas offers four classes of insurance cover policies which include; individual/retail, corporate, institutional and agricultural.

  • Individual cover there exist motor vehicles, personal accidents, domestic and medical.
  • Business cover there is fire, money, fidelity, contractor, machinery breakdown, motor vehicle, employee and professional indemnity.
  • Institutional cover, one can choose from fire & related perils, student group personal accident and employee insurance cover.
  • Agricultural cover, unaitas provides insurance for crops, livestock, greenhouse, forestry and optional additional covers.

In-order to purchase any of the above insurance covers, an applicant may speak to an insurance officer in any of the unaitas branches available nationwide in-person or through a phone call.

For further enquiries regarding unaitas sacco, one may reach out to the institution directly via the below channels.

Unaitas sacco Main branch and contacts

Cardinal Otunga Plaza,
Next to Holy Family Basilica,
Cardinal Otunga Rd, 
P.O Box 38721-00100,
Nairobi, Kenya
Tel: 0709 253 000
Email: memberservice@unaitas.com.
Facebook: @unaitas
Twitter: @unaitas
Instagram: @unaitas
Official website: unaitas.com



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