What started as a self-group, where members would save and borrow money metamorphosed into a formidable Sacco, attracting thousands of youths to access loans, deposit savings and access financial soWithons. With the tough competition in the money lending platforms, Ubunifu Sacco is set to towers them all.
The birth of Ubunifu Sacco
Ubunifu Sacco was inspired by a handful of youthful members three years ago who came together, contributed cash and borrowed the rest to buy laptops for online jobs.
The founders were freelance writers and getting laptops for their online hustle was fundamental. Frank Odindo the SACCO chairman, said the need to break the barriers put by money lenders preventing the youths from accessing loans and credit, motivated the formation of Ubunifu Sacco.
What Ubunifu offers its clients.
Ubunifu was formed to bridge the gap between money lenders and worthy borrowers, giving them financial solutions and advice through impressive products.i
“The Sacco was formed mainly to address financial challenges facing the freelance writers. It has now expanded strategically targeting all youth both in formal and informal employment to enable them to save and borrow money thrice their savings after saving with for three months,” said Mr Odindo, Ubunifu Sacco Chairman
Saccos are now the game changer doing away with the notion of youths being risky borrowers and are charging very high-interest rates by formal lending institutions like banks jeopardizing their financial security. Ubunifu Sacco thrives to educate the youth on the importance of developing a saving culture so they may be financially independent.
Ubunifu Sacco members are entitled to benefits such as savings scheme, access to unlimited credit facilities and earning dividends annually from their shares.
As the majority of the shareholders are less than 35 years, Ubunifu Sacco has taken in mind of their needs and priorities and have tailored their loans to meets their financial needs collectively.
Ubunifu Sacco’s networth.
The Sacco has total assets amounting to Ksh15 million. They issue both issues both short time and long-term loans as from Ksh30, 000 to Ksh1.5 million to serve their customers’ financial needs.
With financial pressure among the youths a special loan packages which neither need securities nor guarantors from Ubunifu makes it convenient for borrowing. The special loan packages Teketeke, Jienjoy and instant (emergency) loans range between Ksh1, 000 to Ksh50, 000 which are processed instantly.
Alarming unemployment rates have pushed the youths have become more entrepreneurial. Ubunifu Sacco will be stamping its rightful space as an informal financial intermediary, with fine-tuned financial products scaled to suit the youths.