Times U Sacco New Growth Plan

Technology to drive Sacco’s business model

timely and quality financial services and products. the board and management are all set to streamline the operations of the Sacco by regular review of strategies, staff realignment, and placement, develop new and review the current products after undergoing intensive training.

With new innovative and quality products in place, the Sacco eyes to grow its business channels, attract more members and improve service delivery through technology. the Sacco targets to double its asset base and member deposits in its epic growth strategy and has already restructured and redesigned its products and services to improve customer satisfaction and address the emerging challenges.

According to Mwamba, the Sacco future business will focus on information and communication technology (ICt) to deliver services to members effectively and efficiently and achieve its vision and mission. Since 1993 the Deposit-taking Sacco has remained the preferred provider of transformational financial solutions to Kenyan citizens. Its visionary leadership and timely Service delivery have driven its remarkable growth.

It is licensed and regulated by Sacco Societies regulatory Authority (SASrA).

Defined by Teamwork, Professionalism, Accountability, Integrity, Creativity, Innovativeness, equity, and equality core values, times U Sacco offers tailor-made products and services to meet diverse customers' needs that have accelerated their economic and social growth. "the Sacco staff take time to listen to members, enabling them to offer the best of services and products that have changed our livelihoods for the better," says Jane Mwarama, a Sacco member.

In 2009, times U Sacco rebranded to serve members better, and the results have been excellent. Its market-driven financial solutions are affordable, quality, and competitive.

The Sacco, whose head office is at nkubu town, has extended its wings to strategic places enabling it to serve members closer to home. Its branch network is strategically spread to Mitunguu, Kariene,

Times U Sacco 2020 Growth Highlights (Source: SASRA)

• Total Assets Ksh 0.81 billion • Members’ Deposits Ksh0.58 bn • Gross Loans Ksh0.66 bn githongo, and Makutano towns in Meru County. this has made it easier for individuals, groups, or organizations looking for a financial partner to join Times U Sacco. The Society offers Front Office and Back office services.

If you have been searching for a Sacco to join and get affordable loans for your personal development, times U Sacco is your home. the Sacco offers growth-ori-

Catherine Mwamba, CEO Times U Sacco.

ented loans with a flexible repayment period and competitive interest rates.

As a reliable financial institution, Times U Sacco builds partnerships that last as its primary goal is to empower members and uplift livelihoods. through Sacco Assurance, times U customers can access various insurance covers. It also issues members with personalized cheque books and Visa-branded AtM cards. the Sacco has also introduced smart banking, M-time, a mobile banking platform that enables members to manage their finances anywhere and anytime by simply dialing *346# to: • Deposit • Withdraw • Pay loan • Check Balances • Transfer money and • Get M-time loan

Members can also use the PayBill Business no: 542400 to deposit, pay the loan, or buy shares.

In addition, the Sacco finances members to purchase property such as a home, land, vehicle, or machinery. times U Asset Financing is tailored to suit an individual's pocket with a manageable repayment schedule. Formerly Uruku rural Sacco Society, times U Sacco was registered in 1993 as a rural-based Sacco. It has since expanded beyond serving members in Uruku to other places beyond Meru. According to the Sacco Ceo Catherine Mwamba, they are committed to walking the talk, based on their slogan "our timely Financier." "We ensure our members are able to grab the opportunities as they come," said Mwamba. In addition, times U Sacco Agents located in major towns and trading centres make it easy for members to access services closer to home.

P.O. Box 310–60202, Nkubu. Tel: 064-5051191, Cell: 0703 770 457 Email: info@timesusacco.co.ke

FINaNcIal proDucts Bosa proDucts

1. Boda Boda loan- a product tailored to enable our youth and any other willing person to own a motor bike.

Features

• Loan is repayable within 24 months • Attractive interest rate • Gets an instant motor bike

Requirements

• One must be a member • One must have shares • Gets loan up to 5 times value of the shares (deposits).

2. emergency loan- helps counter any misfortunes which are emergency in nature as a member Features

• Loan is repayable within 12 months • Available to members with emergency issues. • Its usually an instant loan. • Attractive interest rate

Requirements

• One must be a member • One must have shares • Gets loan up to 3 times value of the shares (deposits).

3. Growth oriented enterprise loan-loans for boosting existing Businesses Features

• Ranges from kshs 300,000 and above • Loan is repayable within 48 months

Requirements

• One must be a member • One must have sharesorrowing power • Gets loan up to 3 times or 4 times value of the shares (bp).

Requirements

• One must be a member • One must have shares • One gets loan up to 3 times the value of the shares(deposits). • Cheque is issued after the loan is disbursed

8. seasonal/ musimu loan- this is a loan for seasonal farmers who gets payment on quarterly basis Features

• Loan is repayable within 36 months Requirements • One must be a member • One must have shares • One gets loan up to 3 times the value of the shares (deposits).

9. short term Development loan –this is a loan for short term investment Features

• Loan is repayable within 12 months Requirements • One must be a member • One must have shares • One gets loan up to 3 times the value of the shares(deposits).

10. Tender Loan -this is a LPO financing loan Features

• Loan is guided by LPO provided • Repayment period is considered by LPO

Requirements

• One must be a member • One must have shares • One gets loan up to 3 times the value of the shares(deposits).

4. jitegemee loan –loan secured using movable household or chattels mortgage. Features

• Loan ranging from kshs 3,000 to kshs 500,000 • Loan is repayable within 36 months

Requirements

• One must be a member • One must have shares • Gets loan up to 3 times value of the shares(deposits).

5. Development loan Features

• No range • Loan is repayable within 36 months

Requirements

• One must be a member • One must have shares • Gets loan up to 3 times value of the shares(deposits). • Guarantors and /or tangible security eg.charged title deeds, logbook,insurance surrender value

6. majani loan–loan for tea farmers Features

• Loan is repayable within 36 months

Requirements

• One must be a member • One must have shares • Pay out must be remitted through the Sacco for at least 3 months. • One can get up to 3 times the value of the shares based on 1/3 monthly repayment. • On your pay out • Produce latest pay slips

7. education loan - loan for school fees payments Features

• Loan is repayable within 12 months

Fosa proDucts

1. Business Advance Loan 2. Crop Advance Loan 3. Group Empowerment Fund 4. Maziwa Loan 5. Salary Advance Loan 6. Soko Loan 7. Institutional Loan

tImes u sacco lImIteD NoN-FINaNcIal proDucts/servIces

1. Safe custody 2. Training 3. Study tours 4. Exchange programs

tusl provIDes the FolloWING Fosa servIces

1. Biashara Account 2. Group Account 3. Haba na Haba Account 4. Hekima Account 5. Savings Account 6. Special Fixed Account 7. Timers Junior Account 8. M-Sacco Banking/Mobile Banking 9. Sacco link ATM Service

10. agency banking services

a) Co-operative Bank Agency b) Post bank Agency c) Equity Agency

tImes u sacco socIety ltD

HEAD OFFICE P.O. Box 310–60202, Nkubu. Tel: 064-5051191, Cell: 0703 770 457 Email: info@timesusacco.co.ke Website: www.timesusacco.co.ke

BraNch NetWorK mItuNGuu BraNch

Cell: 0708 955 481

KarIeNe BraNch

Cell: 0703 766 509

GIthoNGo BraNch

Cell: 0711 304 776

maKutaNo BraNch

Cell: 0795 019 962

Times U Sacco Chairman Mr. David Kibanga (left) and CEO Catherine Mwamba after the launch of the Society's (2021-2025) Strategic Plan.

awards and recognization

• Best improved Agriculture based Sacco (National Level -2019) • Best in technology optimization Agriculture based Sacco (National level -2019) • Best Risk Managed Agriculture based Sacco (National level 2019)

A COMPREHENSIVE CO-OPERATIVE JOURNAL

ISSUE NO. 2021004 AUG - SEPT 2021 KSHS 150

www.co-opnews.co.ke

INSIDE

RICH SACCOS DOMINATE AS SMALL ONES STRUGGLE

Meet the new Co-operative Commissioner How new reforms will impact Co-op sector SASRA warns Saccos against delaying members' refunds Saccos choke on Ksh5.04bn non-remitted funds

Ollin Sacco now in Narok

Kenya's wealthiest Saccos ranked Kenya's wealthiest Saccos ranked

-1-

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Cooperative movement in Kenya rated FIRST in Africa Over 24,000 registered cooperatives Employing 2 million Kenyans Ksh1.2 trillion in asset size Ksh800 billion in deposits Over 14 million members

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