NUNU Fund is a social business seeking to inculcate a saving culture in our children. Parents can do ‘EVERYTHING’ for their children on whatever cost, BUT – “WHAT MAKES SAVING MONEY FOR OURSELVES AND CHILDREN VERY DIFFICULTY TO IMPOSSIBLE?”
Since saving hard cash is difficult, NUNU FUND has made it effortless – spend your money on ‘ANYTHING’ — earn a discount and allow us to save and invest it on your child’s behalf. JUST consider the earned DISCOUNT as a GROWING child. Every discounted penny counts!
WHY YOU NEED TO JOIN NUNU FUND SACCO?
NUNU FUND is a SACCO for parents to save money for their children. NUNU Fund advocates for purposeful and goal oriented savings with emphasis on Emergencies, School Fees and Business. We go extra mile to connect our clients using an inclusive ecosystem where parents earn discounts after buying while partner business attract and retain high number of customers for continued business growth.
Funds in Emergency can be withdrawn ANYTIME, Funds in School fees and in business portfolio is borrowed at a small interest of 1.5% and 2% respectively. After a child has reached age 23 or finished schooling, all savings with NUNU Fund is withdrawn.
The future MUST be a generation of savers, investors and financial gurus.
WHO DO WE ACTUALLY SAVE MONEY FOR?
We exclusively save money for our CHILDREN but parents are at liberty to borrow for school fees, startup or re-investment capital and withdrawal money for emergency. Later in life when children mature, they have STARTUP CAPITAL to start off.
HOW DO YOU JOIN NUNU FUND SACCO?
1. Non refundable fee of 11500/- per individual parent.
2. Each child below the age of 12 pays 1600/- subscription.
3. Each child above the age of 12 pays 8900/- subscription.
4. A passbook, a NUNU card, a ledger for 1 and 3
5. Two passport size photographs for 1 and 3
6. A copy of National ID for 1.
WHO CAN JOIN NUNU FUND SACCO?
· Parents or Guardians with children below 12 years.
· Prospecting parents
· Children above 12 years.
WHAT PAYMENT CHANNELS CAN A MEMBER USE TO DEPOSIT SEND/WITHDRAWAL THEIR SAVINGS, CONTRIBUTIONS OR LOANS?
Members are encouraged to use direct deposits at our office, through our parish ambassadors or through our business partners or make standing orders with their respective financial institutions to automate their saving or contribute to the SACCO Bank account within in various banks. Also MoMo or through merchant codes is allowed.
WHAT HAPPENS TO YOUR SAVINGS?
Once you save your money, 20% goes into Emergency (you can withdrawal any time), 30% goes into School fees/scholastic materials (you can withdrawal or get a loan against it for 4 months) and 50% goes into investment/business (you can withdrawal after 10 years or take a loan against it).
WHAT IS THE BORROWING INTEREST RATE? HOW DOES ONE GET A LOAN? WHAT TYPE OF LOANS ARE AVAILABLE? WHAT IS THE ANNUAL INTEREST RATE ON YOUR SAVINGS?
Borrowing interest rate is between 1.5% to 2% monthly if you have saved 100% or 4% if you have only saved 25% of the required loan and present 2 guarantors. Loans are granted within 24hours (24/7) upon completing the loan application. We give Emergency loans, School fees/scholastic materials loans and business loans. Once you have a Business/Emergency loan, you are required to save 500/- or more daily (failure will attract 5% fine of what you would have saved) and for School fees loans, you save 150/- or more daily. And annual interest rate on your savings is 7% on <1M and 10% >1M.
WHAT MAXIMUM PERIOD OF TIME IS A MEMBER OR A GROUP GIVEN TO PAY BACK THE LOAN?
The maximum period of time ranges from 24 hours to 4 months for Individuals or 6 months for groups.
WHAT TYPE OF COLLATERAL IS ACCEPTED? HOW MUCH CAN BE BORROWED? WHO CAN BORROW?
Loans are given to members against their total savings (Your savings act as collateral). Loan amount cannot exceed the total amount of saving for an individual and if the loan amount exceed 25% of the required amount, 1 or 2 members of NUNU Fund will guarantee (must have saved more than 25% of the required amount). One can borrow up to 5M and only individuals above 23 years will borrow.
CAN ONE BORROW BEYOND THEIR TOTAL SAVINGS AMOUNT?
No, loans are limited to the total savings within the SACCO except in a few defined circumstances.
HOW DOES NUNU EDUCATE LOANS WORK?
A child, who we are paying school fees for and give school requirements must be registered, could either be in government or private schools, their parent must have saved 50% of the required amount through buying from our business partners or saving cash. An interest of 1.5% per month is attached. The loan is for 4 months.
CAN ONE WITHDRAWAL ALL THEIR SAVINGS AT ONCE?
Yes, for ONLY Emergency at any time. School fees at 4 months and money in business is withdrawn after the child with whom the money has been saved for clocks 23years (Example: A child who started at 12 years with 10 years of saving). In case the child dies – you can withdrawal or transfer to another child. Withdrawing all the savings from the SACCO before time will attract a withholding fee of 30%.
WHAT CONSIDERATION DO WE GIVE CIVIL SERVANTS?
Civil servants can get emergency loans at 1.6% for 1 month up to 300K. You must have saved 25% of the required loan and agree to save 1,000/- and automate your repayment to NUNU SACCO account with your local bank or otherwise agreed.
WHAT CONSIDERATION DO WE GIVE PREGNANT MOTHERS?
Pregnant mothers who have saved with us for 8 months, they get 10% interest on the total when withdrawing plus a post natal package. A child born by a mother in our project will get 20,000/- saved on their account the child is 9 Month old. (A MOTHER MUST ATTEND 8 ANC VISITS, DELIVER A CHILD IN A HEALTH FACILITY, A CHILD BE FULLY IMMUNIZED AND PLANT A ‘FRUIT’ TREE). We ensure your birthing experience is BEAUTIFUL! You can DONATE!
WHAT CONSIDERATION DO WE GIVE OUR BUSINESS PARTNERS?
Business Partners can get a loan up to 5M interest free for 6 months, if you agree to give your customers 7.5% worth of discounts for the same period and agree to save 1000/- daily and meet other terms described in NUNU Financial Charter. INSTANT LOANS ARE ALSO APPLICABLE at 2.5%. *Loans for a shorter period 1 to 7 days – your shop can act as collateral.
WHAT ELSE DO YOU NEED TO KNOW?
a) Spending your money in our partners’ shops or businesses improves your saving portfolio thereby increasing your chances to borrow and earn more.
b) We connect you to medical professionals, negotiate prices on your behalf with our business partners, market your products and services and support your children with prepaid school fees loans.
c) We do life, business coaching and mentoring well as providing startup capital if you want to start business.
d) We have a CONSORTIUM OF PROFESSIONALS in fields of Medical, IT, Engineers, Lawyers, Mechanics, Teachers, Mentors, Coaches, Hands on Business Experts, Transporters, Land Surveyors, Hoteliers/Chefs, Accountants, Soft Ware Engineers etc – through us they are ready to offer you quality cost effective services.
Tel: 0777298299 / 0756437040
“Financial Freedom to the less privileged.”
Do you have any More Questions, Feel free to contact us
Tel: +256 756437040 / +256 777298299
Email: firstname.lastname@example.org / email@example.com
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