Hello Wazua Members,

Allow me to put in a few facts on this matter IMO:

F1. Unaitas has one class of shares. Every member has to own at least the minimum 100 shares, (Max 1M) at Ksh 10 per share. The Shares are not categorized. The shares are not withdrawable but can be transferred to another member, which is in line with Sacco Regulations. Shareholders do earn dividends on the shares annually. To unlock the shareholders wealth, Unaitas wanted to list the shares on the GEMs segment on the NSE (See: http://bit.ly/1Rjqgz6 ) However, the Sacco model where shares continuously sell at the branch(es) (You cannot access services like savings and credit, without being a shareholder in a Sacco) and then at the Bourse is against CMA Regulations. Thus, Unaitas shelved the listing plans (See: http://bit.ly/1RjrA56 ), re-strategized (2014/18) and came up with a plan to unlock the shareholders wealth by transitioning into banking, which will enable them offer a greater allay of services to their members/customers and also allow them to list on the NSE.

F2. There was a bonus issue for shareholders from 2009 backwards. These were the shareholders who held shares before the opening of the bond (Notice that most Saccos have a common bond, e.g. A Sacco for government employees, Another for Company XYZ and such) to allow all Kenyans to join Unaitas. The shareholders who held the shares before the opening of the bond must have asked this question, We have built this organization to where it has come, now that we are opening the bond so that everyone who comes gains from the good foundation we have toiled to lay down, what is in it for us? And I guess in appreciation, of their pioneering spirit, they were given a bonus. Do they expect another bonus? I’d say, certainly not.

F3. Unaitas has been in existence for more than two decades since its inception in 1993 then as a Tea Farmers Sacco. Today, it has 19 Branches and growing. You may have known them when they were Muramati. It is a brand that began humbly and has grown to the Unaitas we know today.

F4. From the little I know of their 2014-2015 Strategic Plan, it stipulates transformation into banking (sometimes in 2016 which is next year) and the listing of their shares on NSE in 2018.

F5. Unaitas is regulated by SASRA (Sacco Society Regulatory Authority)

Have a Look at: THE SACCO SOCIETIES (DEPOSIT―TAKING SACCO BUSINESS) REGULATIONS, 2010 > http://bit.ly/1AqFSfZ

IMO, Unaitas is a brand to watch, whether as a shareholder or as a spectator, you

PS: nothing stops Unaitas from rewarding these so-called founders in future. Recall Coop before it undertook its IPO.
We should be looking for a legal undertaking by Unaitas that all shareholders have the same rank otherwise twirra manenos are just that

I agree with @mainat
UNAITAS can still give the founders bonus after bonus. If they did in 2013 what prevents them from doing it in future.

Hello Wazua Members,

Allow me to put in a few facts on this matter IMO:

F1. Unaitas has one class of shares. Every member has to own at least the minimum 100 shares, (Max 1M) at Ksh 10 per share. The Shares are not categorized. The shares are not withdrawable but can be transferred to another member, which is in line with Sacco Regulations. Shareholders do earn dividends on the shares annually. To unlock the shareholders wealth, Unaitas wanted to list the shares on the GEMs segment on the NSE (See: http://bit.ly/1Rjqgz6 ) However, the Sacco model where shares continuously sell at the branch(es) (You cannot access services like savings and credit, without being a shareholder in a Sacco) and then at the Bourse is against CMA Regulations. Thus, Unaitas shelved the listing plans (See: http://bit.ly/1RjrA56 ), re-strategized (2014/18) and came up with a plan to unlock the shareholders wealth by transitioning into banking, which will enable them offer a greater allay of services to their members/customers and also allow them to list on the NSE.

F2. There was a bonus issue for shareholders from 2009 backwards. These were the shareholders who held shares before the opening of the bond (Notice that most Saccos have a common bond, e.g. A Sacco for government employees, Another for Company XYZ and such) to allow all Kenyans to join Unaitas. The shareholders who held the shares before the opening of the bond must have asked this question, We have built this organization to where it has come, now that we are opening the bond so that everyone who comes gains from the good foundation we have toiled to lay down, what is in it for us? And I guess in appreciation, of their pioneering spirit, they were given a bonus. Do they expect another bonus? I’d say, certainly not.

F3. Unaitas has been in existence for more than two decades since its inception in 1993 then as a Tea Farmers Sacco. Today, it has 19 Branches and growing. You may have known them when they were Muramati. It is a brand that began humbly and has grown to the Unaitas we know today.

F4. From the little I know of their 2014-2015 Strategic Plan, it stipulates transformation into banking (sometimes in 2016 which is next year) and the listing of their shares on NSE in 2018.

F5. Unaitas is regulated by SASRA (Sacco Society Regulatory Authority)

Have a Look at: THE SACCO SOCIETIES (DEPOSIT―TAKING SACCO BUSINESS) REGULATIONS, 2010 > http://bit.ly/1AqFSfZ

IMO, Unaitas is a brand to watch, whether as a shareholder or as a spectator, you

@BGL I agree they deserve it since they were like the discoverers of the company .They can't be rewarded no other ways apart from bonuses .