Frequently Asked Questions
Yes. At the end of the twelve-month saving cycle, you can choose any 1, 2 or all 3 of the options you would like to go with;
1. Withdraw your savings with no penalty.
2. Invest in a selected and vetted black business.
3. Donate time, skills, and resources to UUKC’s philanthropic work.
Yes. See above.
Yes. The current monthly stake is £30. However, if you would like to do a single lump sum equal to 12-monthly payments of £360, this is also an option.
Yes. See above.
No. One stake per member
Yes. Interest earned on the bank account holding members saving funds will be split evenly amongst all the members participating in the cycle
All applicants/prospective members will be invited to a meeting, virtual or face-to-face to verify eligibility. We will ask you to provide, for review and not capture, one of the following ID and UK address verification options;
· Valid passport and council tax bill or utility bill (no more than 3 months old)
· Or a valid UK driving licence
Suggestions will be invited from the Membership and the Board. The Board will then collate a shortlist of the options suggested and open a ballot. Voting by the Membership will take place and the majority vote be the deciding factor, subject to satisfactory credit reference and due diligence checks.
Any business that could be a potential investment will be vetted and reviewed before entry into the ballot for a vote by all the members participating in the investment option.
Initially business would come to us by word of mouth, suggested by the Membership or the Board.
Yes.
All data we collect, and store is currently via industry-standard 256-bit AES encrypted General Data Protection Regulation (GDPR) compliant forms and storage using HTTPS connections 100% of the time for all users.
The current APR on savings held with Ujamaa UK Collectives’ chosen bank is 0.95%. Interest rate increases are determined by the Bank of England increasing the “Base Rate” which sets the level of interest all other banks charge or apply to borrowers (charge) or savers (apply).
It would depend on what is presented to us in the business plan and what the "ask" is by the prospective business.
Yes. All appropriate due diligence checks will be made to ensure legitimacy.
Our first option would be to hold an open Membership vote via Zoom, where at least 2/3 of the Members are in attendance. Individual votes will be cast using voting buttons or raising ones hand. An independent adjudicator could be a considered option.
No. Membership saving is per individual.
Not currently, however, we are on social media platforms Instagram, TikTok, Twitter, YouTube and the World Wide Web.
No. Ujamaa UK Collective is run by volunteers, at this time there is no capacity to accommodate this service.
Yes. This is available on the Ujamaa UK Collective website home page and all other social media platforms.
