The old boys of St. Peters College Old Boys (OBs) proposed to form a SACCO started way back during the 2018 SPECTOBA annual August retreat where one of the OBs, Dr. Alipa Tolt proposed the idea during the OBs and Staff lunch in the school staff room, which idea was immediately seconded and passed. However, the idea didn’t take off until July 2020 when practical steps were realised.
A Savings and Credit Cooperative (SACCO) is a finance entity which is owned, governed and operated by members, who have the same common bond (e.g. Old Boys of Tororo College), for their financial benefit, growth and development. Through SACCOs, individuals have been able to benefit from/be part of large investment projects which they would have never imagined, through pooling resources.
The SPECTOBA SACCO was formed and registered by 30 founding members through an Interim Committee comprising Mr. Samuel Wasala, Chairperson, Prof. Festo Pakoyo Kamba Vice Chairperson, Dr. John Kameni Ochoko (General Secretary) and Lt. Col. Dr. Julius Kumanya as Treasurer. The SACCO got its probationary Certificate on 14th September 2020 and permanent Certificate on 19th July 2023. So far Three AGMs have been held and books of account audited for 2022 and 2023. In 2023, Lt. Col. Dr. Julius Kumanya requested to step down as treasurer due to official assignments and the AGM elected Mr. Frank Odyek as Treasurer. Every Month member’s statement is shared on the SACCO WhatsApp platform.
Every paid-up member of SPECTOBA is eligible to become a Member of the SACCO. The one-time membership fee and annual subscription are used to run/manage the day-to-day affairs of the SACCO. All new members pay a one-time membership of 50,000 shillings, 30,000 shillings as annual subscription fees and 20,000 shillings for one-share. All members save a minimum of 50,000 shillings monthly mandatory savings.
Ownership of the SACCO is through shares. Thus every potential member must purchase a minimum of a share at 20,000 making the member thus owner of the cooperative. Once the share has been fully paid up, all other contributions go towards savings. Every willing member of SPECTOBA shall purchase ONE SHARE worth 20,000 Shillings. No member, at any given point in time shall hold more than a 5% of the total number of shares held. Members earn dividends from their shareholding and interest on their savings. The minimum shares each holds will be revised through an AGM.
One may borrow up to 80% of his savings while using his savings as collateral at a monthly interest rate of 5% and 2% one-time administration fees. Members with a good savings culture will subsequently be allowed to borrow up to 150% of their savings. Currently part of members’ savings (80Million) was invested in Unit Trust with UAP and has so far earned (over 20 Million) interest over the years, while another over 80Million cash is available for lending to members. Interests from lending and other investments are paid out to members as dividends.
Members are encouraged to save towards home. The SPECTOBA SACCO offers loans to members currently at monthly interest rate of 5%. Loans are ratio based on members’ savings and shares. Individuals who have established their credit worthiness through regular savings and are able to show ability to repay a loan can earn the…
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SPECTOBA SACCO membership contribution structure
UGX 100,000
New member’s initial payment to join
Membership fee
UGX 50,000
Annual subscription
UGX 30,000
One share
UGX 20,000
Minimum monthly savings: UGX 50,000
