The purpose of the SACCO is to mobilise and sensitize members to have easy access to Safe and Sound Financial Services in a convenient and sustainable manner.
Promote saving culture.
Provide loans.
Create investment opportunities to either individual members or corporately.
A saving and credit Cooperative is a finance entity which is owned, governed and operated by members who have the same common bond (e.g Old Boys of TC).
Membership is a one-off 50,000 shs and then annual subscription is of 30,000 shs and shares is 20,000 shs. After registration one is onboarded onto the SACCO App. The one-time membership fee and annual subscription are used to run the affair of the SACCO. All new members pay a one-time membership of 50,000 shs mandatory savings.
Ownership of the SACCO is through the shares. Thus every potential member must purchase a minimum share of 20,000 Ugshs making the member an owner of the cooperative. Once the share has been fully paid, all other contributions go towards saving.
Every willing member of SPECTOBA shall purchase ONE SHARE, worth 20,000 shillings. No member at any given time shall hold more than a 5th of the total number of shares held.
Savings are deposited monthly by each member to build their saving portfolio but also as a way of mobilizing resources for the SACCO.
Currently each member must save 50,000shs as the minimum and unlimited upperlimit as the monthly savings.
Savings unlike shares maybe withdrawn or demand at any given time upon giving a two months’ notice to the secretariat. A member saving help him obtain a loan from the SACCO while retaining their savings. One may borrow upto 80% of his savings while using his savings as collateral at a monthly interest fee of 5% and 2% one time administration fee.
A member’s savings help him obtain a loan from the SACCO while retaining their savings. One may borrow upto 80% of his savings while using his savings as collateral at a monthly interest fee of 5% and 2% one time administration fee. One can borrow upto 1.5 times his savings provided he is guaranteed by two guarantors who are members of the SACCO.
“For one to qualify to borrow one must have saved for a minimum of atleast 6 consecutive months”
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