A SACCO is an acronym for Savings and Credit Cooperative Organizations. It is owned, governed and managed by its members who have the same common bond: they may be working for the same employer, belonging to the same church, labor union, social fraternity or living/working in the same community
A Savings and Credit Cooperative’s membership is open to all who belong to the group, regardless of race, religion, color, creed, and gender or job status. A SACCO is unique, democratic, member driven and self-help cooperative organization. In a SACCO, members agree to save their money together and offer loans to each other at reasonable rates of interest. Interest is charged on loans, to cover the interest cost on savings and the cost of administration.
SACCO members are the owners and they decide how their money will be used for the benefit of each other. Savings and Credit Cooperatives are democratic organizations and decisions are democratically made. Members elect a board that in turn employs staff to carry out the day-to-day activities of the SACCO.
The number of board members is between nine and fifteen. Members also elect a supervisory committee to perform the function of an internal audit. SACCOs are legal bodies registered under the Uganda Cooperative Statute of 1991 and Cooperative Societies Regulations of 1992.
SACCOs are economic institutions doing business in order to grow, survive and become sustainable.
The minimum number of members required to register a SACCO under the current law is 30 people. However for purposes of accessing external support, a minimum of 300 members may be the basis for selection.
Having a good number of people with a common goal here in CBA, an idea for making a Sacco is just one of the roads to foster development for people with a common mind. We have created this Sacco that includes all CBA Members across East Africa. Members are given an opportunity to collect small amounts of money and do small savings that will be used in future. This money is loaned to only CBA members that bring it back on interest per a certain period of time.
This project focuses on helping individuals raise good money over time through its single line fully automated program integrated on the block chain and designed by a team of experienced professionals. Join our winning team and we grow togetherRegister