Check out most frequently asked questions about SACCOs and MUSCCO
SACCOs are member-owned and not profit-oriented. Their philosophy is â€œpeople helping peopleâ€.
The SACCO mechanism provides for the safety of membersâ€™ money i.e. controls and procedures, committees and reporting structures all provide for the safety of the membersâ€™ money.
Members have a voice in the running of the SACCO since they own the institution; Members receive dividends at the end of the financial year; Access to financial services is non-discriminatory and affordable Contribution to a positive community
Voluntary and Open Membership Democratic Member Control Member Economic Participation Autonomy and Independence Education, Training and Information Cooperation amongst Cooperatives Concern for Community
A common bond is a unifying factor (that which brings people together). Two types of bonds generally exist as follows: Community bond The bond exists where members are resident in a particular locality or neighbourhood. A community bond caters to all people within the community. Occupational or associational bond The bond provides for people of the same occupation or for those employed by a common employer or who belongs to the same profession. *Open Bond SACCOs can be comprised of both Community and Occupational Bonds.
A cooperative is an autonomous association of persons united voluntarily to meet their common economic and social needs through a jointly-owned and democratically-controlled enterprise/business.
A Savings and Credit Cooperative Society (SACCO) is a member-owned financial cooperative whose primary objective is to mobilise savings and afford members access to loans (productive and provident) on competitive terms as a way of enhancing their socio-economic well being. It is formed by people having a common bond.
Please see our list of affiliated SACCOs and our SACCO map. If you want to form a SACCO see Contacts.
Joining a SACCO is easy. Membership is open to all regardless of sex, race, religion or political affiliation. It is voluntary within the SACCOâ€™s common bond. Each SACCO has a membership qualification process, common ones being that you are a member of a particular grouping or company, e.g. if you are a teacher or an employee of a particular organization, or if you belong to a certain community. Everyone from a Farmer to a CEO is able to join a SACCO!