The SACCO‘s mandate is mainly to pool together members, resources and extend credit facilities to them. The SACCO can also invest in shares of financial institutions and apex bodies in the co-operative movement, property and any other legal business. It is however important to note that provision of credit facilities to members takes precedent over any other investment destination.
Mandatory Savings Account
On joining the SACCO, every member gets this account on which Shs. 10,000/= must be deposited monthly.
Voluntary Savings Account:
This is an account with a manadatory month deposit of 100,000/=/. The savings on this account attract a 7.5% interest per annum.
This account helps members to put aside money for their children's future use. Access of money on this account is only when a child is over 18 years. It earns an interest of 12%PA
Every member must buy at least five shares when joining. Members can obtain additional shares any time by depositing money indicating the number of shares they would want to buy. Presently each share is 20,000Ushs. Dividends on shares are distributed annually to the members after AGM.
Loans are only given out to members at an interest rate of 2.5% per month. AMDA SACCO does not give out unsecured loans. The security/collateral for the loan can be tagged against the member’s, shares or guarantee from other member’s shares. Members can also use assets e.g. land titles, as security for the loans received.
This account is for the members who would like to put aside some of their savings specifically for future use. This money can be accessed when a member is over 50 years.
This account works as a fixed deposit account. It helps members to put aside money for a specfic period. This account has three categories;
Short Term
Money is deposited on this account for a period of 3 and 12 months. It earns an interest of 7.5% PA.
Medium Term
Money is deposited on this account for a period of between 13 months to 5 years. It earns an interest of 8%PA.
Long Term
Money is deposited on this account for a period of over 5 years and beyond. It earns an interest of 11.5%PA.
This account helps members to put aside money for tuition for self, family members, relatives, etc. Access to money on this account is only after presentation of a bank slip of the registered recipient. AMDA SACCO takes the responsibility of paying the school fees for the members who then collect the slip from the office. This account has three categories;
Short Term
Money deposited on this account can be withdrawn at any time. It earns an interest of 7.5%PA.
Medium Term
Money deposited on this account can only be withdrawn after 5 years. It is ideal for people who are planning for secondary education for their children. The money on this account earns an interest of 8%PA.
Long Term
Money deposited on this account can only be withdrawn after 15 years. It’s ideal for people planning for university education for their children. The money on this account earn an interest of 12%PA.
This account helps members save money for medical emergencies either for themselves, their parents or loved ones who are not covered by medical insurance
AMDA SACCO encourages its members to save collectively and invest as groups. So far there are investment clubs and groups which include Pledge 7/10 Investment Club, AMDA Women Development Club, Name It, Achievers, AMDA Bereavement Club, Mutara Parish and Kagamba Parish
Our bankers are dfcu BANK and our eternal auditors, Julius K Company/CPA