SCCULT (1992)


FAQs (Frequent Asked Questions)

1. What is SACCOS ?

SACCOS is defined as “a group of persons, with a legal personality, not for profit, with open-ended capital, based on principles of unity, solidarity and mutual assistance, whose primary purpose is to take savings from its members and grant them loans”

Also SACCOS is defined by the Cooperative Act as, a registered society whose principal objects are to encourage thrift among its members and to create source of credit to its members

2. How I do start a SACCOS?

i. In order to start your own SACCOS, you will need at least 20 founding members and to decide what your common bond will be.

ii. You will need to convey the first members meeting to which the Cooperative Officer will be the chairman

iii. Agreement made from the first meeting shall be implemented within a given specific period

iv. You will need to complete an economic viability form and have an initial working capital of at least Tshs. 10 million which can be made up of shares and savings.

3. How do I become a member of SCCULT (1992) Ltd:?

i. Must be a registered SACCOS and recognized by Tanzania Cooperative Development Commission (Registered under Cooperative Act and Microfinance Act)

ii. Must fill members application form Below

iii. Pay entrance fee (Tsh. 100,000/=).

iv. Purchase twenty five (25) number of shares amounting to Tshs. 500,000/= (Share value Tsh. 20,000/= at per).

v. You will be subjected to pay annual fees (league dues) every year after becoming a member so as to maintain your activeness as instructed in the application form.

vi. Finally you will be contacted via email or phone for further information that is needed to complete your registration.

4. What is Co-operative and its principles:?

A cooperative is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise. There are seven basic principles of cooperative which are: i. Voluntary and Open Membership

ii. Democratic Member Control

iii. Member Economic Participation

iv. Autonomy and Independence

v. Education, Training and Information

vi. Cooperation among Cooperatives

vii. Concern for the Community

5. Benefits of becoming SCCULT (1992) Ltd member?

i. Get close support and assistance in various issues

ii. Have an advocate and a representative

iii. Cost relief in various services

iv. Ability to get funds through Central Finance Facility (CFF) when facing liquidity challenge

v. Participate in various activities privileged to members only