A SACCO (Savings and Credit Cooperative Organization) is a member-owned financial cooperative that provides savings, credit, and investment opportunities to its members.
02What is MCCC SACCO in full?
Miracle Centre Churches Community Savings and Credit Cooperative Organization.
03Is MCCC SACCO registered?
Yes, MCCC SACCO is fully registered with the government of Uganda, adhering to all legal and regulatory requirements.
04Who can join MCCC SACCO?
MCCC SACCO is open to anyone above the age of 14 years and is a member to one of the Miracle Centre Churches or has a recommendation letter from their pastor.
05How do I become a member?
To become a member, complete our membership application form, provide the required documents that include a passport photo and national ID, passport, or driver's license, and pay the membership fee of UGX 50,000.
06What are the benefits of being an MCCC SACCO member?
As a member, you gain access to:
1. Savings accounts with competitive interest rates.
3. Affordable loan options.
2. Opportunities to purchase shares and earn dividends.
4. Financial education and advisory services.
07Can I withdraw my membership?
Yes, you can withdraw your membership by providing a written notice. However, all obligations such as loans or other dues must be settled first.
08What types of savings accounts do you offer?
We offer various savings products, including:
Regular savings accounts.
Special savings accounts for goals like education, weddings, or emergencies.
09Do savings earn interest?
Yes, your savings earn competitive interest rates, credited to your account periodically.
10What types of loans are available?
We offer a variety of loans, including:
1. Personal loans.
2. Business loans.
3. Emergency loans.
4. Asset financing loans.
5. Construction loan.
11How do I qualify for a loan?
To qualify for a loan, you must be an active member, have sufficient savings as security, and meet the specific loan requirements, like being fully verified MCCC SACCO member.
12What is the loan repayment period?
Loan repayment periods vary depending on the loan type and amount. Typically, repayment terms range from 6 months to 5 years.
13What are SACCO shares?
SACCO shares represent your ownership in the SACCO. Members purchase shares to become co-owners and participate in decision-making.
14How do I buy shares?
You can purchase shares by depositing funds directly into the MCCC SACCO bank account or through the official mobile money lines.
15Do shares earn dividends?
Yes, shares earn dividends based on the SACCO’s annual performance.
16Is my money safe in MCCC SACCO?
Yes, your money is safe. Our MCCC SACCO is governed by strict regulations and audited regularly to ensure transparency and security.
17How can I access my account?
You can access your account through our mobile application, or you can visit our offices and get information about your account.
18What happens if I cannot repay my loan on time?
If you face difficulties repaying your loan, please contact us immediately. We can explore restructuring options to help you manage your repayment.
19How do I contact the SACCO?
You can contact us via:
1. Phone: +256 769 676126
2. Email: [email protected]
3. Physical address: Plot 713, Off Nabunya Rd, Rubaga, Kampala, Uganda.