SACCO RULES, RESPONSIBILITIES AND OBLIGATIONS

1. Eligibility for Membership

To become a member of the SACCO, applicants must fulfill the following criteria:

A. Age Requirement
• The applicant must be at least 14 years old at registration.

B. Church Affiliation or Recommendation

• The applicant must be a regular attendee or a member of a Miracle Centre Church.
• If not a direct member, the applicant must obtain a written recommendation from a recognized pastor, confirming their good standing in the community and commitment to Christian values. C. Documentation

C. Documentation

• Complete a membership application form accurately either online or hardcopy(offline).
• Submit a clear photocopy of their National ID or any other recognized identification.
• Provide a recent passport-sized photograph for record-keeping and identification purposes.

D. Membership Fee

• Pay a one-time non-refundable membership fee of UGX 50,000 upon application approval.

E. Share Purchase

• Each member must purchase at least one share valued at UGX 100,000 to secure ownership and eligibility for SACCO benefits.
• Additional shares can be purchased at the member’s discretion to increase investment and dividend earnings.

F. Commitment to Savings

• Members must commit to saving at least UGX 50,000 per month, either through direct deposits, bank transfers, or SACCO-approved collection agents.

2. Membership Rights

All members of the SACCO are entitled to the following rights and privileges:

A. Access to Financial Services

• Members can open and operate a savings account with the SACCO.
• Members can apply for loans based on their savings and financial history.
• Members have access to investment opportunities initiated by the SACCO.

B. Participation in Decision-Making

• Every member has one vote, irrespective of the number of shares owned, ensuring equal participation in SACCO decisions.
• Members can propose changes to policies and express opinions on SACCO matters in the annual general meeting.

D. Training and Capacity Building

• Members will have access to financial literacy programs to enhance money management skills.
• Business training and entrepreneurship workshops will be available to members to help them grow their businesses.

E. Transparency and Accountability

• Members will receive annual financial reports detailing the performance and stability of the SACCO.
• Members can inspect records, attend financial briefings, and raise concerns regarding SACCO operations.

F. Exiting SACCO

• A member can exit voluntarily by providing one month’s notice after clearing all outstanding loans and obligations.

3. Membership Obligations and Responsibilities

Every member is expected to fulfill the following responsibilities to maintain active membership:

A. Saving Contributions

• Members must maintain an active savings account with a minimum saving of UGX 50,000 per month to ensure financial growth and eligibility for credit facilities.
• Failure to meet the minimum savings requirement may result in limited access to SACCO benefits.

• B. Active Participation

• Members must attend at least one general meeting annually to stay informed about SACCO developments.
• Members should actively participate in SACCO programs, workshops, and community outreach projects that promote financial literacy and Christian values.
• Members are encouraged to contribute ideas, feedback, and support to enhance the growth of the SACCO.

C. Compliance with SACCO Policies

• Members must abide by the SACCO’s constitution, bylaws, and financial policies.
• Members should uphold Christian values and ethical financial practices in all their dealings with the SACCO.
• Members should respect SACCO officials, staff, and fellow members, fostering unity and cooperation.

D. Loan Repayment and Financial Discipline

• Members must repay SACCO loans on time and adhere to the terms of the credit agreement.
• Late repayments or loan defaults may result in penalties, loss of benefits, or legal action as per SACCO policy.
• Members are encouraged to seek financial advice and debt management support if facing difficulties in repayment.
• Promote SACCO growth through recruitment and compliance

4. Disciplinary Actions for Non-Compliance

Failure to comply with the SACCO’s rules and obligations may result in:

• Warnings or reminders from SACCO management.
• Suspension of membership benefits such as loan access and voting rights.
• Termination of membership for repeated violations.
• Legal action for financial misconduct, fraud, or breach of contract.