Saphumula Savings and Credit Co-operative Society

Savings Products

Ordinary Savings

This is a savings product where members subscribe a sum of not less than E 290.00 on a monthly basis and E 100.00 for special members. Special members are those employees who are below the income tax paying bracket. This is a permanent and perpetual kind of investment, which earn an interest on a monthly basis depending on the accumulated amount at that period. The interest rate is 8% per annum, and the rate is reviewed annually at the Special General Meeting (SGM) of the SACCO, which is held in June of every year. The interest is paid to members annually.

School Savings

This is a savings product where members save a minimum of E 200.00 on a monthly basis to finance their own or their children’s educational needs. The savings can be withdrawn twice a year with interest when the need arises at the end of at least 6 months period. The savings attract interest at the rate of 8% per annum, subject to review by the Special General Meeting (SGM) of the SACCO held in June of every year. Interest is usually paid on request by the member.

Holiday Savings

This is a savings product where members save a minimum of E 100.00 monthly, the purpose is to finance annual holidays or any other special need that may arise. The savings can be withdrawn twice a year with interest at the end of at least 6 months period. Interest is calculated at the rate of 8% per annum, subject to review by the Special General Meeting (SGM) of the SACCO, which is held in June every year. Savings withdrawal and interest is usually paid on request by the member.


Likusasa Savings Fund

This is a savings product where members save a minimum of E 100.00 on a monthly basis for a fixed minimum period of 36 months (3 years). The purpose is to finance any special need that may arise in the future. Savings can be withdrawn at the end of the 36 months; however, members may decide to re-invest the money for another term. Interest is calculated at the rate of 8% per annum, subject to review by the Special General Meeting (SGM) of the SACCO, which is held in June every year. Interest is paid to members immediately after the Annual General Meeting (AGM) of the SACCO, which is usually held around October every year.

Etsala Investment

This is a savings product where members save a minimum of E 100.00 on a monthly basis for their retirement and or long-term investment needs. Members have the option to withdraw invested amount after a fixed period of 60 months and this applies to members who are below the age of 45 years. Members that are 45 years and above can only withdraw their investment once they are officially retired from employment or reached the age of 60 years. Members can also make a lump-sum deposit to these savings on top of the monthly minimum savings.

MaxiSave Investment

This is a savings product where members save a minimum of E 50.00 on a monthly basis for their long-term needs, with an option to withdraw half of the amount invested after a fixed period of 60 months. Members can also make lump-sum deposits to top up the monthly savings and the 30% re-investment of interest paid on ordinary savings. The investment attract interest at the rate of 9.5% per annum, subject to review by the Special General Meeting (SGM) of the SACCO, which is held in June every year. Interest is paid to members annually immediately after every Annual General Meeting (AGM) of the SACCO, which is usually held around October.

Youth Savings

This is a savings product where members are encouraged to save a minimum of E 50.00 for their children’s future educational needs, which can be in the form of long-term savings where the child would access the money at a certain age, for example, 18 or 21 years. Secondly, children are also encouraged to individually make withdrawable savings, which they can withdraw at agreed periods of 6 to 12 months. The interest rate is up to a maximum of 9% per annum, subject to review by the Special General Meeting (SGM) of the SACCO held in June every year.

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