KYAMBOGO UNIVERSITY SACCO BENCH MARKS AT UPS SACCO.
Kyambogo University SACCO, KYUSACCO last week Tuesday, 31 July 2018 bench marked at the Uganda Prisons SACCO on the best practices and polices for members' savings.
The General secretary of Kyambogo University SACCO, Ms. Kazarwe Christine noted that they were in the process of formulating a savings policy and therefore needed to borrow a leaf on the successes of UPS SACCO. During the engagements the KYUSACCO team were briefed on the various process done by the UPS SACCO;
i. The different savings products i.e regular savings account, fixed / time deposit accounts, retirement and kids savings which are available UPS SACCO members.
ii. The loan processing procedures and relationship that exists between savings and shares and loan amount.
iii. Members are motivated to save more through earning interest on their savings accounts.
iv. Dividends are paid on the shares value of members every end of the financial SACCO year.
v. there is a protect savings or control withdrawal by setting a minimum balance below which no withdrawal is allowed i.e 20,000/=.
vi. Retired members accounts remain open with UPS SACCO and they benefit from savings products, interest on savings & dividends on shares. though no loans are advanced to them.
vii. Deceased members loan, obligations of members who pass on with SACCO loans are met using the loan protection fund charged at 1% of every loan taken. There savings and shares are still accessed by the next of kin.
The UPS SACCO team included P.O.I Opiny Alex, Manager UPS SACCO, POI Opira Alex, Accountant, POII Namuli Rose, Credit Officer, POII, Nyangoma Roseline, Savings Officer.