Requirements to join AMDA SACCO.
- Must be from Mbarara Archdiocese
- Three passport photos
- Membership fee of Shs.70,000/=
- Minimum of five shares each at Shs.20,000/=
- Account opening 10,000/=
AMDA SACCO was registered in 2012 with the objective of promoting thrift and savings among its members thereby creating a source of loanable funds. The SACCO only admits members of AMDA. The SACCO‘s mandate is mainly to pool together members, resources and extend credit facilities to them. The SACCO can also invest in shares of financial institutions and apex bodies in the co-operative movement, property and any other legal business. It is, however, important to note that provision of credit facilities to members takes precedence over any other investment destination.
- To teach the members the culture of saving.
- To encourage members to save and use their savings constructively.
- To promote thrifty among the members by according them an opportunity for accumulating savings and paying reasonable interest without risk on such savings.
- To encourage its members to excel in their trades, professions and businesses and do their best economically.
- To create a source of funds from which AMDA can afford relief to members in need by availing credit to its members for productive, provident purposes and in emergency situations at fair and reasonable rates of interest under given terms of payment.
Mandatory Savings Account: On joining the SACCO, every member gets this account on which Shs. 10,000/= must be deposited monthly.
Voluntary Savings Account: This is an account with a mandatory month deposit of 100,000/=/. The savings on this account attract a 7.5% interest per annum.
This account helps members to put aside money for their children's future use. Access of money on this account is only when a child is over 18 years. It earns an interest of 12%PA.
Every member must buy at least five shares when joining. Members can obtain additional shares any time by depositing money indicating the number of shares they would want to buy. Presently each share is 20,000Ushs. Dividends on shares are distributed annually to the members after AGM.
Loans are only given out to members at an interest rate of 2.5% per month. AMDA SACCO does not give out unsecured loans. The security/collateral for the loan can be tagged against the member’s, shares or guarantee from other member’s shares. Members can also use assets e.g. land titles, as security for the loans received.
This account is for the members who would like to put aside some of their savings specifically for future use. This money can be accessed when a member is over 50 years.
This account works as a fixed deposit account. It helps members to put aside money for a specific period. This account has three categories;
Short Term: Money is deposited on this account for a period of 3 and 12 months. It earns an interest of 7.5% PA
Medium Term: Money is deposited on this account for a period of between 13 months to 5 years. It earns an interest of 8%PA.
Long Term: Money is deposited on this account for a period of over 5 years and beyond. It earns an interest of 11.5%PA.
School Fees Account
This account helps members to put aside money for tuition for self, family members, relatives, etc. Access to money on this account is only after presentation of a bank slip of the registered recipient. AMDA SACCO takes the responsibility of paying the school fees for the members who then collect the slip from the office. This account has three categories;
Short Term: Money deposited on this account can be withdrawn at any time. It earns an interest of 7.5%PA.
Medium Term: Money deposited on this account can only be withdrawn after 5 years. It is ideal for people who are planning for secondary education for their children. The money on this account earns an interest of 8%PA.
Long Term: Money deposited on this account can only be withdrawn after 15 years. It’s ideal for people planning for university education for their children. The money on this account earns an interest of 12%PA.
This account helps members save money for medical emergencies either for themselves, their parents or loved ones who are not covered by medical insurance.
Personal Financial Management Seminars:
AMDA SACCO provides financial seminars at a reasonable fee to individuals and organizations. The seminars/training help organizations and individuals have a better idea on how to successfully manage their finances.
Investment Club and Group Accounts
AMDA SACCO encourages its members to save collectively and invest as groups. So far there are investment clubs and groups which include;
- Pledge 7/10 Investment Club
- AMDA Women Development Club.
- Name It
- AMDA Bereavement Club
- Mutara Parish
- Kagamba Parish
Bankers: DFCU BANK
External Auditors: Julius K & Company / CPA